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This overlay indicator marks Linda Raschke short-term bar setups on the price chart. It flags Turtle Soup and Turtle Soup plus one false breakouts of a prior extreme, 80-20 bars, inside bars, failed inside-bar breakouts, outside up and down bars, NR4 and NR7 c
Indicator · Pine Script v5 · On the chart
Donchian Channels
This indicator plots a Donchian channel on the price chart.
GitHub stars37on the repository
Pine versionv5runs as is
Lines of code10
Settings1inputs
LicenceMIT
Last update3 years ago10 Feb 2023
Add It to Your TradingView Chart
- 1Copy the scriptPress Copy script above, or the copy button on the code below.
- 2Open the Pine EditorOpen a TradingView chart and choose Pine Editor at the bottom of the screen.
- 3Paste over the templateCreate a new indicator, select all of the template text and paste. Press Save and give it a name.
- 4Add it to the chartPress Add to chart, then adjust the settings with the gear icon next to its name.
Source Code
10 lines of Pine Script v5 from Technical-Indicators/Technical Indicators are Here🤩/Donchian-Channels.pine, published under MIT. Keep the author's credit and licence lines when you reuse it.
//@version=5
indicator(title="Donchian Channels", shorttitle="DC", overlay=true, timeframe="", timeframe_gaps=true)
length = input.int(20, minval=1)
lower = ta.lowest(length)
upper = ta.highest(length)
basis = math.avg(upper, lower)
plot(basis, "Basis", color=#FF6D00)
u = plot(upper, "Upper", color=#2962FF)
l = plot(lower, "Lower", color=#2962FF)
fill(u, l, color=color.rgb(33, 150, 243, 95), title="Background")
Overview
Donchian Channels calculates the highest high and the lowest low over a user-set lookback, then draws those values as upper and lower bands with a midline equal to their average. The area between the bands is filled. The only setting changes the lookback length, which defaults to 20 bars. It does not generate buy or sell signals, entries, exits, or risk rules.
- Highest high and lowest low bands
- Midline average of the two bands
- Filled background between the bands
- Adjustable lookback length
Details
Published by
TWODS-CAPITAL on GitHub
Type
Indicator, Pine Script v5
Draws
On the price chart
Category
Volatility & bands, Breakout
Markets
Any symbol
Timeframes
Any timeframe
Risk Notes
No repainting, lookahead or stacked entries were found in its code or README. That says nothing about how well it works: test it first.
Settings
The inputs you can change from the gear icon on the chart. Defaults are the author's.
| Setting | Type | Default | Variable |
|---|---|---|---|
| length | int | 20 | length |
Third-party code. ForexR did not write, test or endorse this script, and the summary above was generated automatically from its code and README. Indicators describe the past, and a strategy's backtest can look better than live trading, especially when a script repaints. Check it in the Strategy Tester and on a demo account before you rely on it.
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