Custom PCF Channel Indicator
The custom PCF Channel indicator allows you to create a channel indicator surrounding a formula defined center line, the width of that channel would be defined by a second formula. The custom PCF channel indicator will be added as a child indicator of Price.
To add a custom PCF Channel indicator to your chart click the add plot button
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You can also press the forward slash "/" key to open the add plot menu
Type PCF into the search bar
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Select Custom PCF Channel Indicator from the list of available indicators
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This will plot a indicator on your price chart and open the editor for that formula
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By default it uses Closing Price "C" as the center line and the channel width is defined as the High "H" minus the Low "L" but you can edit that formula to anything you like. For illustrative purposes we will set the center line to the Close of 50 bars ago and set the width as the difference between the Maximum High and the Minimum Low of the 50 bars prior to and including that close .
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Left click on OK to apply those formulas
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Those formulas have now been applied to that indicator
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By default the indicator will be labeled with the formulas it is calculated from (truncated in the case of long formulas). You can create a custom label for the indicator if you like. Right click on the indicator label
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Left click on Edit
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Type your custom label into the label box
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Left click on OK
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The label has now been applied
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For more information on creating PCF indicators please visit our PCF help index