Keltner Channel Oscillator Indicator MT5

The Keltner Channel Oscillator Indicator MT5 is a revised edition of the Keltner Channel indicator, created to simplify the recognition of channel breakouts. By utilizing this oscillator, it becomes effortless to spot characteristics and patterns in the price movement that would otherwise be challenging to discern without any aid. From a technical perspective, both versions of the indicator share a striking resemblance. Free download is available.

Sounds interesting? Let’s take a closer look at it.

Keltner Channel Oscillator Indicator: Introduction

MT5 Indicator Overview

The download link of the Keltner Channel Oscillator MT5 indicator is placed at the bottom of this post – once you’re done, your Metatrader 5 trading chart should look similar to the example below.

The Keltner Channel Oscillator incorporates two parallel bands positioned both above and below the moving average line. However, unlike the original Keltner Channel, this indicator is constructed within the lower chart window and functions as an oscillator. This significant distinction significantly streamlines trading operations.

Keltner Channel Oscillator Explained

Executing trades using the Keltner Channel Oscillator indicator is remarkably straightforward, even for novice traders. To enhance the accuracy of signals, it is recommended to incorporate additional indicators that determine the prevailing trend. If an uptrend is identified in the market, it is advisable to initiate buy trades; conversely, during a downtrend, sell trades are preferred. It is crucial to close a trade when there is a change in the market trend.

To execute a buy trade, one must patiently await the upward breakout of the upper boundary of the channel. Conversely, for a sell trade, the lower boundary of the channel should be breached in a downward direction. If the moving average line retraces back into the channel, it is prudent to close the trade prior to subsequent signals for entering new trades.

Alternatively, reversal strategy can be successfully applied too.

Settings

In contrast to the Keltner Channel indicator, the Keltner Channel Oscillator offers a wider range of advanced settings, enabling traders to create more convenient trading conditions according to their own preferences.

The indicator includes the following customizable parameters:

Time frame: This parameter allows users to select an extended time interval ranging from 1 minute to 1 month. The default value is set to the current time frame.
Moving Average Period: Determines the period used for the calculation of the moving average. The default value is 20.
Moving Average Type: Specifies the type of moving average used. There are two options available: Exponential Moving Average (EMA) and Simple Moving Average (SMA). The default option is SMA.
Moving Average Price: Defines the price type used for the moving average calculation. This parameter allows users to select the optimal price options such as maximum, minimum, opening and closing levels of trades, among others. The default value is set to Typical.
Range Period: Sets the period for calculating the indicator’s range. The default value is 20.
Range Multiplier: Determines the multiplier applied to the moving average range. The default value is 2.
Range Calculating Mode: Specifies the mode for executing range calculations. The default value is Calculate using range.
Interpolate MTF Data: A parameter used to define data interpolation. The default value is set to True.

MT5 Indicators: Download and Installation Instructions

Download the Keltner Channel Oscillator Indicator MT5.rar archive at the bottom of this post, unpack it, then copy and paste the keltner-channel-oscillator.ex5 or keltner-channel-oscillator.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.

Indicator Summary

The MT5 Keltner Channel Oscillator indicator for MetaTrader, as an enhanced iteration of the Keltner Channel, offers improved accuracy and usability. Its purpose is to facilitate breakout traders in identifying optimal entry and exit points for their trades effectively. Free download is available and it can be effortlessly installed.