Snake Kelter Indicator V2.94 for MT4 — Smarter Keltner-Style Signals for Clean Entries


If you’re tired of messy charts and late entries, the Snake Kelter Indicator V2.94 for MT4 gives you a clean, disciplined way to track price as it expands and contracts around volatility. Built on a refined Keltner-style channel with adaptive filters, Snake Kelter highlights trend direction, potential breakouts, and pullback zones—without drowning you in noisy arrows or guesswork. You still make the decisions; the indicator simply lines up structure, volatility, and timing so you can act with confidence.


What Is the Snake Kelter Indicator?


At its core, Snake Kelter wraps price with an average-range channel that flexes as volatility changes. When the market is calm, channels tighten; when volatility spikes, the bands widen. Version 2.94 pushes this concept further with:



  • Adaptive smoothing to reduce false wiggles

  • A directional bias (trend ribbon/line) derived from price location within the channel

  • Optional momentum and slope filters, so you don’t chase every tiny pop

  • Multi-mode alerts (popup, sound, email, push) for breakouts and pullbacks


In plain English: Snake Kelter helps you identify when the market is trending, when it’s consolidating, and when a breakout has a decent chance to follow through. It’s especially handy for traders who like to buy pullbacks in an uptrend or sell rallies in a downtrend—and it also works for simple channel break strategies if that’s your style.



Why Traders Like It


Clarity. Trend, structure, and volatility show up in one place—no need to juggle a dozen indicators.


Discipline. The band framework encourages entries only where price and volatility line up, which helps reduce impulse trades.


Flexibility. Works across major FX pairs, indices, and XAUUSD; scalping to swing. You can run it on M15, M30, H1, H4, and even D1 if you prefer.


No EA lock-in. Snake Kelter is an indicator, not an autotrader. Use it standalone for manual decisions, or combine it with your own EA/rules.


How It Works (Quick Mechanics)



  1. Baseline & Bands: The indicator computes a smoothed baseline (similar to an EMA) and adds/subtracts a volatility factor (ATR-style) to form upper and lower bands.

  2. Trend Bias: When price holds above the baseline and regularly touches the upper band, bias turns bullish; the opposite is bearish.

  3. Signals You Can Act On:



  • Breakout reads: Price closes beyond a band in the direction of the prevailing bias.

  • Pullback zones: Price retraces toward the midline/baseline in a trend and prints a continuation cue.

  • Squeeze alerts: Bands contract significantly, hinting a volatility expansion may be near.


Do note: signals are most reliable after candle close. Intrabar fluctuations can poke bands and then retreat, so many traders wait for confirmation.


Key Features at a Glance



  • • Adaptive Keltner-style channel with dynamic volatility sizing

  • • Trend ribbon to visualize bullish/bearish bias at a glance

  • • Pullback markers for “buy-the-dip / sell-the-rally” opportunities

  • • Breakout alerts when price closes beyond bands in-trend

  • • Optional momentum filter to ignore weak pushes

  • • Slope filter to confirm that the baseline isn’t flat

  • • Multi-timeframe friendly: from M15 scalps to H4 swings

  • • Multi-asset: majors, crosses, gold (XAUUSD), and popular indices

  • • Alert suite: popup, sound, email, and push notifications

  • • Custom styling: control colors, thickness, and visual cues

  • • Lightweight performance: designed to sit on multiple charts

  • • Straightforward parameters: quick to learn; deep to master


Suggested Settings (Kick-Start)


You’ll tune these to your market and timeframe, but here’s a solid starting point:



  • Baseline Length: 20–30 (try 24 on M30/H1)

  • ATR Period: 10–20 (try 14)

  • ATR Multiplier (Band Width): 1.5–2.2 (try 1.8 for FX, 2.0 for XAUUSD)

  • Signal Mode: Close-based

  • Momentum Filter: Enabled (default strength)

  • Slope Filter: Enabled (mild)

  • Alerts: On close only, to reduce noise


Tip: On lower timeframes (M15), nudge the ATR period up by +2 to smooth whipsaws; on higher timeframes, a slightly tighter multiplier (e.g., 1.6–1.8) can help you enter earlier.


Where It Shines (Pairs & Timeframes)



  • FX Majors (EURUSD, GBPUSD, USDJPY): M15 to H4. M30/H1 offers a sweet spot between signal frequency and quality.

  • Gold (XAUUSD): H1 and H4 cut down noise; consider a wider ATR multiplier (≈2.0).

  • Indices (e.g., US30/US100): H1/H4 with momentum filter on, due to session-driven bursts.


If your broker’s spreads widen at night, be cautious with very short timeframes. For scalping, aim for tight spreads + fast execution.


Entry & Exit Playbook (Practical Examples)


Trend-Pullback Continuation (Conservative)



  • Bias: Bullish trend ribbon.

  • Setup: Price pulls back near baseline; candle closes back above the midline.

  • Entry: On the next candle open or break of signal bar’s high.

  • Stop: Below the recent swing low or just beyond the lower band.

  • Target: Upper band touch, prior structure highs, or a fixed R multiple (1.5R–2R).


Breakout-Retest (Balanced)



  • Bias: Bands were in a squeeze, then price closes above the upper band.

  • Setup: Wait for a minor retest toward the upper band or midline.

  • Entry: When price prints a bullish close after retest.

  • Stop: Under the midline or recent mini-swing.

  • Target: Measure prior range height or trail below the midline.


Counter-Rotation (Advanced/Optional)



  • Bias: None (range) or fading strong spikes.

  • Setup: Price sharply tags an outer band then prints exhaustion (pin bar/engulf).

  • Entry: Only with confirmation and small size; these are lower probability.

  • Stop: Beyond the band pierce.

  • Target: Midline first; if momentum flips, ride to opposite band.


Risk & Trade Management



  • Risk per trade: 0.5%–1% for active scalpers; 1%–1.5% for swing.

  • Position sizing: Base on stop distance so your $ risk stays constant.

  • Scaling out: Take partial profits at 1R–1.5R; trail remainder below the baseline or last swing.

  • Avoid over-trading: If bands are flat and overlapping price, skip. Wait for slope + direction.


Installation (MT4)



  1. Download the Snake Kelter Indicator V2.94 (MQ4/EX4).

  2. In MT4, go to File → Open Data Folder.

  3. Navigate to MQL4 → Indicators and paste the file.

  4. Restart MT4 or right-click Indicators → Refresh in the Navigator.

  5. Drag Snake Kelter Indicator onto your chart, apply your settings, and save a template.


Pro Tips to Get More From V2.94



  • Confluence wins: Pair Snake Kelter with a simple higher-timeframe bias. If H4 is bearish, a short on M30 has better odds.

  • News filter: Step aside for high-impact events (CPI, NFP, rate decisions). Volatility can blow through bands.

  • Session awareness: London and New York overlap offers the most consistent momentum for many FX pairs.

  • Journal everything: Screenshot entries and exits; note band slope, pullback depth, and outcome. You’ll discover which patterns pay you most often.


Final Thoughts


The Snake Kelter Indicator V2.94 for MT4 streamlines how you read trend, volatility, and structure. Use it to buy pullbacks in a healthy uptrend, sell rallies in a downtrend, or catch post-squeeze expansions—with clear, rules-based visuals. It won’t trade for you (and that’s a good thing), but it will help you stop forcing trades when conditions aren’t there… and lean in when they are.


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