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
You can also press the forward slash "/" key to open the add plot menu
Type PCF into the search bar
Select Custom PCF Channel Indicator from the list of available indicators
This will plot a indicator on your price chart and open the editor for that formula
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 .
Left click on OK to apply those formulas
Those formulas have now been applied to that indicator
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
Left click on Edit
Type your custom label into the label box
Left click on OK
The label has now been applied
For more information on creating PCF indicators please visit our PCF help index