OPEN-SOURCE SCRIPT
Updated CM_Donchian Channels V3 revised by JustUncleL
This is a revised version of Chris Moody's "CM_Donchian Channel Modified_V2" script.
ChrisMoody:
"Modified Donchian Channel with separate adjustments for upper and lower levels. Purpose is if you expect big move up, use lower input for example 3 or 4, and longer upper input, eg. 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."
V3 Revisions by JustUncleL 23-Aug-2017:
ChrisMoody:
"Modified Donchian Channel with separate adjustments for upper and lower levels. Purpose is if you expect big move up, use lower input for example 3 or 4, and longer upper input, eg. 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."
V3 Revisions by JustUncleL 23-Aug-2017:
- Change alert to use alertcondition
- Upgraded to Version3 Pinescript.
- Moved all breakout arrows to bottom of screen
- Added bar colouring patch.
- Changed some defaults.
Release Notes
...Small work around- Patch Bar colouring, changed to using just one "barcolor" call. Sometimes two calls fail because conflicts with other scripts.
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.
JustUncleL
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.
JustUncleL
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.