This channel is the augmented version of the channel for MQL5 revised for MQL4.
First, the filtered Close price values are calculated. Then, they are filtered with a larger period. The result is two arrays: HP and HPSlow. The next step is the calculation of the standard deviation of the HP relative to the HPSlow and channel plotting.
The indicator displays the value of the average spread and the ratio of the channel width to the HPSlow value on the zero bar as a percentage in the bottom right corner of the chart. Double click the text label to drag it to the desired location. It can be deleted by pressing the DEL key. The text reappears when switching timeframes.
MT4 Indicators – Download Instructions
Hodrick-Prescott Channel is a Metatrader 4 (MT4) indicator and the essence of the forex indicator is to transform the accumulated history data.
Hodrick-Prescott Channel provides for an opportunity to detect various peculiarities and patterns in price dynamics which are invisible to the naked eye.
Based on this information, traders can assume further price movement and adjust their strategy accordingly.
How to install Hodrick-Prescott Channel.mq4?
- Download Hodrick-Prescott Channel.mq4
- Copy Hodrick-Prescott Channel.mq4 to your Metatrader Directory / experts / indicators /
- Start or restart your Metatrader Client
- Select Chart and Timeframe where you want to test your indicator
- Search “Custom Indicators” in your Navigator mostly left in your Metatrader Client
- Right click on Hodrick-Prescott Channel.mq4
- Attach to a chart
- Modify settings or press ok
- Indicator Hodrick-Prescott Channel.mq4 is available on your Chart
How to remove Hodrick-Prescott Channel.mq4 from your Metatrader 4 Chart?
- Select the Chart where is the Indicator running in your Metatrader Client
- Right click into the Chart
- “Indicators list”
- Select the Indicator and delete
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MT4 Indicators Download below: