OPEN-SOURCE SCRIPT
Updated Donchian Trend Ribbon
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:
Enjoy!
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:
Enjoy!
Release Notes
"transp" removed.Release Notes
updatedOpen-source script
In true TradingView spirit, the creator of this script has made it open-source, so that traders can review and verify its functionality. Kudos to the author! While you can use it for free, remember that republishing the code is subject to our House Rules.
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.
Open-source script
In true TradingView spirit, the creator of this script has made it open-source, so that traders can review and verify its functionality. Kudos to the author! While you can use it for free, remember that republishing the code is subject to our House Rules.
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.