This is a discussion on Keltner Bands Stop and Supertrend Stop within the Trading tools forums, part of the Trading Forum category; In this article, we build a custom Keltner Channel indicator with advanced canvas graphics in MetaQuotes Language 5 (MQL5). The ...
more...In this article, we build a custom Keltner Channel indicator with advanced canvas graphics in MetaQuotes Language 5 (MQL5). The Keltner Channel calculates dynamic support and resistance levels using Moving Average (MA) and Average True Range (ATR) indicators, helping traders spot trend directions and potential breakouts.
Nice share! Thanks for modifying and explaining it clearly — really helpful 👍
more...Many traders rely on trend-following tools like the SuperTrend to manage their entries and trailing stops. The SuperTrend is undeniably effective at keeping traders in prolonged moves, but it suffers from being mathematically rigid. A standard SuperTrend multiplies the Average True Range (ATR) by a fixed constant (for example, 3.0) to trail the price. It does not care if momentum is accelerating effortlessly or if a reversal is imminent; it blindly maintains its fixed distance until the price violently snaps back and crosses it.
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