I spent a lot of time at the w/e playing around with this and came across some interesting patterns in addition to the trendlines that SF has already pointed out.
I did download cTrader and can well believe it is much better and more flexible than MT4 but, given my broker doesn’t use it and the fact that I have spent several years learning to code MQL sufficiently for my own needs, I only used SF’s indicator on cTrader to try to approximate the same in MT4. As Old Dog has said, you only need a displaced MA with a lookback of 1 and someone else also mentioned the use of the built in Envelopes indicator. The frustrating thing is that you have to manually adjust the offsets if you change tf so I put something together that works out the offset as a multiplier of the ATR. You can change the multiplier to suit your purposes but you don’t need to change anything from one tf to another. I’ve attached it in case there are others who are also tied into MT4.
There is one pattern I came across time after time, on all tf’s, that I think is worth sharing. The key thing to look for is the upper and lower channels overlapping with very few price bars in between. The upper channel must make a lower V point that overlaps with an earlier inverted V on the lower channel (or vice versa). By the time the V on the upper channel has completed, the price will be way below but there is an extremely high probability that it will bounce back to the bottom of the V. I’ve attached an example and it is well worth scrolling back through to see how many you can spot. The beauty of it is that you can put on a really tight stoploss for a potentially big gain that you can measure beforehand.