Standard Deviation Channel Indicator for MetaTrader 5 Download - Free - [TFlab]

The Standard Deviation Channel Indicator is an analytical tool among MetaTrader 5 indicators that automatically draws price channels based on standard deviation.

These channels consist of a midline, inner lines, and outer lines, which act as support and resistance levels. By using this indicator, traders can identify bullish or bearish trends across various timeframes.

Indicator Specifications

The table below summarizes the specifications of the Standard Deviation Channel Indicator:

Category	Trading Tool - Levels & Zones - Support & Resistance
Platform	MetaTrader 5
Skill Level	Beginner
Indicator Type	Continuation - Reversal
Timeframe	Multi-timeframe
Trading Style	Day Trading
Market	Forex - Cryptocurrency - Stocks

Indicator in an Uptrend

The uptrend standard deviation channel is plotted on the CAD/JPY currency pair chart. After touching the support zones, the price enters an uptrend and moves towards the next high by crossing the midline.

Traders can open buy positions upon receiving necessary confirmations, such as the formation of a Doji candlestick.

Indicator in a Downtrend

The image below pertains to the USD/CAD currency pair. The price oscillates within a downtrend channel, moving downward after touching the channel's ceiling and reaching the lower boundary of the standard deviation channel.

Traders can identify pullback zones near the channel ceiling to open sell positions.

Indicator Settings

The image below fully illustrates the indicator settings, divided into two main sections:

• Start Bar: Start bar
• Total Bars: Total number of bars or candlesticks
• F1: First standard deviation multiplier
• F2: Second standard deviation multiplier

Conclusion

The Standard Deviation Channel Indicator clearly identifies market trends by plotting ascending and descending price channels. Using its inner and outer lines, it displays both short-term and long-term support and resistance levels.

This support and resistance MetaTrader 5 indicators can be used to identify overbought and oversold zones, detect potential price reversal points, and confirm entry and exit points in trades.