Keltner Channel LE

Definition

Keltner Channel bands occur above and below the market. Prices within the bands are considered "normal".
When the breakout is above the upper Kelther band, a setup is established. When the breakout appears, a buy stop order is placed at the high of the bar where the breakout appeared plus 1 point.
The number of bars and the multiplier used for Keltner Channel bands calculation can be adjusted.

Usage

Long entry based on prices that cross the upper Keltner Channel band.

Default Inputs

Price - price to consider for the breakout.
Length - number of bars used for Keltner Channel band calculation.
NumATRs - multiple of the average true range used for the Keltner Channel band calculation.

Note: Use Keltner Channel SE for entering a short position.