Hello,
This is my first message on the forum, thank you for welcoming me into your community. 🙂

I’m a counter trend trader, for that I need to have rebound zones.
I use the Donchian channels, but I find it less relevant than having zones on the chart.
I’d like someone to help me create a zone indicator, and a divergence indicator based on a personal indicator.

1. Divergence indicator based on Donchian channels:

– I would need to use my personal indicator Donchian%D (similar to boll%b) over 100 periods. Here is his code:

Period = 100
 
Up = DonchianChannelUp[Periode]
Down = DonchianChannelDown[Periode]
DC = (close-down)/(up-down)*100
 
return DC as "DC",80 coloured(73,73,73) as "80", 20 coloured(73,73,73) as "20"

– He would have to send a binary result with +1 in case of a bullish divergence and -1 in case of a bearish divergence, as the RSI classical and hidden Divergences Indicator – Indicators – ProRealTime (prorealcode.com)
In addition to the visual side, the objective will be to create a trading robot.

2. Area indicator, example for a sales area :
– The indicator will have to take into account the last 100 (ideally it should be a modifiable variable) higher.
– It will have to draw a zone that goes, horizontally, from the highest point to the highest fence (the goal is to have a zone with only the wicks).
Sometimes the high point will be on a green candle, sometimes on a red candle.
On the other hand you should always consider the fence of the last green candle for the second point.
– The indicator should draw this area only if there was a first bounce on this area. This avoids drawing areas in which there has been profit taking but which will not reverse the prices when they come back to test it. With a zone that includes the reversal and an impact, I bet that the accumulation of insiders is not over and that there will be a rebound in this zone on the 2nd impact.
– The indicator will have to extend this zone, horizontally, as long as either 2 consecutive bullish candles have not fenced over this zone (this avoids the end of the range while avoiding to remove the zone when a false break will take place).
For a shopping area the rules will have to be reversed.
The goal is to create a screener that will allow me to quickly find the assets that are in reversal zones.

I’m available if you have any questions

Donchian-d.itf Zone-100-impact.png Donchian-Divergence.png