BiB Channel

The main objective of the indicator is an accurate forecast of short-term trends. A rising channel is usually broken downwards and replaced with a falling one when confirmed by tick volumes, while a falling one is usually broken upwards and replaced with a rising one again when confirmed by tick volumes. Sometimes, upward and downward channels are replaced with flats. A channel width and duration are defined by the market situation and market phase (bullish or bearish). In our case, tick volumes define a degree of channel exiting activity (rather than real data on market makers' positions), thus defining sentiments of major market makers. CBP (channel breakout price) is a compromise price of major market makers. After the price exits the channel, the price tests:

1. CBP level
2. Broken channel border
3. Channel center

The proportion of tests feels like 60-30-10. This channel construction method eliminates "free" price interpretation and multiple channel drawing options permeating the modern technical analysis. The indicator clearly defines the channel borders and finds the most important price point (CBP), relative to which a new trend starts developing.

It also implements automatic Elliott wave analysis and applies Gann tools (fan and swings). More visibility in displaying channels, critical price levels, wave and market tops and bottoms allows traders to clearly understand the current market sentiment BULL(BEAR) MARKET enabling them to make the following important decisions:

• Clearly define the market entry point;
• Follow a trend;
• Hold a position till a market reversal signal arrives informing of market extremes - BULL(BEAR) MARKET;
• Implement the "let profits run" principle;
• The Gann fan allows you to see resistance levels and forecast potential market tops accurately;
• Position volume auto calculation depending on the breakout prices, local extreme values and accepted risk % simplifies trading both for newcomers and professionals;
• The indicator analyzes waves and their labels ensuring their correctness.

The indicator can be used as a ready-made trading system featuring market filters. Besides, it can be used for the development of short- and medium-term strategies.

Settings

• MinBars = 2 - minimum number of bars for the channel construction
• DrawFan = true - draw the fan
• UseMonoColor = false - use only one color
• MonoColor = clrBlue - fan color
• Filling = false - filling
• Fill_Lighting = 0.9 - make the filling lighter
• BarsCount = 1000 - number of bars for calculation
• Channel_Color = clrBlue - channel color
• Line_Color = clrRed - channel border color
• Line_Width = 3 - channel border width
• Entry_Label_Color = clrYellow - channel breakout price label color
• SL_Label_Color = clrRed - stop loss label color
• Label_Size = 2 - label size
• Waves_Up_Color = clrLime - upper wave display color
• Waves_Down_Color = clrRed - lower wave display color
• Waves_Text_Size = 14 - text size
• Show_MM = true - show lot calculation
• Risk = 1.0 - risk percentage of an equity
• Show_Fan_alert = false - notify of a new wave
• Show_ChannelBreak_alert = false - notify of a channel breakout
• alertON = true - channel breakout on-screen alert
• SoundON = true - channel breakout audio alert
• EmailON = false - channel breakout email alert
• NotificationON = false - channel breakout push notification