Price Channel Signals with Optional Re-Entry Arrows

Summary

This note describes a Price Channel indicator converted for MQL5 and highlights its optional re-entry feature. A circle marks an initial entry signal, with the order intended for the next bar’s open; an arrow marks a signal to add another order on the same instrument and timeframe. Traders can configure alerts for current or closed bars, including sound, message, and email notifications, and can switch alert types on or off.

The author suggests using the indicator alongside Ichimoku on hourly to daily charts, as a standalone signal tool on smaller timeframes, or in combination with other indicators. These are usage suggestions, not a tested trading method: the note provides no channel parameters, entry or exit rules beyond the signal description, performance data, or risk guidance. In particular, adding positions on re-entry can increase exposure, and the document does not describe how that exposure should be limited or how signals should be validated across markets and timeframes.

Key ideas

• The Price Channel indicator distinguishes initial entries from additional entries using separate chart markers.
• Initial signals are intended for execution at the next bar’s open.
• Re-entry arrows indicate adding an order on the same instrument and timeframe.
• Alerts can be configured for open or closed bars and enabled by type.
• The note offers timeframe and indicator-combination suggestions but no performance evidence or risk rules.

Tags

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