Classic Keltner Channel is a trading indicator that was named after the classic ten-day moving average rule described by Chester W. Keltner. This indicator was published on July 26, 2017, by an author named Muhammed Al Bermaui, who has been trading since 1996 with multiple other published indicators in his portfolio. The indicator was recently updated to version 2.2 on March 8th of 2020.
Overview
Classic Keltner Channel is very much based off of Chester Keltner’s ten-day moving average rule, which is similar to Bollinger Bands. The indicator follows a trend that identifies reversals with channel breakouts and direction, which can signal possible price breakouts, show trends, and give overbought or oversold readings. The formula outlined on the website leads to two basic lines on the chart, the buy line, and the sell line. The indicator does not recalculate its results and works for cryptocurrencies, stocks, oil, and gold on all timeframes.
You can choose from four different color lists and receive alerts through email and mobile devices with sound. Parameters are set to the default versions that follow along with the modeled system. By default, 10 candles are used in bands calculations, the buy/sell line can separate by 1.0, the moving average type used in calculations is set at Simple Moving Average, and the Typical Price used in Line Calculations is the default. It’s possible to tweak things a bit if desired, so one doesn’t have to follow these settings exactly. There is also a buffer that will allow you to build your own expert advisors.
Service Cost
This indicator can be bought for a one-time $60 USD price or rented out at $10 per month or $30 for 3 months. While the one-time deal is the best value in the long run, those that aren’t 100% sure about this indicator could rent it for 1 month to test the results without making a large investment. There is also a free demo account, which is a good sign that the developer feels traders will see good results.
Conclusion
The developer of this indicator based the formula off of a popular moving average rule and has been trading for 20+ years himself. Even though settings can be changed, you’d need to be a fan of Chester Keltner’s formula to be a good candidate for this indicator. The demo has only been downloaded 200 times, but user reviews are slim to none. If you feel that this indicator may follow profitable guidelines, then it might be a good idea to rent it for a month in order to test it more thoroughly.
This Forex service can be found at the following web address: https://www.mql5.com/en/market/product/24390
