OPEN-SOURCE SCRIPT
Donchian Trend
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Hello All,
I think all of you knows Donchian Channels. so I am not going to write about it.
With this indicator I tried to create Trend Lines by using Donchian Channel upper/lower bands. I tried add possible entry levels as well.
How it works ?
- it calculates main trend direction by using the length that is user-defined. so you can change it as you wish
- then it calculates trend direction for 9 lower lengths. if you set the length = 20 then the lengths are 19, 18,...11
- and it checks if the trend directions that came from lower lengths is same or not with main trend direction.
- it changes the trendline color. lighter trend line means stonger trend, darker trend lines means entry points or possible trend reversal.
- it puts entry points by using trend directions that were created by using lower lengths. it gets entry points if high/low touches main trend line as well.
Warning: Arrows are entry points but it may also represents trend reversal. So you should use stoploss line if you decide to take buy/sell positions.
P.S. I didn't backtest it, it's non-repainting, it should be used educational purposes only. I believe it can be improved, so I am open for new ideas to improve it ;)
Enjoy!
I think all of you knows Donchian Channels. so I am not going to write about it.
With this indicator I tried to create Trend Lines by using Donchian Channel upper/lower bands. I tried add possible entry levels as well.
How it works ?
- it calculates main trend direction by using the length that is user-defined. so you can change it as you wish
- then it calculates trend direction for 9 lower lengths. if you set the length = 20 then the lengths are 19, 18,...11
- and it checks if the trend directions that came from lower lengths is same or not with main trend direction.
- it changes the trendline color. lighter trend line means stonger trend, darker trend lines means entry points or possible trend reversal.
- it puts entry points by using trend directions that were created by using lower lengths. it gets entry points if high/low touches main trend line as well.
Warning: Arrows are entry points but it may also represents trend reversal. So you should use stoploss line if you decide to take buy/sell positions.
P.S. I didn't backtest it, it's non-repainting, it should be used educational purposes only. I believe it can be improved, so I am open for new ideas to improve it ;)
Enjoy!
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