Technical Indicators for MetaTrader 5

Pivot Channels MT5

95.00 USD76.95 USD

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MetaTrader 5
Dmitry Zmitrovich


The indicator searches for the points of the beginning of correction or a turn. It gives good market entry points. It is simple to use and features rich configuration options for demanding traders. It will help you to find short-term and long-term trends.

Turn or divergence channels are drawn based on the search for divergence using the RSI indicator. The RSI values are calculated with different periods depending on channel properties. The indicator utilizes the idea of Elliott Wave patterns. It searched for divergence channels, the peaks of which are Elliott Waves 3 and 5. Also, these channels are often formed on the latest correction wave.

The channel is drawn based on two peaks with a divergence, and is drawn so that all the bars between these peaks were inside the channel.


The channel can be in three consecutive statuses:not open, open and closed.

  • Not open - the state of the channel, when the channel border has not been broken.
  • Open - the channel border has been broken. Channel opening is the main indicator signal to enter the market.
  • Channel breakthrough is when a new bar is opened outside the channel.
  • Closed - the channel has been closed when conditions for its closure have been met. Channel closure may be a signal to close the order that has been opened based on the channel values.

The channel can be trend or simple.

  • A trend channel is the channel with a verified history of formation. Often trend channels are formed on the tops of impulse waves 3 and 5, and the opening of the channel indicates the beginning of correction to the impulse or the beginning of new trend formation.
  • A simple channel is a channel that has not been verified like a trend channel. Sometimes a simple channel can be formed on tops of correction waves, and opening of such a channel is a powerful signal for the development of a new impulse wave.

Based on the sizes, a channel can be parent or child.

  • A child channel is several times smaller than the parent channel (its length and/or height). A child channel defines a short term trend. A child channel is drawn as a dashed line.
  • The parent channel defines a longer term trend. A parent channel can go without child channels.

Any new open channel, which is larger than or comparable to the previous channel, closes the previous one.

  • Channel length is the number of bars between the channel peaks.
  • Wave in the direction of channel development (WCh) is the price movement from the minimum/maximum price inside the channel to its right peak. WCh and the channel are unidirectional.
  • Channel breakthrough wave (WBr) is the price movement from its right peak to a breakthrough. It is directed against the direction of the channel.

Position Closing Conditions

A channel can be closed in the following cases if the corresponding option in the indicator parameters is set:

  • If a larger or similar channel has opened.
  • On volatility breakthrough. If 'Closure type channel by type amplitude' is set to CLOSE_CH_V_TYPE, the channel will be closed when the price moves forth and back at the distance larger than the price channel or the height of the fifth wave (depending on the parameter) during the time equal to the channel length.
  • If the price has fallen/risen higher than the lowest/highest price of the channel.
  • If the channel lifetime is over.

All options except the reverse channel breakthrough can be enabled or disabled in the parameter group 'Conditions to close channels'.

Properties of Channels and Breakthrough Waves

  • Volatility of channel characterizes price colatility inside the channel (channel borders are its peaks). Changes from 0 to 1.
  • Spike of channel distribution of peaks (high/low) of bars relative to the lower or upper channel border. It is equal to the ratio of the number of peaks above the line separating the middle of the channel to the number of peaks below the line.
  • Spike of breakthrough is calculated similar to spike channel, but the interval of bars starts with the lower/upper price of the channel till the breakthrough for an upward/downward directed channel.
  • Force of breakthrough compares the speed of breakthrough and wave speed.
  • Relative wave length of breakthrough . If it is greater than 1, then the breakthrough wave is longer.


If for any reason you do not like the purchased program, you can request a refund within 14 days from the date of purchase. You can also make an exchange for any other product at an equal cost or by paying the difference.

Simply send a request for refund or exchange with your order number by email:

Refund requests received more than 14 days after purchase will be rejected.

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