Keltner Channel

Keltner Channel (MetaTrader indicator) is a classic technical analysis indicator developed by Chester Keltner in 1960. It uses three chart lines: the medium line is the ten-day simple moving average for “typical” ((high + low + close) / 3) prices; the upper and lower lines are obtained by adding and subtracting the moving average of the daily price range (difference between the maximum and minimum) from the medium line.

Indicator view on the chart.

Calculation formula:

KC Middle = MA (Price, n, Type)

KC Upper = KC Middle MA (TR, n Type) * Dev,

KC Lower = KC Middle-MA (TR, n Type) * Dev,

Where 

Price -the current period price (opening, closing, etc.),

TR -the true range

Dev - the deviation multiplier

Typical number of periods: n1 = 10,  n2 = 20.

To add and set up this indicator , open  the settings window.

Common.

OffsetMultiplier is the factor that adjusts the Keltner channel width. The classic multiplier is equal to one

Period– setup of the indicator calculation period

Drawing.

Panel – selection of the indicator position on the chart:

  • New panel.
  • Chart.

BackGround

Visible - on/off of the channel background display.

Scale – if this option is on, the scale is calculated automatically based on the minimum and maximum values of the indicator to fit the latter in the chart.

Color – color setup of the channel background.

KeltnerChannel

Show value - display of the indicator value on the left on the price scale.

Scale if this option is on, the scale is calculated automatically based on the minimum and maximum values of the indicator to fit the latter in the chart. 

Color - color setup of the indicator. 

Visual type visual setup of the indicator display on the chart: 

  • Line
  • Histogram
  • Hash
  • Block
  • Cross
  • Square
  • Dots
  • Up arrow
  • Down arrow
  • Axis label
  • Hide

Line style

  • Solide
  • Dash
  • Dash-dot
  • Dash-dot-dot

Width- setup of the line display:

Lower/Upper lines have the same Visual settings KeltnerChannel line.