Modified Keltner Channel - indicator for MetaTrader 5

The indicator draws the Keltner Channel, which can be calculated using SMMA, EMA and LWMA. Channel borders are calculated based on High-Low or ATR.

Smoothing periods for the central line and channel border lines are also configurable.

It has six input parameters:

• Number of the periods to smooth the center line - central line smoothing period;
• Number of periods to smooth deviation - channel borders smoothing period;
• Factor which is used to apply the deviation - multiplier for expanding channel borders;
• The center line applied price - price used for calculating the central line (any of seven standard prices);
• The center line smoothing method - smoothing method (EMA, SMMA, LWMA);
• Variation Method - channel borders calculating method: High-Low or ATR. If ATR is selected, the Number of periods to smooth deviation parameter will be used for the ATR period.