Channels can be used either to help trade within the range, or you can trade the breakout / retest. Being able to spot channels is incredibly useful as they provide so many trading opportunities and can add confluence to many other parts of these indicators.
There are few ways people identify channels, some use the Wicks of candles and some people use the Closes, we have given you the option to choose which ones you want to use in our settings.
You also have the ability to change the sensitivity which controls the periods the indicator is looking over to find these patterns, We don’t recommend going over 10 however you can still catch some good finds we like the 2-10 range.
The correlation setting ranges from 1-100. 1% allows all signals, 100% means there is a 0% variance allowed in the slope of the top and bottom channel lines.
We also added a condition where you can allow candles to close outside of the channel without ruling the channel out in case of fake outs. This setting is more useful for lower timeframe users.
You have an option to enable/disable them along with their labels, you also have the option to change the colour and styles of the lines
To set an alert, toggle the alert button in the Channels section of the settings, to the right of this you also have a drop down box where you can choose the frequency in which the alert gets sent. We recommend using ‘Once per bar close’ for these signals so the alert only gets sent once the candle has closed to confirm the pattern.
Once you have selected these, right click on the 3 dots next to the indicator name, then click ‘Add Alert’ From here you can customise the settings how you want but leave the 2 condition boxes how they are. Once you have created the alert that is all you need to do!