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Trend Channel Docs

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Trend Channel Documentation

Settings Descriptions:

Parameters:

    • Line Set Method: User can select to utilize either automated standard deviation (Linear Regression) channels or automated price action channels.
    • Breakout Method: User can select which form of breakout meathod they wish to utilize.
    • Swing Strength: The minumum required swing strength to mark extremes.
    • Period: The period used to mark extremes
    • Confidence: The minimum required confidence level to consider drawing a trend channel.
    • Required Upper/Lower Line Touches: The minimum number of times the upper and lower lines of the trend channel must be touched by the market in order to trigger a trend channel.
    • Required Mid Line Crosses: The minimum number of times the midline of the channel must be crossed by the market in order to trigger a trend channel.
    • Check For Reentry After Breakout: Toggle on and off allowing the indicator to continue drawing the most recent channel until either the market reenters the channel or a new channel is formed.
ATR Breakout Method:
    • ATR Breakout Calculation Method: The user can choose how the atr breakout method is calculated.
      • Average: Uses the ATR value of all of the bars within the trend channel.
      • Dynamic: Uses the most current ATR value.
      • Static: Uses the ATR value calculated at the beginning of the trend channel.
    • Period: The ATR Period.
    • Multiplier: The ATR breakout multiplier.

Close Price Breakout Method:

    • Close Breakout Offset (Ticks): How many ticks does the market have to close outside of the channel in order to trigger a breakout.

Percent Breakout Method:

    • At what percent of the trend channel is the breakout line set. Example, if 20% then the indicator will calculate 20% of the width of the trend channel and add that amount to the outer lines of both the upper and lower bound lines of the trend channel.

Standard Deviation Breakout Method:

    • Standard Deviation Multiplier: How many standard deviations away from the upper and lower bound lines should the breakout lines be set.

Reentry:

    •  Reentry Check Type: Choose which form of reentry the user wishes to utilize.
      • SMA: Checks for when the SMA line from the “Period” in parameters reenters the channel.
      • Close: Checks for when the current bar closes within the trend channel.

Price Line Set Method:

    •  Inner Line Style: The style of all of the inner percent lines of the trend channels.
    • Inner Line Color: The color of all of the inner percent lines of the trend channels.
    • Inner Line Width: The width of all of the inner percent lines of the trend channels.
    • Draw % Line: Choose at what percent user wants to display an inner line. User can have up to 6 inner lines.
Standard Deviation Line Set Method:
    •  SD Input Type: The type of inputs that are used to calculate the standard deviation of the trend channel.
      • Close: Use the closing price to calculate the standard deviation.
      • Range: Use the range of each bar to calculate the standard deviation.
    • Don’t Draw SD Channel Until at Least n Number of Ticks Wide: When a standard deviation channel is first discovered it can be very narrow. We found this often gets in the way of trading so this option will prevent the channel from being displayed until it is big enough to be relevent.
    • Standard Deviation Multiplier Channel Breakout Limit: This sets the line limit of the standard deviation channel that it bases its breakout lines off of.
    • Draw SD Line: Choose how many standard deviations away from the mean the user wants to display the channel. The user can choose up to 4 standard deviations which displays 8 sd lines.
Channel Display Properties: 
    • Draw Breakout Lines: Displays the calculated breakout lines on the chart.
    • Keep Past Channels: The option to remove all inactive channels from chart. Only displays the most current one.
    • Keep Drawing Current Channel After Breakout: Continues drawing the current channel until new channel is found, even after breakout.
    • Extend Channel n Bars Passed Current: Extends the channel lines to the right the selected number of bars passed the most current bar.
    • Upper Line Style: The style of the upper bound line of trend channel.
    • Upper Line Color: The color of the upper bound line of trend channel.
    • Upper Line Width: The width of the upper bound line of trend channel.
    • Lower Line Style: The style of the lower bound line of trend channel.
    • Lower Line Color: The color of the lower bound line of trend channel.
    • Lower Line Width: The width of the lower bound line of trend channel.
Breakout Line Display Properties:
    • Upper Breakout Line Style: The style of the upper bound breakout line of trend channel.
    • Upper Breakout Line Color: The color of the upper bound breakout line of trend channel.
    • Upper Breakout Line Width: The width of the upper bound breakout line of trend channel.
    • Lower Breakout Line Style: The style of the lower bound breakout line of trend channel.
    • Lower Breakout Line Color: The color of the lower bound breakout line of trend channel.
    • Lower Breakout Line Width: The width of the lower bound breakout line of trend channel.
 
Auto Strategy Compatibility Data:
The Trend Channel Indicator offers 27 series’ that can be used to set up automated trading strategies.
  1. UpperPriceLine: The current price of the upper line of the trend channel at the current bar.
  2. LowerPriceLine: The current price of the lower line of the trend channel at the current bar.
  3. MidPriceLine: The current price of the mid line of the trend channel at the current bar.
  4. InnerPriceLine1: The current price of the first inner percent line of price action channel at the current bar.
  5. InnerPriceLine2: The current price of the second inner percent line of price action channel at the current bar.
  6. InnerPriceLine3: The current price of the third inner percent line of price action channel at the current bar.
  7. InnerPriceLine4: The current price of the fourth inner percent line of price action channel at the current bar.
  8. InnerPriceLine5: The current price of the fifth inner percent line of price action channel at the current bar.
  9. InnerPriceLine6: The current price of the sixth inner percent line of price action channel at the current bar.
  10. UpperSDLine1: The current price of the first positive standard deviation line at the current bar.
  11. UpperSDLine2: The current price of the second positive standard deviation line at the current bar.
  12. UpperSDLine3: The current price of the third positive standard deviation line at the current bar.
  13. UpperSDLine4: The current price of the fourth positive standard deviation line at the current bar.
  14. LowerSDLine1: The current price of the first negative standard deviation line at the current bar.
  15. LowerSDLine2: The current price of the second negative standard deviation line at the current bar.
  16. LowerSDLine3: The current price of the third negative standard deviation line at the current bar.
  17. LowerSDLine4: The current price of the fourth negative standard deviation line at the current bar.
  18. TrendChannelSlope: The slope of the current trend channel.
  19: UpperBreakoutPrice: The exact price of the upper threshold breakout price.
  20. LowerBreakoutPrice: The exact price of the lower threshold breakout price.
  21: PercentUpper: The percent of bars within the channel that are above the mid line.
  22: PercentLower: The percent of bars within the channel that are bellow the mid line.
  23: PercentOut: The percent of bars that are not sitting inside of the channel.
  24: PercentIn: The percent of bars that sitting inside of the channel.
  25: UpperBreakout: Tracks when the market has broken out of a channel.
    • UpperBreakout[0] = 1: Market has just broken out of channel on the upper side.
    • UpperBreakout[0] = 0: Market has not yet broken out of channel on the upper side.
  26: LowerBreakout: Tracks when the market has broken out of a channel.
    • LowerBreakout[0] = 1: Market has just broken out of channel on the lower side.
    • LowerBreakout[0] = 0: Market has not yet broken out of channel on the lower side.
  27: ChannelReentry: Tracks when the market has reentered a channel after breaking out of that channel.
  • ChannelReentry = 1: Market has just passed the threshold to reentry into channel.
  • ChannelReentry = 0: Market has not yet broken passed the threshold for reentry into channel.