OPEN-SOURCE SCRIPT
Donchian Channel - trend filter
Diupdate
Trend filter created based on donchian channel. I am using my custom donchian channel as base for this indicator:
Concept is simple.
We count how many times price is hitting donchian channel top or bottom without hitting the other side and keep counter for both. Thus:
upCount is the number of times price hits donchian channel top without hitting bottom
downCount is the number of times price hits donchian channel bottom without hittin top
trendCountLimit is the minimum value of upCount or downCount to call it uptrend or downtrend.
Concept is simple.
We count how many times price is hitting donchian channel top or bottom without hitting the other side and keep counter for both. Thus:
upCount is the number of times price hits donchian channel top without hitting bottom
downCount is the number of times price hits donchian channel bottom without hittin top
trendCountLimit is the minimum value of upCount or downCount to call it uptrend or downtrend.
Catatan Rilis
Small change in coloring candles:Candles are colored in green when uptrend starts by price hitting donchian channel top for trendCountLimit times. Similarly, candles are colored in red when price hits donchian channel bottom for trendCountLimit times. Trend colors are changed to lime/orange if price retraced back to mid of donchian channel. Bars will regain their strong trend color of green and red once they hit top/bottom again.
Catatan Rilis
Show Channel made optional to be able to hide it.Catatan Rilis
Added options:- UseBinaryTrend : Trend is either green/lime or red/orange. Silver bars are colored with previous trend.
- UseAdoptive: Option to use adoptive donchian as per script:
Skrip open-source
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