A remarkable price channel, with a proprietary formula that is adaptive to market conditions and reveals dynamic support and resistance levels.
This indicator is free to download and use. (NinjaTrader only.) We wish you good luck with your trading.
TC_NovelChannel paints two colored bands which show a consistent tendency to provide support and resistance to price. It is able to be used on any instrument or time-frame.
Code within the TC_NovelChannel adapts to market volatility, mellowing out or becoming more reactive as the market changes.
You can load multiple instances of the indicator into the same chart panel. TC_NovelChannel has a Width parameter, and below is an example showing one TC_NovelChannel with a width of 1, and another with a width of 4. (Blue ovals drawn manually)
ChannelWidth - This is the width of the Novel Channel
Length - Varies the amount of bars considered in the calculation
Smooth - a pop-up menu to choose Smooth or Responsive mode
LinesOnly - Disables painting inside the bands.
Transparency - Control the transparency of the band painting.