Introduction to the JMA Keltner Channel Indicator
The JMA Keltner Channel Indicator is a variation of the standard Keltner Channel indicator, but this one is based on Jurik Moving Average. The Keltner Channel is usually calculated as SMA (Simple Moving Average) +- ATR distance for the bands. Since SMA is the slowest moving average, that version uses a much “faster” moving average for the calculation. The JMA (Jurik Moving Average) is very well known for its smoothness and that fact should help in faster response to volatile markets.
The JMA Keltner Channel Indicator fits all kinds of timeframes and currency pairs. It is displayed directly on the main trading chart. The default settings can be modified directly from the input tab. Feel free to experiment with the settings and parameters to fit your personal preferences.
How to set up the JMA Keltner Channel indicator in MetaTrader (MT5)?
Download the JMA Keltner Channel.rar archive at the bottom of this post, unpack it, then copy and paste the JMA Keltner Channel.ex5 or JMA Keltner Channel.mq5 indicator files into the MQL5 folder of the Metatrader 5 trading platform.
You can gain access to this folder by clicking the top menu options, which goes as follows:
File > Open Data Folder > MQL5 > Indicators (paste here).
Now go to the left side of your MT5 terminal. In the Navigator find the gauge name, right-click it and select Attach to the chart.
The JMA Keltner Channel indicator is well worth adding to your trading collection. A good forex indicator will most probably enhance your chance of success. Nonetheless, remember about having realistic expectations. Just like any other technical analysis tool, is not capable of providing accurate signals 100% of the time. Thus, this forex indicator provides false signals occasionally. Its performance will vary significantly depending on market conditions. Feel free to develop your own trading system based around it. Don’t forget that we still have more great free forex indicators to try.
Download Free Forex MT5 JMA Keltner Channel Indicator
To download the JMA Keltner Channel Indicator for Metatrader 5 (MT5) for free just click the button below: