Download the FREE MT5 Keltner Channel Indicator, the popular channel based on on a moving average and average true range.
What Is Keltner Channel Indicator
Keltner Channel indicator for MT5 is an indicator for Metatrader that draws the popular Keltner Channel directly on chart.
Keltner channel is an indicator based on a moving average and the average true range (ATR).
The Keltner channel is used by some traders for build strategies.
It can be observed to trade continuations, break outs and reversals.
The indicator shows a channel where you see the price moving in between the bands.
In the middle you see an Exponential Moving Average (EMA) with default period 20.
The line at the top is the EMA plus the ATR multiplied by a multiplier, typically ATR of period 20 and multiplier 2.
The line at the bottom is the EMA minus the ATR multiplied by the multiplier.
You can find out more about the Keltner Channel in this article.
How Does Keltner Channel Indicator Work?
Keltner Channel for MT5 is an indicator that you can quickly load on chart.
The indicator will calculate the EMA and the ATR and then apply the simple formula.
The indicator will then draw the channel accordingly to the values calculated.
MT5 Keltner Channel Indicator Parameters
With the indicator being quite simple, there are only three parameters that you can set in the Keltner Channel:
- The Moving Average Period for the EMA
- The period for the Average True Range ATR
- And the multiplier for the ATR
The indicator is designed to be easy to use.
MT5 Keltner Channel Indicator Installation
To install the Keltner Channel Indicator:
- Download the indicator file
- Open Metatrader
- In Metatrader go in File > Open Data Folder
- Open the MQL4 folder in MT4 or MQL5 folder in MT5
- Copy the indicator file in the Indicators Folder
- Restart Metatrader, or right click the folder containing the tool in Metatrader and select “Refresh”
- Drag the tool into the chart where you want to load it
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