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TD Channel I represents the market's tendency to trade within a price band.
The extremes are defined as:
High band: 103% above the 3 day moving average of the lows.
Low band: 97% below the 3 day moving average of the highs.
Parameters
This study draws "channel" lines above and below the price action.
The computation is simply a pair of independent moving averages applied to selectable price values, multiplied by an absolute scaling percentage, and optionally offset by a given number of bars.
The study command for Channel 1 is .TDCH1.