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Draw equidistant channel

On MetaTrader4 (MT4) / MetaTrader5 (MT5), you can draw the equidistant channel consisting of the trendline and another line parallel to the trendline. The second line is called the channel line. Draw the trendline first, then adjust the channel line accordingly.

Here we'll take a look at how to draw and set up the equidistant channel in MT4/MT5.

Switch between MT4/MT5 tabs to check the steps for each.

mt4
mt5

Step 1

The equidistant channel can be drawn from the menu or the Toolbar.

Draw an equidistant channel from the menu

Click "Insert" in the menu. Hover the pointer over "Channels" and select "Equidistant".

Draw an equidistant channel from the menu Draw an equidistant channel from the menu

Draw an equidistant channel from the toolbar

Click the "Draw equidistant channel" button on the toolbar.

Draw an equidistant channel from the toolbar Draw an equidistant channel from the toolbar

In MT4, 5 types of channels are available, including the Andrews' Pitchfork, which is on the "Insert" menu.

  1. Fibonacci

    Fibonacci channel

    Fibonacci channel uses the trendline and creates parallel channel lines using the Fibonacci ratio.

  2. Linear regression

    Linear regression channel

    Draws a center line (regression line) using the close price of each candle, and then draws equally spaced two parallel lines above and below it. The parallel lines pass through the close price farthest from the center line.

  3. Equidistant channel

    Equidistant channel

    Draws two parallel lines. Each line can be moved separately while keeping them parallel.

  1. Standard deviation

    Standard deviation channel

    Draws a center line (regression line) using the close price of each candle, and then draws two parallel lines at a distance of standard deviation from the center line.

  2. Andrews' Pitchfork

    Andrews Pitchfork

    Three parallel lines are drawn using three points: the starting point of the trend and the high and low just after the trend.

Step 2

Click the starting point on the chart and drag it to the end point to create the equidistant channel.

Draw equidistant channel on the chart Draw equidistant channel on the chart

Step 3

If you want to adjust the position of equidistant channel, make sure the white dots are being displayed on the equidistant channel and move each dot as necessary. If you cannot see the white dots, double-click near the equidistant channel to display the white dots.

Adjust the equidistant channel position Adjust the equidistant channel position

Number

Descriptions

1

Change the starting point of the trendline.

2

Change the position of the equidistant channel.

3

Change the end point of the trendline.

4

Change the position of the channel line relative to the trendline.

point Values displayed during drawing an equidistant channel
Values displayed during drawing equidistant channel Values displayed during drawing equidistant channel

Values displayed when dragging indicate the numbers of candlesticks and points from the starting point to the end point.

Step 4

To modify the equidistant channel settings, right-click near the channel and select "Channel properties...".

Modify the equidistant channel settings Modify the equidistant channel settings

Step 5

On the "Properties" window, edit the parameters in the "Common", "Parameters", and "Visualization" tabs and click "OK".

"Common" tab

Common tab of the equidistant channel Common tab of the equidistant channel

Number

Item name

Descriptions

1

Name

Name the equidistant channel.

2

Description

The description can be displayed on the chart when hovering the pointer over the equidistant channel.

3

Style

Set the color, line type, and line thickness for the equidistant channel.

4

Draw object as background

Check this box if you want to place the equidistant channel behind the chart.

"Parameters" tab

Parameters tab of the equidistant channel Parameters tab of the equidistant channel

Number

Item name

Descriptions

1

Starting point position

Specify the starting point position by date, time and price.

2

End point position

Specify the end point position by date, time and price.

3

Channel line position

Specify the channel line position by date, time and price.

4

Ray

Check this box to extend the equidistant channel.

point Use "Ray" for future analysis

"Ray" is a parameter that can be set on an object such as a channel to extend the line beyond its end point. This makes it easier to analyze, as the line will be extended into the future, based on the price movement between the starting point and the end point at a certain point in time.

Ray feature Ray feature

"Visualization" tab

On the "Visualization" tab, you can specify the timeframes to use the equidistant channel with.

Visualization tab of the equidistant channel Visualization tab of the equidistant channel

Step 1

Draw an equidistant channel from the menu

Click "Insert" in the menu. Hover the pointer over "Objects" > "Channels" and select "Equidistant Channel".

Draw an equidistant channel from the menu Draw an equidistant channel from the menu

Draw an equidistant channel from the toolbar

Click the "Draw equidistant channel" button on the toolbar.

Draw an equidistant channel from the toolbar Draw an equidistant channel from the toolbar

Step 2

Click the starting point on the chart and drag it to the end point to create the equidistant channel.

Step 2 Step 2

Step 3

If you want to adjust the position of equidistant channel, make sure the white dots are being displayed on the equidistant channel and move each dot as necessary. If you cannot see the white dots, double-click near the equidistant channel to display the white dots.

Step 3 Step 3

Number

Descriptions

1

Change the starting point of the trendline.

2

Change the position of the equidistant channel.

3

Change the end point of the trendline.

4

Change the position of the channel line parallel to the trendline.

point Values displayed during drawing an equidistant channel
Values displayed during drawing an equidistant channel Values displayed during drawing an equidistant channel

Values displayed when dragging indicate the numbers of candlesticks and points from the starting point to the end point.

Step 4

To modify the equidistant channel settings, right-click near the channel and select "Properties of (channel name)".

Step 4 Step 4

Step 5

On the "Properties" window, edit the parameters in the "Common", "Parameters", and "Visualization" tabs and click "OK".

"Common" tab

Common tab Common tab

Number

Item name

Descriptions

1

Name

Name the equidistant channel.

2

Description

The description of the equidistant channel can be displayed on the chart.
Related article: Show or hide items on chart

3

Style

Set the color, line type, and line thickness for the equidistant channel.

4

Draw object as background

Check this box if you want to place the equidistant channel behind the chart.

5

Disable selection

Check this box if you want to disable the editing of the equidistant channel.

"Parameters" tab

Parameters tab Parameters tab

Number

Item name

Descriptions

1

Starting point position

Specify the starting point position by date, time and price.

2

End point position

Specify the end point position by date, time and price.

3

Channel line position

Specify the channel line position by date, time and price.

4

Ray/Fill

Check each box to extend the equidistant channel to the left and right, or fill inside the channel.

When "Ray right" is checked

When Ray right is checked When Ray right is checked

When "Ray left" is checked

When Ray left is checked When Ray left is checked

When "Fill" is checked

When Fill is checked When Fill is checked

"Visualization" tab

On the "Visualization" tab, you can specify the timeframes to use the equidistant channel with.

Visualization tab Visualization tab

Date

Created

 : 2022.09.08

Update

Last updated

 : 2022.11.09

Writer

Takayoshi Nakamaru

Manual production consultant, MBA

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Takayoshi Nakamaru

Nakamaru is a manual production consultant at FINTECS, a company that specializes in creating manuals for their clients.
With a wide range of experience from fintech to entertainment, he presents what user-friendly manuals should be like.
He works with numerous large corporations as an external manual production project manager.

【Business information】
http://www.fintecs.co.jp/profile/

Supervisor

Akira Takagi

Systems engineer, MetaTrader administrator

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Akira Takagi

After graduating from Computer Science at the Uninove, Brazil, in 2014, he has worked on various systems development projects.
He participated as a developer in the launch of forex services in 2019. Since then, he has also been involved in the development of MetaTrader plugins and APIs. He is certified by MetaQuotes as a MetaTrader5 Administrator and active in consulting and advisory as well.

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