OPEN-SOURCE SCRIPT

Donchian Trend Ribbon

Diupdate
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:
Donchian Trend



Enjoy!
Catatan Rilis
"transp" removed.
Catatan Rilis
updated
Breadth IndicatorsDonchian Channels (DC)heatmaplonesomethebluepivotsupportSupply ZoneSupport and Resistancetrendfollowingtrendreversaltrendtrading

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