Uni Channel

Uni Channel by Omega Research 1997 is an overlay that displays a top, middle and bottom path. The channels are calculated by adding, subtracting or multiplying user defined factors from a simple moving average. The user may modify the input (close), method (SMA), periods (10) and factors (.o2,.o2). This indicator’s definition is further expressed in the condensed code given in the calculation below.

How To Trade using Uni Channel

Adjust the input factors to control the quantity and quality of the trading signals. If a high goes above the top channel a sell signal is generated. Conversely, if a low goes below the bottom channel a buy signal is given.

How To Access in MotiveWave

Go to the top menu, choose Study>Bands>Uni Channel

or go to the top menu, choose Add Study, start typing in this study name until you see it appear in the list, click on the study name, click OK.

Important Disclaimer: The information provided on this page is strictly for informational purposes and is not to be construed as advice or solicitation to buy or sell any security. Please see our Risk Disclosure and Performance Disclaimer Statement.

Calculation

//input = price (user defined, default is closing price)
//method = moving average (user defined, default is SMA)
//period = user defined, default is 10
//ubFac = user defined, default is .02
//lbFac = user defined, default is .02
//type1 = user defined, default is false
//ma = moving average

ma = ma(method, period, input);
if (type1) ub = ma + ubFac; lb = ma - lbFac;
else ub = ma + (ma * ubFac); lb = ma - (ma * lbFac);
Plot1: ub;
Plot2: ma;
Plot3: lb;
//Signals
buy = low lessThan lb;
sell = high moreThan ub;