Channels - Envelopes - How to make these?

[jonboy123]

hi, ive read about channels/envelopes...which are like bollinger bands.

But the channel is like a fixed % line above and below the moving average line.

But i cant seem to find this feature or function in my charting websites.
Ive looked at quickcharts on IG index, and also interactive charts on yahoo finance. The closest thing i can find is bollinger bands, but thats not it.

Would i need to pay for a proper charting software for this feature?
Does anybody use channels, here? How do you get to see them?

Maybe IG index advanced charts has this, i need to ask them, as ive turned it off, as they are charging money now for the advanced charts, i need to look into sorting it out and understanding the situation.

Thankyou.

 

[squall321]

igindex are not charging as long as you make TWO ORDERS PER MONTH - what is the problem with that seriously?? only if you use their charts and then go make your orders somewhere else, but they're not running a charity.

on igindex, plot a moving average, and in the box that says vertical shift either type a number, or keep clicking the arrow to move the channel line up to where you want it. then do the same for the lower channel line

 

[jonboy123]

i prefer ig markets charts, as ig index charts show the adjusted figs.
I dont mind paying for a charting package, i just need more time to explore and decide. This is not a discussion about IG methods man...i made like 10 orders last month, i havent looked into it yet, i just disabled it to be safe.

So you can put channels in the ADVANCED charts in ig index?
Not on the quickcharts?

thanks......ive just done it also on stockcharts.com (price channels)....same thing right?


About the two channel lines, do they, or should they be EQUAL distance away from the moving average? Or do we, or should we tweak, the upper and lower channel line(diff distances to each other from the MA) to make the prices fit into the channel?

 

[jonboy123]

doesnt the channel do a similar job to looking at say a weekly candlestick?

Eg, if you look at a weekly chart, and look at one candlestick, the range of the high and low of that candle shows the range of movement of price in that week, in points.

(sorry im just thinking aloud here)

 

[squall321]

i put mine equal distance but this is only for recording purposes.

but if the trend is up then the price will bounce between the moving average and the upper channel line, and usually not go near the bottom channel anyway, so who is worrying about equal distance right? lol

 

[jonboy123]

i put mine equal distance but this is only for recording purposes.

but if the trend is up then the price will bounce between the moving average and the upper channel line, and usually not go near the bottom channel anyway, so who is worrying about equal distance right? lol

yeah true...

recording purposes?

but if the trend is flat or down, it matters (the bottom channel)...or if you short sell.... or if you just wanna get a feel for the channel of a stock over the last few months.

 

[squall321]

btw if you get alexander elder's second book he goes into detail on channels, how to draw them/use them/measure them, all of it.

 

[jonboy123]

btw if you get alexander elder's second book he goes into detail on channels, how to draw them/use them/measure them, all of it.

thats the book i discovered channels from... ...well its one of his book anyway.
(come into my trading room). Elder Knows.

I got as much as i could from his section on channels in his book.... and just made this thread on other questions.

 

[jonboy123]

igindex are not charging as long as you make TWO ORDERS PER MONTH - what is the problem with that seriously?? only if you use their charts and then go make your orders somewhere else, but they're not running a charity.

on igindex, plot a moving average, and in the box that says vertical shift either type a number, or keep clicking the arrow to move the channel line up to where you want it. then do the same for the lower channel line

that vertical shift just moves the MA line...it doesnt create a channel/envelope.

These advanced charts are NOT user friendly.
And theres no guide for this charting package?

Add>envelope......is where its at.....nice.

Im gonna need help with this.
Say if im using a EMA of 15..... ive done that.....
now i want to put a nice envelope/channel in there.
Do i need to put 15 in the Nbr period of the envelope?

And the envelope+........and envelope- settings.........whats the diff ?... they both seeem to be doing the same thing........

sorry.....

and you have to adjust for diff time frame....
i made an envelope using daily.....
but when you look at hourly bars....its way out.... it need to be squeezed more the finer the time frame.....
so......