Horizontal Channel Alert with Custom Fibo can be found within the MQL5 marketplace under the indicators heading. It was first uploaded to the marketplace on the 13th of October 2017 by its creator Yurij Izymunov and received a number of updates. It was most recently updated on the 7th of January 2019 and is currently at version 1.7 of the software.
Overview
Horizontal Channel Alert with Custom Fibo is an indicator designed for the MetaTrader 4 trading platform (a MetaTrader 5 version is also available). The indicator was created to trade during horizontal channel breakthroughs, it will search for prices that are exceeding the extreme points and then bouncing back, it will offer you sound alerts any time that this occurs.
The indicator is able to plot channels both at high/low and open/close prices. The indicator will automatically attach the channels to the prices, the channel area can be expanded or reduced on the chart, it can also draw horizontal and Fibonacci levels on the timeframe that you need without removing any other details.
There are also some settings that come with the indicator, these include reverse Fibonacci levels, to auto-build Fibonacci levels by range, time range, the color of channels, channel width, channel length, alerts, notifications, to limit alerts, price mode, custom Fibo lines, and more.
Service Cost
The indicator can currently be purchased for $30, this is a one-time payment that will get you up to 1000 product activations. There is also an option to rent the indicator, this can be done monthly and will cost you $10 per month.
Horizontal Channel Alert with Custom Fibo also offers a free demo version, this will only be usable with the strategy tester within MetaTrader 4 but may still be worth downloading to try out before you make a purchase.
Conclusion
Unfortunately, there aren’t currently any user reviews or ratings, so we do not know whether people are finding it useful and that it does what it was designed to do, there are some comments from people who have purchased or rented it, they are mainly asking for support, the developer has been replying to each one which is a great sign as to the kind of support you would receive. There have not been any comments since the start of 2019, so before making a purchase, we would suggest sending any queries that you have to the developer, this is a way to check that there will still be some support once it has been purchased.
This Forex Indicator is currently available in the MQL5 marketplace: https://www.mql5.com/en/market/product/25834
