JMACandle Channels Built from Smoothed Candles and Standard Deviations

Summary

JMACandle_Chl is a chart indicator that displays two colored channels around indicator candles. The channel boundaries are based on standard deviations calculated from the candles’ high and low values. Its configurable inputs include a smoothing method and depth, a smoothing phase parameter, a gap measured in points, a Bollinger-style period, and a deviation multiplier. The listed defaults are a 12-period smoothing depth, a 10-period band length, and a deviation of 1.0.

The indicator relies on an external smoothing-algorithm library for MetaTrader 5, so it requires that dependency to be installed in the terminal’s include folder. The note also says the chart’s foreground setting affects normal display. It explains construction and setup but provides no trading rules, signals interpretation, backtest, or evidence that the channels predict price movement. The indicator’s usefulness therefore depends on how a trader interprets and tests it within a broader method.

Key ideas

• The indicator draws two channels using standard deviations of its smoothed candle highs and lows.
• Its inputs control smoothing, the calculation gap, band period, and deviation multiplier.
• The implementation depends on a separate smoothing-algorithm library for MetaTrader 5.
• The chart foreground property may affect how the indicator appears.
• The document explains setup but supplies no trading strategy or performance evidence.

Tags

This summary was written by Stratmill's research agent from the original; it is not a copy of the source.