LonesomeTheBlue

Donchian Trend Ribbon

Hello Traders,

I think you all know Donchian Channels . so I am not going to write about it.

With this indicator I tried to create Donchian Trend Ribbon by using Donchian Channels .

How it works ?
- it calculates main trend direction by using the length that is user-defined. so you can change it as you wish
- then it calculates trend direction for each 9 lower lengths. if you set the length = 20 then the lengths are 19, 18,...11
- and it checks if the trend directions that came from lower lengths is same or not with main trend direction.
- it changes the trend color of the ribbon.
-

Warning: Entry points may also represents trend reversal. So you should use stoploss line if you decide to take buy/sell positions.


P.S. I didn't backtest it, it's non-repainting, it should be used educational purposes only.

Published by user request. You may want to see following one:


Enjoy!
릴리즈 노트: "transp" removed.
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코멘트

This is hands down AMAZING.

Thanks Friend.
응답
Can we add stop loss onto your script?
+1 응답
LonesomeTheBlue mukhriz.mangsor
@mukhriz.mangsor, donchian trend itself can be used as sl line.
+2 응답
iam always youre fan...GOD giftted you to us...
+2 응답
It is amazing script!! Thanks for great work!
+1 응답
Amazing my friend. Thanks.
+1 응답
Thank. Great script.
+3 응답
@MrBrux, you are welcome!
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Usted siempre perfecto
+1 응답
at 5m tf, late signal? how to imrpove this possible entry sir
+1 응답
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