Donchain Channel Indicator

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Name:
Donchain Channel Indicator
Author: Rasoul Mojtahedzadeh (2014.04.01 08:50)
Downloaded: 250
Download:
Donchain Channel Indicator 1
 DonchainChannels.mq4 (2.7 Kb) View

Author:

Rasoul Mojtahedzadeh

Description:

Donchain Channel indicator is originally designed by Richard Donchain. The indicator can capture the price movement and the price trend decently. There is only one parameter to set manually, the number of previous trading sessions, or bars, which has a default value of 20. The highest high, the lowest low and their mean value is calculated which indicates the current support and resistance levels. One can use this indicator to develop his/her own scalping strategy. In the following figure, there is an example how to spot a SELL signal for scalping purposes:

Donchain Channel Indicator 2

As soon as the current candle is closed such that its highest high touches the upper band of Donchain Channel (Red Line), open a SELL position.

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