This indicator plots the Schaff Trend Cycle in a separate pane. It subtracts a slow exponential moving average from a fast one, applies a stochastic cycle twice, and smooths each result to form a 0–100 oscillator. Line color follows the slope, or the upper and
Indicator · Pine Script v4 · Own pane
Donchian Trend Ribbon
This indicator plots a stacked trend ribbon in a separate pane from Donchian channel breakouts.
GitHub stars2on the repository
Pine versionv4older, still runs
Lines of code36
Settings1inputs
LicenceApache-2.0
Last update3 years ago9 Nov 2022
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
36 lines of Pine Script v4 from indicators/DonchianTrendPeriod.pine, published under Apache-2.0. Keep the author's credit and licence lines when you reuse it.
// This source code is subject to the terms of the Mozilla Public License 2.0 at https://mozilla.org/MPL/2.0/
// © LonesomeTheBlue
//@version=4
study("Donchian Trend Ribbon", precision = 0)
dlen = input(defval = 30, title = "Donchian Channel Period", minval = 10)
dchannel(len)=>
float hh = highest(len)
float ll = lowest(len)
int trend = 0
trend := close > hh[1] ? 1 : close < ll[1] ? -1 : nz(trend[1])
dchannelalt(len, maintrend)=>
float hh = highest(len)
float ll = lowest(len)
int trend = 0
trend := close > hh[1] ? 1 : close < ll[1] ? -1 : nz(trend[1])
maintrend == 1 ? trend == 1 ? #00FF00ff : #00FF009f :
maintrend == -1 ? trend == -1 ? #FF0000ff : #FF00009f :
na
maintrend = dchannel(dlen)
plot( 5, color = dchannelalt(dlen - 0, maintrend), style = plot.style_columns, histbase= 0)
plot(10, color = dchannelalt(dlen - 1, maintrend), style = plot.style_columns, histbase= 5)
plot(15, color = dchannelalt(dlen - 2, maintrend), style = plot.style_columns, histbase=10)
plot(20, color = dchannelalt(dlen - 3, maintrend), style = plot.style_columns, histbase=15)
plot(25, color = dchannelalt(dlen - 4, maintrend), style = plot.style_columns, histbase=20)
plot(30, color = dchannelalt(dlen - 5, maintrend), style = plot.style_columns, histbase=25)
plot(35, color = dchannelalt(dlen - 6, maintrend), style = plot.style_columns, histbase=30)
plot(40, color = dchannelalt(dlen - 7, maintrend), style = plot.style_columns, histbase=35)
plot(45, color = dchannelalt(dlen - 8, maintrend), style = plot.style_columns, histbase=40)
plot(50, color = dchannelalt(dlen - 9, maintrend), style = plot.style_columns, histbase=45)
Overview
For a chosen period it marks an uptrend when the close exceeds the previous highest high and a downtrend when the close falls below the previous lowest low, otherwise it keeps the prior trend. Ten column bands use slightly shorter periods and color green or red according to whether each band agrees with the main trend. The only setting is the Donchian channel period. It does not place trades or draw on the price chart.
- Donchian channel trend detection
- Ten stacked column ribbon bands
- Green and red agreement coloring
- Adjustable Donchian channel period
Details
Published by
ctkqiang on GitHub
Code credit
LonesomeTheBlue, as written in the script's header
Type
Indicator, Pine Script v4
Draws
Separate pane below the chart
Category
Trend, 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 |
|---|---|---|---|
| Donchian Channel Period | int | 30 | dlen |
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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