Keltner
Channel Pro is a volatility indicator that has been modified to show
entry opportunities more clearly. The following description, how to
download and install it on MT4. An alternative volatility indicator
besides Bollinger Bands is the Keltner Channel, which has already
been used in the stock and commodity markets. Compared to Bollinger
Bands which rely on standard deviations, the Keltner Channel takes
the ATR calculation as a measure of price volatility. In addition,
Keltner Channel displays tend to be denser than Bollinger Bands,
making it easier for traders to take signals from closing prices
outside the channel. So besides showing price volatility, this MT4
indicator that you can get for free can identify potential entry
points from volatility signals and the direction of price trends.
Characteristics of the Keltner Channel Pro Indicator: Platform: MT4
Pair: All forex pairs (major pair recommended) Trading time: Can be
anytime Timeframe: M5 to D1 Description of the Keltner Channel Pro
Indicator The Keltner Channel Pro indicator consists of 3 dynamic
bands that make up the price channel. The uppermost (upper band) is a
broken line, followed by a middle band that can change color,
depending on the direction of current price movements (blue for
uptrend and pink if downtrend), then terminated by lower bands
appearing as white lines at the bottom . Keltner Channel Pro is also
equipped with an asterisk that can be used as a potential entry
signal marker. In the chart above, a blue star appears when the
middle band is blue and marks the beginning of an uptrend, so it can
be interpreted as a buy signal. On the other hand, red stars identify
sell signals because they appear after the price transitions towards
downtrend.
Trading
rules Keltner Channel Pro Strategy
There
are several trading rules with the Keltner Channel Pro indicator
Open
Sell if: Channel price moves down Middle pink band Appears red
star Open order sell should be done at the next candle, after red
star appears.
Open
Buy if: Channel price moves up Blue midle band A blue star has
appeared The buy order should be placed on the next candle, after the
blue star has appeared.
This
indicator also provides an automatic alarm system to help you
recognize the signal more actually. This warning will appear when
there is a signal crossing and works well in all timeframes.
How
to Install the Keltner Channel Pro Indicator in MT4
1.
Download the Keltner Channel Pro indicator here 2. Extract the
indicator file that you have downloaded 3. Open MT4 4. Select the
File menu, then open the Open Data Folder 5. You will be directed to
the MetaQuotes 6 terminal Find the folder where you saved the
extracted Keltner Channel Pro file 7. Open the Keltner Channel Pro
folder -> MQL4 -> Indicators 8. Copy the indicator file
contained in the Indicators folder 9. Return to the MetaQuotes
terminal 10. Select the MQL4 folder -> Indicators 11 Paste the
Keltner Channel pro indicator file in the Indicators folder 12. Close
the MetaQuotes and MT4 terminals 13. Reopen the MT4 platform 14. In
the Navigator window, look for the Keltner Channel Pro indicator 15.
Drag and drop the indicator on chart 16. Check the Allow DLL Imports
section , then click OK
In
the pictures Keltner Channel Pro Strategy.
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