OPEN-SOURCE SCRIPT
Donchian Channels Strategy by KrisWaters
Doncian Channels is a trend tracking indicator developed by Richard Doncian. The upper line of the channel is determined by the highest value seen by the price in the defined period, the lower line of the channel is determined by the lowest value seen by the price in the defined period. The middle line takes the average value of the lower and upper channels.
Strategy Settings:
- Can apply only LONG positions.
- Can apply only SHORT positions.
- Use LONG/SHORT both.
- You can use ATR as a second exit condition. If ATR stop disabled, Donchian upper or lower channel value is use for the exit rule to long and short positions.
Strategy can be able to optimize by changing channel lengths and timeframe.
Strategy Settings:
- Can apply only LONG positions.
- Can apply only SHORT positions.
- Use LONG/SHORT both.
- You can use ATR as a second exit condition. If ATR stop disabled, Donchian upper or lower channel value is use for the exit rule to long and short positions.
Strategy can be able to optimize by changing channel lengths and timeframe.
Open-source script
In true TradingView spirit, the author of this script has published it open-source, so traders can understand and verify it. Cheers to the author! You may use it for free, but reuse of this code in publication is governed by House rules. You can favorite it to use it on a chart.
Pine Script Code Generator:
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Connect with Top Pine Script Coders for Your Trading Needs:
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Pine Script Job Proposals:
t.me/kriswaters
twitter.com/mrkriswaters
getpinescript.com/
Connect with Top Pine Script Coders for Your Trading Needs:
pinescripthub.com/
Pine Script Job Proposals:
t.me/kriswaters
twitter.com/mrkriswaters
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.