OPEN-SOURCE SCRIPT
Donchian Channels %
I enjoy Donchian Channels for identifying trends. However, I hate having them on my chart. They are next to impossible to interpret at a glance. This script converts DCs to a % making a useful oscillator. The horizontal lines on the chart correspond to the Fib retracements below 50%. There are many ways to trade using this script and it works on any time frame. Moving average crosses are worth your attention, particularly, the 34 period MA (purple line). Enjoy and happy trading.
Open-source script
In true TradingView spirit, the author of this script has published it open-source, so traders can understand and verify it. Cheers to the author! You may use it for free, but reuse of this code in publication is governed by House rules. You can favorite it to use it on a chart.
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