by 
This trend-following strategy executes a classic Donchian channel breakout system designed to cross-validate backtest results against external framework benchmarks. It triggers a long entry when the closing price breaks above the highest high of the prior entr
Strategy · Pine Script v5 · On the chart
Price Channel Strategy
This strategy builds a price channel from the highest high and the lowest low over a user-set lookback.
Repaints
GitHub stars37on the repository
Pine versionv5runs as is
Lines of code9
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 strategy, select all of the template text and paste. Press Save and give it a name.
- 4Add it to the chartPress Add to chart. The trades and results appear in the Strategy Tester tab; adjust the settings with the gear icon.
Source Code
9 lines of Pine Script v5 from Strategies/All Strategies are Here 🤩/Price-Channel-Strategy.pine, published under MIT. Keep the author's credit and licence lines when you reuse it.
//@version=5
strategy("Price Channel Strategy", overlay=true)
length = input(20)
hh = ta.highest(high, length)
ll = ta.lowest(low, length)
if (not na(close[length]))
strategy.entry("PChLE", strategy.long, comment="PChLE", stop=hh)
strategy.entry("PChSE", strategy.short, comment="PChSE", stop=ll)
//plot(strategy.equity, title="equity", color=color.red, linewidth=2, style=plot.style_areabr)
Overview
Once enough bars exist, it places a long stop order at the channel high and a short stop order at the channel low. The only setting changes the channel length, which defaults to twenty bars. Orders are managed on the price chart. It does not plot the channel, and there are no exit or stop-loss rules.
- Highest-high and lowest-low channel
- Long stop entry at channel high
- Short stop entry at channel low
- Adjustable lookback length
- No exit or stop-loss rules
Details
Published by
TWODS-CAPITAL on GitHub
Type
Strategy, Pine Script v5
Draws
On the price chart
Category
Breakout, Support & resistance
Markets
Any symbol
Timeframes
Any timeframe
Risk Notes
- Signals can change on the live bar or after it closes (repainting)
- The strategy enters trades without a stop loss
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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