KT Donchian Channel Indicator
MT4 | MT5
-- Lifetime Access --
KT Donchian Channel indicator is an advanced version of the famous Donchian channel first developed by Richard Donchian. Donchian Channel indicator is consists of three bands based on the moving average of last high and low prices.
- Upper Band: Highest price over last n period.
- Lower Band: Lowest price over last n period.
- Middle Band: The average of upper and lower band (Upper Band + Lower Band) / 2.
Where n is 20 or a custom period value is chosen by the trader.
- A straightforward implementation of the Donchian channel blended with some useful customizations.
- Cross-Timeframe ability. You can have a Donchian channel from H1 on a 15 min. timeframe.
- Alerts are provided when the price touches a band.
- It displays the price tag with each band.
- Ability to customize the alerts for each band.
- All Metatrader alerts are included.
- Channel Period: An integer value to select the n period of the Donchian channels.
- Channel Timeframe: You can choose a custom timeframe. For example, you can have a Donchian channel from M30 on M5 timeframe.
- Draw Price Tags: If true, price tags will be plotted for each band.
- Upper Band Alert: Alert generated when price touches the upper band.
- Middle Band Alert: Alert generated when price touches the middle band.
- Lower Band Alert: Alert generated when price touches the lower band.
Applications of Donchian Channel Indicator
- You can use the Donchian channel to detect reversals, breakouts, newly formed trend, and stop-loss trailing.
- One can also use the Donchian channel to design mean reversion trading strategies.
Difference between Donchian Channel and Bollinger Bands
Bollinger Bands are created using a simple moving average for n period plus/minus the price's standard deviation. In contrast, Donchian channels are created using the highest-high and lowest-low over the last n period.
// MQl4 double upper_band = iCustom(NULL,0,"KT Donchian Channel",0,1); double middle_band = iCustom(NULL,0,"KT Donchian Channel",1,1); double lower_band = iCustom(NULL,0,"KT Donchian Channel",2,1); // MQL5 // Arrays double upper_band; double middle_band; double lower_band; // handle int indicator_handle = iCustom(NULL,0,"KT Donchian Channel"); // copying buffers into arrays CopyBuffer(indicator_handle,0,1,1,upper_band); CopyBuffer(indicator_handle,1,1,1,middle_band); CopyBuffer(indicator_handle,2,1,1,lower_band); upper_band; // Upper Band middle_band; // Middle Band lower_band; // Lower Band
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