Channel levels are defined based on high and low prices, influenced by candlestick bodies. These  points are calculated based on the defined channel levels and lookback periods. Delta values are computed to determine the channel’s upward or downward slope.  Channels are initialized based on specific conditions, and their properties are stored in the channel’s structure. Channels are updated as new bars are formed, and their slopes are adjusted based on delta values. The script triggers alerts for channel breaks. Labels are displayed on the chart for channel breaks.