According to the recent poll, this blog’s readers have shown a rather high level of interest for seeing a Channel Pattern Detector indicator for MetaTrader. The actual indicator is now available for download, testing and further improvement if you are knowledgeable in MQL and are interested in pattern recognition.
The indicator’s Channel Pattern Detector explains quite well how to use the Channel Pattern Detector, so I just want to mention a few things here:
The MT5 version of CPD is working worse than the MT4 version. After running for some time (a day or two), MT5 indicator should be reset — otherwise it starts to clog the chart screen with stray objects. I am quite sure that it is caused by some inner bug of MT5 platform and I hope it will be fixed in some later build from MetaQuotes.
The indicator can work quite well together with my Channel Pattern script (it will create entry and exit levels for channel breakout trades) and a ChartPatternHelper EA (it will trade on those levels). However, you should not forget to rename the graphical objects (trendlines), which form the channels, to UpperBorder and LowerBorder before executing the Channel Pattern script.
This indicator can be quite cumbersome for your CPU, so try not to add too many instances to lower timeframe charts.
You can download the MT5 or MT4 version, or read Channel Pattern Detector about this channel finding indicator. Update: You can watch this video to see the Channel Pattern Detector in action.
If you find any bugs in this technical indicator or if you have some feature suggestions, please post about it using the commentary form below.
