Veles Channel Wave

This indicator shows the current market situation relative to the price volatility channel, its external and internal boundaries, displays the last direction of the price movement. The main purpose of the indicator is to identify the trend movement and its boundaries. With a wide channel, it can be used for determining the initial price movement waves. It works on any instrument and any time frame of the chart.

It works in 2 different modes:

• The first mode shows any changes in the channel when the price exceeds it
• the second operation mode ignored the price exiting the channel if the bar does not close above or below the channel

Parameters

• PipsforBreak - the distance away from the channel boundaries the bar must close for the channel to be considered broken
• UseAllExtremum - indicator operation mode, True - the first mode, False - the second mode
• CountBars - the number of bars for the indicator display