FRZ Channel Auto Plotter

Description

FRZ Channel Auto Plotter for MT4 & MT5

This channel indicator automatically plots trend channels accurately on MT4 and MT5 charts. It is a great indicator for channel traders and also for trend and breakout traders, and a good confirmation indicator for an entry indicator that uses trend-based trading signals.

It finds the two most recent swing highs (or swing lows), draws the channel line through them, adds a parallel line through the furthest price on the other side and a dotted middle line. The channel width in pips and its slope are shown in the top-left corner, and you can get an alert when price touches the channel. The channel is rebuilt from closed candles each time a new candle opens.

Screenshot

Specs

Settings

Installation: in MetaTrader, open File > Open Data Folder, copy the .ex4 file into MQL4/Indicators (MT4) or the .ex5 file into MQL5/Indicators (MT5), restart MetaTrader, then drag the indicator from Navigator > Indicators onto your chart. The settings below appear on the indicator’s Inputs tab, numbered the same way.

Channel Settings

1. Candles to Look Back (default: 240) – how far back the indicator searches for swing points and how far back the channel is drawn.
2. Swing Strength (0 = automatic) (default: 0) – how many candles on each side a swing high/low must stand out over. 0 picks a sensible value for the chart timeframe (e.g. 12 on H1, 24 on M15). Larger values build the channel from bigger swings.
3. Extend Channel to the Right (default: true) – project the channel lines into the future.
4. Show Middle Line (default: true) – draw the dotted middle line.
5. Show Channel Width and Slope (default: true) – show the channel width (pips) and slope (pips per candle) in the chart corner.

Alert Settings

6. Alert When a Candle Touches the Channel (default: false) – when true, notifies you once when a candle closes after touching the upper or lower channel line.
7. Alert Notification (default: true) – shows a MetaTrader alert popup with the details, pair and timeframe.
8. Sound Notification (default: true) – plays a sound with the alert.
9. Email Notification (default: false) – sends the alert by email. Set up your email account first under Tools > Options > Email.
10. Phone Notification (default: false) – sends a push notification to the MetaTrader mobile app. Enter your MetaQuotes ID under Tools > Options > Notifications first.

Settings 7-10 only apply when setting 6 is switched on.

Display Settings

11. Channel Color (default: lime) – colour of the channel lines and info text.
12. Channel Line Width (default: 2) – thickness of the two outer lines.

Recommended Broker & VPS

We recommend using a low-spread broker and a reliable VPS.

• Recommended Broker: IC Markets. If ICMarkets not available in your country, please use IC Trading.
• Recommended VPS Provider: Contabo VPS.

You may contact us on live chat in case you need any support in this regard.

Risk Disclaimer

Trading in financial markets involves substantial risk and may not be suitable for all investors. Our software is provided “as is” without any guarantee of profit. You are advised to test thoroughly on demo accounts before trading live. Please review our full terms and conditions before purchasing.

Related Trading Categories

Indicators & Analysis