TradeChartist Donchian Channels Breakout Filter

™TradeChartist Donchian Channels Breakout Filter is an elegant version of the classic Donchian Channels with few extra variations and option to filter breakouts based on user preferred Breakout price selection to generate Trade Entries.

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Features of ™TradeChartist Donchian Channels Breakout Filter
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• Option to plot Donchian Channels of user preferred length, based on the Source price in addition to High/Low Donchian Channels.

• Generates trade entries based on user preferred Breakout Price. For example, if the user prefers HL2 as breakout price, irrespective of the Donchian Channels type, trade entries are generated only when hl2 price (average of high/low) breaks out of the upper or lower band.

• Option to plot background colour based on Breakout trend. The bull zones are filled with green background, the Bear zones are filled with red background and the bar that broke out is filled with orange background.

• Option to colour price bars using Donchian Channels price trend. The Donchian Channels basis line is plotted using the same colours as coloured bars as default.

• Alerts can be created for long and short entries using Once per Bar Close.

Note: This script does not repaint. To use the script for trade entries, wait for the bar close and use a second confirmator (includes fundamentals) based on asset type as some markets require users to have good pulse on the fundamentals as trading by Technicals/price action dynamic alone may not be safe.


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Best Practice: Test with different settings first using Paper Trades before trading with real money

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This is not a free to use indicator. Get in touch with me (PM me directly if you would like trial access to test the indicator)

Premium Scripts - Trial access and Information

Trial access offered on all Premium scripts.

PM me directly to request trial access to the scripts or for more information.

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Versionsinformation:

Added - Trend Identifier (Oscillatory Signal) for Plug and Trade

Versionsinformation:

Code updated