donchian channel - extended
Info
The donchian channel - extended is a Indicator for MetaTrader 5 that theory : the donchian channel is an indicator used in market trading developed by richard donchian. it is formed by taking the highest high and the lowest low of the last n periods.
Usage
This tool is typically used for enhancing chart analysis and decision making.
Platform
This Indicator works exclusively on MetaTrader 5 (both build 600+ and newer versions).
Setup
Place the downloaded file in MQL5/Indicators folder via File ? Open Data Folder in MetaTrader 5.
How to Install and Use donchian channel - extended
1. Installation: Place your file in the MQL/Indicators folder via "Open Data Folder" and restart your terminal.
2. Loading: Find the indicator in the Navigator, drag it onto your chart, and configure the input parameters in the popup window.
3. Customization: Press Ctrl+I to open the indicator list, select your tool, and click "Properties" to change colors, levels, or visual styles.
4. Updating: Replace the old file in the Indicators folder with the new version and restart the platform to apply changes.
Frequently Asked Questions
Q: Why is my indicator not showing? A: Verify the file is in the MQL/Indicators folder, or try right-clicking the "Indicators" tree in the Navigator and clicking "Refresh."
Q: Do custom indicators slow down the platform? A: Too many complex indicators can impact performance; remove unused ones via the "Indicator List" (Ctrl+I).
Q: Can I use MT4 indicators on MT5? A: No, MQL4 and MQL5 are distinct languages; ensure the indicator is compiled specifically for your platform version.
What this tool does
theory : the donchian channel is an indicator used in market trading developed by richard donchian.
Typical Use Case
This Indicator excels in automated trading and technical analysis on MetaTrader 5.
Compatible Platform & Setup
This Indicator works on MetaTrader 5. Place the file in the MQL5/Indicators folder and restart the terminal.
Description & Settings
Related: Mediana Trendline: MTF Parallel Channel Indicator - another powerful indicator for MetaTrader 5 traders.
theory : the donchian channel is an indicator used in market trading developed by richard donchian. it is formed by taking the highest high and the lowest low of the last n periods. the area between the high and the low is the channel for the period chosen. donchian channel formula
Also recommended: Channel Sun Signals Indicator - similar indicator with strong performance on MetaTrader 5.
the upper band is calculated as the highest high for the selected period.
the lower band is calculated as the lowest low for the selected period.
the selected period does not include the day on which the band is plotted (
otherwise the band would never be crossed
). for example, the 20-day donchian channels for today are the highest high and lowest low for the preceding 20 trading days.
usage :
it can be used as any "regular" donchian channel, but also can be used for support and resistance levels assessment
You may also like: Breakout Distance - Donchian Channel with Distance-to-Trigger Panel in ATR Units - excellent alternative for indicator users on MetaTrader 5.
Source Code
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⚠ Limitations & Risk Warning
- This tool is provided for educational and testing purposes only.
- Past performance does not guarantee future results.
- Trading involves substantial risk of loss. Use on a demo account first.
- Results may vary depending on market conditions, broker, and settings.
- We recommend thorough backtesting and forward testing before using with real funds.