ChrisMoody

Custom Indicator for Donchian Channels!!! System Rules Included!

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Mentor of mine (Mark Helweg) who ran a successful Hedge Fund, and has won several Awards for Quantatative Analysis conducted a free webinar that blew my mind. We’ve all heard most successful Traders make the most money on 5% of their trades. The reason is simple. To make BIG Money You Have to Catch BIG MOVES in the market. Do You Have A system That Get’s You In To Trades With LOW Risk, But Also Has Rules Built In To KEEP You In A WINNING TRADE? Well He Gave Me His System So I Coded It and I’m Passing Along to You….Trade Rules Will be in the First Post. INDICATOR - Donchian Channel that allows you to pick different Periods for the Upper and Lower Band. Read The First Post For an Explanation…..
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//Modified Donchonian Channel with separate adjustments for upper and lower levels
//Purpose is if you expect big move up, Use lower input example 3 or 4, and longer lower input, 40 - 100 and use lower input line as a stop out
//Opposite if you expect big move down
//Mid Line Rule in Long Example.  If lower line is below entry take partial profits at Mid Line and move stop to Break even.
//If Lower line moves above entry price before price retraces to midline use Lower line as Stop...Opposite if Shorting
//Created by user ChrisMoody 1-30-2014

study(title="CM_Donchian Channels Modified", shorttitle="CM_DC Modified", overlay=true)

length1 = input(4, minval=1, title="Upper Channel")
length2 = input(60, minval=1, title="Lower Channel")

upper = highest(length1)
lower = lowest(length2)

basis = avg(upper, lower)

l = plot(lower, style=line, linewidth=4, color=red)
u = plot(upper, style=line, linewidth=4, color=lime)

plot(basis, color=yellow, style=line, linewidth=1, title="Mid-Line Average")

fill(u, l, color=white, transp=75, title="Fill")
Interesting post on Donchian channels. I tried clicking to top right corner of chart a dozen times but nothing happens. Can you email this indicator to me or is it a paid indicator?
Btw, I tried this on Chrome and Firefox browser.
Thanks.
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hi how can i download the indicator? thanks
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Hi Chris
Pardon, this is not a comment, but maybe you can help me.
I am from South Africa, and wonder if you can tell me where to find the Donchian Channels with the midline (tree lines - top, bottom and the middle line). So far I could find only the two line Donchian channel. I will appreciate it if you can fill me in on where to get it.
Kind regards
Julius Burmeister
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ChrisMoody PRO juliusmaatjie
Not 100% sure what you are asking. If you are asking me how to import this custom code I just recorded a video on how to import code...it's the first video on this page... http://videos.tradingview.com
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ChrisMoody PRO ChrisMoody
f your looking for a regular Donch Channel indicator with midline...then just make sure the values are set to the same for the look back period for both the Donch High and Low lines
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juliusmaatjie ChrisMoody
Hi Chris
Thanks for your quick reply. I appreciate it.
I use the MT4 charts and already add the Donchian Channels in the Navigator (indicators) section. But this is the 2 line (top and Bottom) Donchian Channels. I would prefer the three line Donchian Channel. Do you know where I can get one to add to the MT4. I don't know how to add a snip of the donchian to this reply. One see them on Youtube . Refer to the insert for a video.
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ChrisMoody PRO juliusmaatjie
Just posted V2 of the Indicator...

New Donchian Channels Modified_V2  With Alert Capability

+1 Reply
greenplay ChrisMoody
Hi Chris, could it be possible to code for 2 Donchian channels with variable lengths in one script, something like lets say 20 and 50 length Donchian channel together. So, instead of clicking on 2 indicators, 1st for 20 DC and 2nd for 50 DC, it can take of 2 variable lengths in one indicator. Something like the following link where 4 EMAs have been together...
Pivot Boss 4 EMA
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forex4us ChrisMoody
@ChrisMoody, Is it possible to download this V2 indicator?
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Yes, yes thank you for this...you have been making some amazing stuff and well be rewarded for your kind gifts and hard work.

DC has lately become my favorite tool!

You are the man :)
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