Donchian channel is constructed by taking the highest (maximum from High) and the lowest (minimum from Low) prices for the previous N periods.
The instrument will be bought (long positions will be opened) when the current price maximum increases the maximum channel value and it will be sold (short positions will be opened) when the current bar decreases below the minimum channel value.
Donchian channel is the indicator useful for observing market price volatility. If the price is stable, Donchian channel will be relatively tight. If the price fluctuates too much, then Donchian channel will be wider.
MT5 Indicator – Download Instructions
Donchian Channel is a Metatrader 5 (MT5) indicator and the essence of the forex indicator is to transform the accumulated history data.
Donchian Channel provides for an opportunity to detect various peculiarities and patterns in price dynamics which are invisible to the naked eye.
Based on this information, traders can assume further price movement and adjust their strategy accordingly.
How to install Donchian Channel.mq5?
- Download Donchian Channel.mq5
- Copy Donchian Channel.mq5 to your Metatrader Directory / experts / indicators /
- Start or restart your Metatrader 5 Client
- Select Chart and Timeframe where you want to test your indicator
- Search “Custom Indicators” in your Navigator mostly left in your Metatrader 5 Client
- Right click on Donchian Channel.mq5
- Attach to a chart
- Modify settings or press ok
- Indicator Donchian Channel.mq5 is available on your Chart
How to remove Donchian Channel.mq5 from your Metatrader 5 Chart?
- Select the Chart where is the Indicator running in your Metatrader Client
- Right click into the Chart
- “Indicators list”
- Select the Indicator and delete
Click here below to download MT5 Indicator: