Donchian Channel 3 (3 ways to display the trend)

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.

//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

//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

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

channel donchian highest high Lowest lows trend trend following

Risk disclosure:

No information on this site is investment advice or a solicitation to buy or sell any financial instrument. Past performance is not indicative of future results. Trading may expose you to risk of loss greater than your deposits and is only suitable for experienced investors who have sufficient financial means to bear such risk.

ProRealTime ITF files and other attachments :

Filename : download the ITF files

How to import ITF files into ProRealTime platform?

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Sukhdev Golen • 09/17/2019 #
Hi Nicolas, how to use this on tradingview?
- Nicolas • 09/17/2019 #
  You can’t. All codes here are made for the ProRealTime trading platform:
  https://www.prorealtime.com

Maxime Baudin • 09/17/2019 #
Thanks!

Byggtrader • 09/17/2019 #
Hi Nicolas! How do I get the indicator in the price chart? It only stays under i new chart.
- Nicolas • 09/17/2019 #
  Just add it on the price chart by using the wrench on the left upper side of the chart (price settings)

carlvan That's a great indicator and I especially the use of colors, more or less pronounced to indi...

diegofe_2000 CORDIAL SALUDO. CUANDO REALIZO UN PROGRAMA CON ESTE INDICADOR ME SALE EL SIGUIENTE LETRE...

ALE Hello do you want to explain to me in more detail what you have to do? Please replay here:...

Giogio hello dear Vonasi, thank you for your indicator, can I ask you for some help in order to let...

Pottar24 HI Vonasi I would like to know how can this algorithm give me the value of the last max e mi...

parthapersonal Hello Vonasi, Great work. Is it possible to replicate this to get values of "Price Line" (1...

tobytarczy Hi Vonasi, Sounds lovely, I race yachts around europe myself. Most regattas cancelled unfor...

mlouys Hello Vonasi thank for your work ! A question how can we do it for minutes ( or 15 min or x ...

Vonasi I think that would be possible but probably in a whole new indicator as detecting when a new...

Jack86gv Ciao Nicolas, e possibile fare uno screener con questo codice ovvero vorrei sapere quando il...

Nicolas https://www.prorealcode.com/topic/screener-regressione-canale/

wharfdog Hi Nicolas, Fantastic work, I'm really grateful for this. I was wondering if it would be ...

sir_i Bonjour à tous, Je suis nouveau sur le forum et sur la plateforme, pourriez-vous me dire com...

Nicolas Il faut simplement l'appliquer sur le prix.

sir_i Merci pour la réponse, je ne suis pas familier avec l'application de cette procédure simple,...

Nicolas File and code are updated.

Zasinas2000 Hi allo I am not sure I am doing it correctly, but this adds to proreal as an indicator. ...

Trimicha Hi, when I copy the code, i get an error message that LinRegPeriod is not defined. Doe...

Janfi Hello, I'm new to ProRealCode and I do not understand the following summation[n](indicator...

Kaci It seems he's just checking that the previous MACD is < 0 for maximum one period ? I'...

Daniel Martin Hi do you know how have and entry after the second cross? There is crosses below 0 and cross...

Tarkus1954 Hi. When I add this indicator it loads it in a separate window. How do I get the indicator...

Nicolas By adding it on the price chart. Use the wrench on the left upper side of the price chart.

ervelasco Thank you for your posting! I was missing the indicator when trying to select Keltner bands ...

Maik2404 wie kann ich den Code bekommen Paul?

jens_kittner Works with US Crude at 1h as well!

Jean-Claude REGIS Je préconise de regarder les graphiques H1 et M15 pour visualiser la tendance de fond et d'...

capgros Bonjour @Nicolas, Thanks a lot for this tool, it is very useful for me. I would like to s...

Hans63 Would you add the possibility to color also the Heikin Ashi and bar chart?

Nicolas That's possible, please open a new topic in the indicator forum explaining what you need exa...

cfta Hi Fulvio, many thanks for sharing this clever indicator, much appreciated. As Pepsmile ment...

cfta Sorry adding the PRT to code didn't work in the above comment so I guess we will have to set...

juanj Something appears to be wrong with this formula as graphing t shows t to almost never be wit...

Maxime Baudin Interesting, Thank you! :)

franck-david Bonjour Nicolas , actuellement je me forme grace a vos videos tres tres bien expliques mer...

Nicolas Merci. ça n'est pas le lieu pour poser ce genre de question :) Merci d'utiliser le forum Pro...

Vonasi Forum discussion on these indicators can be found here: https://www.prorealcode.com/topic/av...

jennr29 Hi. Is it possible to convert this code to an mq4 file?

Nicolas Sorry but our website is dedicated to prorealtime programming. However, you can ask for priv...

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