Channel Position
The channel position requirements in TUOEA can be applied as another layer of conditions that need to be met before entry. This is a completely independent channel from your main swing or triggers swing channels you have set up so far. Once you have set up this channel you will have 3 options on how you can use it. If you want to get a visual of your channel settings for this option you will find the independent channel indicators named “WaveFXTrading_Bands_Channel_I”, “WaveFXTrading_Donchian_Channel_I”, “WaveFXTrading_Keltner_Channel_I”, and “WaveFXTrading_Price_Channel_I”. There are tutorials for each of those indicators in the WaveFX Indicators section of tutorials.
Channel Positioning Requirements
RequireChannelPositioning
true = will use the channel as part of the initial entry conditions.
false = will not use the channel as part of the initial entry conditions
ChannelType
ST_PRICECHANNEL = Moving Average of price style channel.
ST_BANDS = Bollinger Bands style channel.
ST_DONCHIAN = Donchian style channel.
ST_KELTNER = Keltner style channel.
ChannelPositioningTimeFrame
Determines what timeframe you are using for the channel.
ChannelPositioningMethod
Determines the style of moving average used for the channel. Simple, Exponential, Smoothed, or Linear Weighted can be chosen when using ST_PRICECHANNEL, ST_BANDS, or ST_KELTNER. High, Open, or Median can be chosen when using ST_DONCHIAN.
ChannelPositioningPeriod
Determines the speed/moving average of the center line of your channel.
ChannelPositioningATRPeriod
Determines the speed/moving average of the outer lines of your channel.
This input is for ST_PRICECHANNEL or ST_BANDS only.
ChannelPositioningATRMultiplier
Determines the thickness of your channel. Positive or negative values can be used.
ChannelPositioningShift
A positive value will determine how many bars you shift your channel into the future.
A negative value will determine how many bars you shift your channel into the past.
ChannelPositioningTrendStyle
true = Main swing peak outside channel means trade next pullback for that direction
false = will not be used
ChannelPositioningPatternTradeBase
true = Main swing peak outside channel means trade next pullback for that direction
false = Only works when Pattern Trading, the base of the complete pattern uses the channel edge instead of just a single peak
The Three Channel Positioning Options
The 3 options in how you will use the channel position feature are controlled via the last 2 inputs.
Option 1
ChannelPositioningTrendStyle = false
ChannelPositioningPatternTradeBase = false
With these 2 inputs set to false, the high of your chosen short trade trigger must be at, or outside, the upper channel line. The low of your chosen long trade trigger must be at, or outside, the lower channel line.
Option 2
ChannelPositioningTrendStyle = true
ChannelPositioningPatternTradeBase = false
With ChannelPositioningTrendStyle set to true, you must have set EnableRequirePatternTrade to true. The recent swing high of the main swing must be at, or outside, the upper channel line in order to take your chosen long trigger on the next pullback within the channel. The recent swing low of the main swing must be at, or outside, the lower channel line in order to take your chosen short trade trigger after the next pullback within the channel.
Option 3
ChannelPositioningTrendStyle = false
ChannelPositioningPatternTradeBase = true
With ChannelPositioningPatternTradeBase set to true, you must have set EnableRequirePatternTrade to true. The base of the pattern you have set up to trade must be outside of the channel. For a short, this means the base of the pattern must be at, or outside, the upper channel line. For a long, this means the base of the pattern must be at, or outside, the lower channel line.
