OPEN-SOURCE SCRIPT
VWMA Donchian Channels
Plots Donchian Channel based on VWMA. Trend strength analysis tool.
Note that the VWMA is based on the ohlc not the close.
Strong trends will break out of this channel consolidation will remain inside of the channel. The Channel Midline may be a good bull bear indicator.
As with most trend indicators longer timeframes for the market you are trading will be best. But this can work on all chart time frames
Note that the VWMA is based on the ohlc not the close.
Strong trends will break out of this channel consolidation will remain inside of the channel. The Channel Midline may be a good bull bear indicator.
As with most trend indicators longer timeframes for the market you are trading will be best. But this can work on all chart time frames
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.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.