Jimbob Channel/Breakout (Current TF)

I have used this indicator to show a breakout of price.

The way to use it is: if there is a channel printing on the time frame you are looking at,
then it means that a directional change is coming in the future.

It is a way to see that something is coming.

It doesn’t tell you which way the price is moving while the channel is printing; it only tells you that something is coming.

I have a directional movement programmed in by an arrow printing after price has moved out of the channel, but this usually means you have missed the move. So it’s better to use these channels as an indication that price will be breaking out soon.

I hope this indicator helps people get prepared for a move that is about to happen.

Use this as an indication that something is coming rather than something that has happened.

One way of looking at this indicator is to check that the current time frame has a channel, then look at the time frames above it and see if there is a channel on them. If there isn’t, then think of it as a freeway for cars: if there is no channel in the time frames above the one you are looking at, then the move out of the current time frame shouldn’t have much headway. But if there is a channel on the higher time frames, then expect the price to go sideways until the channel on the higher time frame has broken out.

Good luck with investing using this indicator.

Cheers

Jimbob :)