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This does not look difficult. The original Keltner Channels, which are correctly implemented by NinjaTrader, use a simple moving average applied to the typical price for the centerline, and then add/subtract a multiple of the simple moving average of the range to it.
From your TradeStation chart I can see that the moving average tracks price more closely, so it is likely that it uses an EMA. Also I suppose that it uses the average true range. This is a version of the Keltner Channels that was also used by Linda B. Raschke.
To make it simple: Try the Universal Keltner Channels which can be downloaded here
Exported using NT version 7.0.1000.27
This is a generalized version of the Keltner Channels with a few options added:
- The midband can be selected from a moving median, a moving mode or 27 different moving averages, all of which are calculated …
Now the settings: Try the settings as shown per screenshot below. Use EMA for both centerline and smoothing of average true range. Bandfactor needs to be set to 3.5, use the average true range, not the simple range. The screenshot shows a period of 52 for both center line and average true range. Not sure about this, you can reduce the period for the center line to 34 and play with the period of the average true range to match your TradeStation settings.
However, the Universal Keltner Channels indicator always calculates the centerline from the typical price, while the tradestation indicator has an option to use close or mean instead. But this only has a minor impact. So it is very likely that you can rebuild your tradestation indicator with the right settings.
I now noticed that the close of bars for tradestation and ninja are not the same. I see that in Forex, but interesting to see their datafeeds differ as well on close of bars.
This is normal behavior with tick interval. Try a minute interval and they should be the same. Even two Ninja users with the same data provider could have different closes depending on the opening time of the first bar.
Trader 1 uses 5 ticks/bar, Trader 2 uses 5 ticks/bar
Trader 1 starts at 8:00:00, Trader 2 starts at 8:00:30
