This is the Donchian Channel indicator extended version.
You can choose to display the trend in 3 different ways:
- traditional one by applying the indicator directly onto the price chart to display the channel formed by the higher highs and lower lows
- as a normalized price oscillator with normalized boundaries at 1/-1 (calculated upon the last higher highs and lower lows)
- as a normalized price oscillator with dynamic boundaries
The current trend is displayed as a red/green plotted at zero level. The trend change each time the price broke the higher or lower boundaries of the donchian channel.
Indicator converted from mt4 code following a request made in the Italian indicator forum.
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//PRC_DonchianChannel3 | indicator //17.09.2019 //Nicolas @ www.prorealcode.com //Sharing ProRealTime knowledge //translated from mt4 version // --- settings ChannelPeriod = 21 HighLowShift = 1 ShowMiddle = 1 //1=true;0=false ZeroBind = 1 //1=true;0=false Normalize = 1 //1=true;0=false // --- end of settings cprice = customclose dcUpper = Highest[ChannelPeriod](high)[HighLowShift] dcLower = Lowest[ChannelPeriod](low)[HighLowShift] dcMiddle = (dcUpper+dcLower)/2.0 if (ZeroBind) then if (Normalize) then buffer1 = 1 buffer2 = -1 diff = (dcUpper-dcMiddle) if (diff <> 0) then price = (cprice-dcMiddle)/diff else price = 0 endif else buffer1 = dcUpper-dcMiddle buffer2 = dcLower-dcMiddle price = (cprice-dcMiddle) endif else buffer1 = dcUpper buffer2 = dcLower price = cprice endif trendp = trendp[1] trend = trend[1] if (dcUpper>dcUpper[1]) then t rend = 1 endif if (dcLower<dcLower[1]) then t rend = -1 endif buffer3=undefined if (ShowMiddle) then if (ZeroBind) then buffer3 = 0 else buffer3 = (buffer1+buffer2)/2 endif endif if (cprice>dcUpper) then trendp = 1 endif if (cprice<dcLower) then trendp = -1 endif if (cprice<dcUpper and cprice>dcLower) then trendp = 0 endif if trend>0 then r=0 g=128 else r=255 g=0 endif return buffer1 coloured(0,128,0) style(dottedline,1),buffer2 coloured(255,0,0) style(dottedline,1),buffer3 coloured(r,g,0) style(line,2),price coloured(0,191,255) style(line,3) //,buffer4 |
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Hi Nicolas, how to use this on tradingview?
You can’t. All codes here are made for the ProRealTime trading platform:
https://www.prorealtime.com
Thanks!
Hi Nicolas! How do I get the indicator in the price chart? It only stays under i new chart.
Just add it on the price chart by using the wrench on the left upper side of the chart (price settings)