IREGR Channel Indicator with Modifications for Metatrader

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Uploaded on July 25, 2009 by john2004_austin

http://www.forex-tools-cafe.com is making available modified versions of some common indicators for the Metatrader 4 platform used by many brokers. This first indicator is the IREGR Channel. We are not the author, but we have made significant changes to improve the indicator. It now can scroll into the past and show you what the channel first looked like at any bar in the chart. Also, we have added a set of trend lines on the right side that shows the trend in the next lower time frame and in the next higher time frame. These graphical indicators keep you aware of how things are changing.

For those of you who are not aware of the IREGR indicator, let me describe the original version. It is a price channel that conforms to the price movement. It is good at showing you how the price can possible move in the near future. It shows you how wide the swings of price are for that Time Frame and currency pair. It can be used as a trading entry and exit tool because the price often moves back and forth across the channel.

The main problem with it is that it draws the channel in the past by using more recent price data so it looks great in the past but that may not be the same as what it is drawing in the most recent bars. In other words, it will change what it draws as it gets more data on where the channel should be. Which means the leading edge of the channel can fake you out when it is changing the trend angle. As the price undulates up and down, it goes through continous change of angle. And at any one time the leading bar can move up or down in the channel as the channel changes it's path and follows the price action. That is why you need to see the channel in the past and see how it changes.

This IREGR channel indicator is available for free download - including the first version and all our modifications.

There are other interesting indicators on our site at http://www.forex-tools-cafe.com . Please read the descriptions and download the free ones and try them out. And if you would like to capture your screen every time you place an order or that order closes, then consider one of our commercial products at very low cost.

Tags:
Forex, Currency, Trading, Indicator, EA, Robots, Eurusd, Dollars, Pound, Yen, Euro, Metatrader, How To, Science & Tech
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