Saturday, September 24, 2022

Donchian Channel Fibonacci Levels & Alerts

The original concept of the Donchian channel including the ability to set additional levels internal or external of the calculated range.

This has resulted in a great Forex indicator that can run behind any moving average cross strategy or similar, so that you have current levels to aim toward or place stops.

In addition a function is enabled to allow the ability to shrink or enlarge the range of the same period. If for eg; the period is set to say 96 bars, you can allow the indicator to calculate at a reduction of 62%. The chart will be presented with a closely ranged set of breakthrough support and resistance lines. There are other options to show range based on close, high or low.

The alerts work well and can be set to for major intersection crosses. You can set the alert to alert once so you don’t go batty with the alarm going off every tick.

All the options are self explanatory and you should have no problems with the indicator.

This Metatrader indicator is particularly useful for swing trading.

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