Advanced Donchian Channels

Just an indicator I got ChatGPT to cook up for my own use, sharing it in case anyone else finds it useful. I have included a screenshot of my own settings as well for reference.

This indicator enhances the classic Donchian Channel with powerful contextual features to support modern breakout and volatility-based trading strategies.

🔹 Core Features:
Donchian Bands: Plots the highest high and lowest low over a configurable lookback period.

Dynamic Fill Shading:
- Color-coded based on the slope of the midline (Basis): Default settings are Green for uptrend, Red for downtrend, Silver for flat, Gray for narrow volatility.
- All fill colors are fully customizable.

Volatility Filter:
- Detects when the channel width is narrow using either a fixed value or a percentage of price.
- Optionally shades only during low-volatility (compression) periods.

Customizable Style:
- Adjustable opacity, offsets, and color settings to suit your charting style.

🛠 Use Cases:
- Spot potential breakout setups after periods of low volatility.
- Identify trend direction via basis slope shading.
- Combine with momentum or volume tools for high-probability entries.