Step Channel Momentum Trend Indicator for MT4 and MT5

Written by Dominic Walsh · Published 10 Jul 2026 · Last updated 24 Sep 2026

A step line only moves when price pushes a full step away, so it ignores small noise. The step channel momentum trend indicator builds that line from 1.5 average ranges, measures how far the close sits from it, and turns the result into a 0 to 100 oscillator with a signal line.

This build ships as a compiled .ex4 for MT4 and .ex5 for MT5; the screenshots below come from EURUSD H1.

Platforms	MT4 (.ex4) + MT5 (.ex5)
Chart window	Separate window (levels 30 / 50 / 70)
Plots	4: StepMomentum, Signal, Buy, Sell
Alerts	popup, push notification, email, sound
Inputs	12

What the Step Channel Momentum Trend Indicator shows

An oscillator, its signal and marks below price.

`StepMomentum` runs dodger blue at width 2.

`Signal` runs orange.

`Buy` sits just under the line.

`Sell` sits just over it.

Horizontal guides mark 30, 50 and 70.

• StepMomentum: line, dodger blue, width 2
• Signal: line, orange, width 1
• Buy: arrow, lime, width 2, arrow code 233
• Sell: arrow, red, width 2, arrow code 234

How each value gets built

Step line

`ChannelPeriod` `14` sets the average range. The step moves only when the close runs more than `AtrMult` `1.5` ranges beyond it.

Oscillator

The build divides the distance from the step by the step size, multiplies it by `Sensitivity` `28.0`, and adds 50.

Signal and marks

`SignalPeriod` `5` smooths the oscillator. A climb back through `OverSold` `30.0` prints a buy; a drop under `OverBought` `70.0` prints a sell.

How to read it

Readings near 80 mean price runs well above the step.

Readings near 20 mean it runs well below.

Around 50 means price sits on the step.

The orange line smooths the reading.

Marks flag exits from the extremes.

Warm-up needs about twenty bars.

Alert channels in this build: popup, push notification, email and sound, one message per closed bar.

Zone exits report once per closed bar under `EnableAlerts`; the pop-up is the one route on by default.

Every Step Channel Momentum Trend Indicator input

Core settings

Setting	What it does	Default
ChannelPeriod	ATR / channel lookback. Range window for the step, `14`.	14
AtrMult	Step size = ATR * this. Step size in ranges, `1.5`.	1.5
SignalPeriod	Signal EMA smoothing. Signal smoothing, `5`.	5
Sensitivity	Momentum scale into 0..100. Scale into 0 to 100, `28.0`.	28.0
OverBought	Upper reference. Upper reference, `70.0`.	70.0
OverSold	Lower reference. Lower reference, `30.0`.	30.0

Alert settings

Setting	What it does	Default
EnableAlerts	Master alert switch. Master alert switch, `true`.	on
EnablePopup	Pop-up alert. Pop-up, `true`.	on
EnablePush	Push to mobile MT4. Phone route, `false`.	off
EnableEmail	Email alert.	off
EnableSound	Sound alert. Speaker, `false`.	off
SoundFile	(see inputs panel)	alert.wav

Where the defaults make sense

A step of 1.5 ranges suits hourly charts. The hourly EURUSD screenshot shows several zone exits a week. On M15 lower `AtrMult` for quicker steps. On D1 exits mark swing turns.

Where the logic runs out

Step jumps make the reading lurch.

Zone exits come after the peak.

Sensitivity decides how often the zones get reached.

Pop-ups are the only route on at first.

Copy the compiled Step Channel Momentum Trend Indicator file into your MQL4/Indicators folder, and the MT5 build into MQL5/Indicators, then restart the terminal and drag it onto a chart. The step-by-step guide with screenshots is at how to install MT4 and MT5 indicators.

Download the Step Channel Momentum Trend Indicator for MT4 and MT5

The zip holds the compiled Step Channel Momentum Trend Indicator build for MT4 and MT5, plus a short README. Compiled files only, no source. Enter your email below and the download link arrives in your inbox.

FAQ

What does AtrMult 1.5 decide?

How far price must run before the step line moves. At one and a half average ranges, the step ignores ordinary swings and only follows real pushes.

How does Sensitivity 28.0 scale the StepMomentum line?

It multiplies the distance from the step, measured in step sizes, before adding 50. A higher value pushes readings toward the edges more often, so zone exits come more frequently.

Which OverSold crossing gives a StepMomentum Buy?

The oscillator climbing from below 30 to 30 or above. The mark flags price recovering from a stretch well below its step line, drawn a little under the oscillator.

Why does the StepMomentum reading lurch at times?

When the step line jumps to a new level, the distance from it changes at once. The oscillator then moves sharply on that single bar before settling again.

Are results guaranteed?

No. Trading involves risk. Results are not guaranteed; past performance is not indicative of future results. Use the Step Channel Momentum Trend Indicator as one input. Always backtest before trading live.