BeST_Keltner Channels Variations & Strategies is an MT4 Indicator based on the original Keltner Channels Technical Analysis Indicator and it is a very useful Visual
Tool that can display in the Chart all the known Variations of
Keltener Channels and also the corresponding 10 totally Strategies i.e. all ENTRY signals (BUY and SELL) and
also any corresponding EXIT signal, in which the Enrty and Exit Signals are
derived exclusively by using Keltner Channels Variations. Every
variation of Keltner Channels Indicator generally consists of a Central Moving
Average Line and two Boundary Bands at a distance above and below it and can be traded mainly
in a Trending Mode but also in a Ranging ReEntry Mode.
Inputs
Basic Settings
1. Keltner Channels Type
- Original for Keltner’s default
settings. - RaschkeModification for Linda Raschke’s
modification. - PruittHillModification that is based on “The King
Keltner Trading Strategy” as described in the book Building Winning
Trading Systems with TradeStation by G. Pruitt and J. R. Hill.
- TurtlesDailyModification that is based on a variation
used by the legendary Turtle Traders and that is presented by Curtis Faith
in his book Way Of The Turtle. - NoATRChannels for any modification that do not use ATR for
constucting the boundary Bands and that is used only in Ranging ReEntry
Strategies. - ATRChannels for any modification that uses
ATR for constucting the boundary Bands and that is used only in Ranging
ReEntry Strategies.
2. Current
Market Type
- Trending for all Trending Strategies.
- Ranging for all Ranging Strategies of ReEntry Type.
3. Keltner
Channels Strategy
·
Classic_ReverseMode: In order to select this strategy we need in the
previous options to have already select Keltner Channels Type =Original
and Current Market Type =Trending.
·
Classic_WithOppositeBandExit : In order to select this strategy we need in the
previous options to have already select Keltner
Channels Type =Original and Current Market Type =Trending.
· Classic_WithMovAvgExit: In order
to select this strategy we need in the previous options to have already
select Keltner
Channels Type =Original and Current Market Type =Trending.
· Raschke_WithMovAvgExit: In order to select this strategy we need in the
previous options to have already select Keltner
Channels Type =RaschkeModification and Current Market Type =Trending.
· PruittHill_WithMovAvgExit: In order to select this strategy we need in the
previous options to have already select Keltner
Channels Type =PruittHillModification and Current Market Type
=Trending.
· TurtlesDaily_WithMovAvgExit: For selecting this strategy we need in the
previous options to have already select Keltner
Channels Type =TurtlesDailyModification & Current Market Type
=Trending.
· ReEntry_WithOppositeBandExit: In order
to select this strategy we need in the previous options to have already
select Keltner
Channels Type = NoATRChannels or ATRChannels either of which we prefer and Current Market Type = Ranging.
· ReEntry_WithMovAvgExit: In order to select this strategy we need in the
previous options to have already select Keltner
Channels Type = NoATRChannels or ATRChannels either of which we prefer and Current
Market Type = Ranging.
Other Settings
Here you can
select
· Show or Not
Keltner Channels
· Show Comments or
Not for selecting to Show or Not an information table
(Comments) in the upper left corner of the Chart including the name of the selected Strategy,Number of Bars in Current Trade,Entry Price, Open Profit etc.
· Show Entry Price
Level or Not
· Color for the
Buy Price Line
· Color for the Sell Price Line
· Show or Not
Arrows
· Distance between
Bars and Arrows
· Size of Entry
Arrows
Every other selection is related to
the Keltner Channels parameters.
Notes
- All of the above are updated
in Real Time while the indicator is non-repainting. - BeST_Keltner Channels
Variations & Strategies is a very useful tool for any trader looking for
a simple and handy Trading Strategy. It works on every single timeframe
but it certainly is
not a complete or automated trading system.So it should be used
with caution and usually not alone but with the simultaneous use of
other indicators.
For EA Developers
- Buy Arrow : Buffer = 4
- Sell Arrow : Buffer = 5
- Exit Long : Buffer = 6
- Exit Short
: Buffer = 7