I am surprised to hear a channel indicator being termed a new indicator, well it is not and it is even one of the custom indicators you click and paste in MetaTrader4 platforms. What is new here is that this script automates the process and I think that is an interesting development because it can bring to the notice of any trader using it even channels that are not quite obvious, use of high time frames would be necessary to get the best out of it.
Trading with channels is one of the reliable ways to trade because the signals are leading and not lagging as is the case with many other indicators. What that means is that it provides an opportunity for a trader to predict how far market may go, possible turning points, break outs, etc and all that presents different trading opportunities for a trader. It is a nice one and every trader should have it even a scalper is going to find it useful.
"The things that matter most must never be at the mercy of the things that matter least." - Goethe