The original concept of the Donchian channel included 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 such like so that you have current levels to aim toward or place stops at.
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 calculated 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 alert you of major intersection cross. 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 indicators works really well for swing trading.
HOW TO INSTALL METATRADER INDICATORS ON MT4
Installing indicators on MT4 comes down to:
- Downloading the files (.ex4 and .mq4 formats) – Right click the download button and Save link as…
- Placing them in the MT4 “Indicators” Data Folder
- Closing and re-starting your MT4 terminal
- Dragging you indicator from the Navigator to the Forex Chart
Downloading the indicator.
Download and prepare the MT4 indicator file(s) so they are ready to go on your computer. (Please note that some custom indicators will come in a .rar file, so make sure to extract the .ex4 and .mq4 files).
Go back to your Metatrader 4 platform, click the File Tab and select “Open Data Folder” to get access to the system folders for the MT4 program:
Placing them in the MT4 “Indicators” Data Folder.
Go to the “MQL4” folder and the “Indicator” subfolder and open the folder.
Drag or copy and paste the custom indicators files to the “Indicators” subfolder.
Restart the MT4 program. When MT4 loads again, you should see your custom indicator added to the directory in the navigation window.
Go to the navigation window and scroll down the menu to “Indicators”, pick the one you want to use and drag it to your chart.
For a video on how to install you MT4 indicators please visit our Youtube channel.
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