The Keltner Channel Oscillator Metatrader 5 forex indicator is a Keltner channel designed in the form of blue and red buy & sell signal histogram bars.
It does this to enable easier monitoring of channel breakouts than what is gotten from the original Keltner channel on-chart display.
It’s a great forex indicator for breakout traders.
Within the indicator window, we have the upper and lower bands that are represented by the lavender and misty rose lines.
Instances where the dim gray line breaks above the upper outer lavender band, results in a lavender filling being formed above the zero level.
A misty rose filling is formed below the zero level when the dim gray line of the Keltner Channel Oscillator MT5 forex indicator breaks below the lower outer misty rose band.
Free Download
Download the “keltner_channel_oscillator.ex5” MT5 indicator
Example Chart
The EUR/CAD H4 chart below displays the Keltner Channel Oscillator Metatrader 5 forex indicator in action.
Basic Trading Signals
Buy Signal: Go long when the dim gray line of the Keltner Channel Oscillator Metatrader 5 forex indicator breaks above the zero signal level.
Sell Signal: Go short when the dim gray line of the Keltner Channel Oscillator Metatrader 5 forex indicator dips below the zero signal level.
Exit buy trade: Close all buy orders if while a bullish trend is ongoing, the dim gray line of the Keltner Channel Oscillator MT5 fx indicator breaks below the lavender upper band after breaching it or below the zero signal level after breaching same.
Exit sell trade: Close all sell orders if while a bearish trend is ongoing, the dim gray line of the Keltner Channel Oscillator MT5 fx indicator breaks above the misty rose lower band after breaching it or above the zero signal level after breaching same.
Tips: The Keltner Channel Oscillator Metatrader 5 forex indicator is designed to allow breakout traders determine when to enter or exit their trades suitably.
Download
Download the “Keltner Channel Oscillator.ex5” Metatrader 5 indicator
MT5 Indicator Characteristics
Currency pairs: Any
Platform: Metatrader 5
Type: chart window indicator
Customization options: Variable (Time frame, Moving average period, Moving average type, Moving average price, Range period, Range multiplier, Range calculating mode, Interpolate mtf data), Colors, width & Style.
Time frames: 1-Minute, 5-Minutes, 15-Minutes, 30-Minutes, 1-Hour, 4-Hours, 1-Day, 1-Week, 1-Month
Type: oscillator | channel
Installation
Copy and paste the Keltner Channel Oscillator.ex5 indicator into the MQL5 indicators folder of the Metatrader 5 trading platform.
You can access this folder from the top menu as follows:
File > Open Data Folder > MQL5 > Indicators (paste here)