Forex Red Mac Elite channel MT4 Indicator

Forex Red Mac Elite channel MT4 Indicator:

About the Forex Red Mac Elite channel MT4 Indicator

Red Mac.  Elite channel plots a Fibonacci channel based on a moving average with a period of 100.
But you can customize it as you like.

Algorithm  :

1. The central line is moving, it does not draw or move.
2. The calculation is based on the Calc Bars parameter.  This means we find the maximum price deviation from the moving average and call it the 100 level. And we make more fibo levels towards the center.

How to Use

1. Do not trade a rebound from the level of 100 with a strong slope.  expansion can go.  With a slight slope, you can.
2. To prevent the channel from narrowing unexpectedly, keep an eye on where the widest range is on the left.  You can increase Calc Bars and continue working quietly.

The yellow lines are the main ones, where the price sticks.  If you see a narrow flat or recoilless trend, then the price goes along them.  The center is the MA itself, the upper and lower yellow lines are 50%.

There are far edges – 100% Fibo.  They do not break through (but they can expand the channel, read above).  Quite often, the price can go along the very edge for a while.  However, if the channel is not too tilted, then we get a 90% good bounce of the price

Calc Bars  – number of bars for calculating the channel

MA Period  – period of the moving average

MA Method  – type of moving average

MA Price  – price for calculating the moving average

Preset Visual  – select a set of levels from the drop-down list

Light 1, 2, 3, Medium 1, 2, Full 1, 2, 3


  • Use on any timeframe of your choice, but preferably 1 hour and 4 hour timeframes
  • For both swing traders and day traders

Test results:

Forex Red Mac Elite channel MT4 Indicator

Copy and paste the file into the MQL4 Indicators folder of the Metatrader 4 trading platform.

You can access this folder from the top menu as follows:

File > Open Data Folder > MQL4 > Indicators (paste here)

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