Donchian bias determinator

Category: Indicators By: Marcel van Vliet Created: November 6, 2017, 11:20 AM
November 6, 2017, 11:20 AM
Indicators
3 Comments

This ‘Donchian bias determinator’ indicator can be used to detect an open or close outside the Donchian channel. After a close on the upper side, the candle colors Blue and after a close below the lower side, the candle colors Red. It is a simplified way to play the Donchian 4 weeks rule (Not yet automated). You can tweak this indicator to your own needs, for example, I left away the Donchian channel to get a plain vanilla chart. (attached images).

//Donchian bias determinator indicator
//05-11-2017
//Marcel van Vliet

// mmTYPE=1 (mm type)


Upper = HIGHEST[20](HIGH[1])
Lower = LOWEST[20](LOW[1])
Middle = (Upper + Lower) / 2

bodyhigh = max(open,close)
bodylow = min(open,close)

if(open<=close and close > Upper) then
 LongWickUp = high
 LongCandleUp = bodyHigh
 LongWickDown = low
 LongCandleDown = bodyLow
elsif(open>=close and close > Upper) then
 LongWickUp = low
 LongCandleUp = bodyLow
 LongWickDown = high
 LongCandleDown = bodyHigh
elsif(open<=close and close < Lower) then
 ShortWickUp = high
 ShortCandleUp = bodyHigh
 ShortWickDown = low
 ShortCandleDown = bodyLow
elsif(open>=close and close < Lower) then
 ShortWickUp = low
 ShortCandleUp = bodyLow
 ShortWickDown = high
 ShortCandleDown = bodyHigh
elsif(open<=close and close < Upper and close > Lower) then
 RangeWickUp = high
 RangeCandleUp = bodyHigh
 RangeWickDown = low
 RangeCandleDown = bodyLow
elsif(open>=close and close < Upper and close > Lower) then
 RangeWickUp = low
 RangeCandleUp = bodyLow
 RangeWickDown = high
 RangeCandleDown = bodyHigh
endif

//bullish candlesticks
if close>Upper then
 DRAWCANDLE(LongCandleDown,LongWickUp,LongWickDown,LongCandleUp) coloured(0,0,102)
endif

//bearish candlesticks
if close<Lower then
 DRAWCANDLE(ShortCandleDown,ShortWickUp,ShortWickDown,ShortCandleUp) coloured(200,0,0)
endif

//neutral candlesticks (Donchian channel)
if close<Upper and close>Lower then
 DRAWCANDLE(RangeCandleDown,RangeWickUp,RangeWickDown,RangeCandleUp) coloured(150,150,150)
endif

RETURN upper AS "upper", lower AS "lower", middle AS "middle"

Download
Filename: Donchian-Bias-determinator.itf
Downloads: 279
Marcel van Vliet Veteran
I usually let my code do the talking, which explains why my bio is as empty as a newly created file. Bio to be initialized...
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