There are two modes,
One.
The indicator follows the price, indicator is always trying to be equated with a price.
Defined percentage of the High-Low Range is the maximum shift.
Two
The indicator follows the daily changes in price, in both directions,
but only for a defined percentage of open - close Range.
Download:
Channel lines are aded X pip Up / Down from the Percentage_Price_Follower Line
Fow MTF_MCP_Percentage_price_follower.mq4 make sure to install Percentage_Price_Follower.mq4