OPEN-SOURCE SCRIPT
CM_Donchian Channels V3 revised by JustUncleL
Updated
This is a revised version of Chris Moody's "CM_Donchian Channel Modified_V2" script.
ChrisMoody:
"Modified Donchian Channel with separate adjustments for upper and lower levels. Purpose is if you expect big move up, use lower input for example 3 or 4, and longer upper input, eg. 40 - 100 and use lower input line as a stop out. Opposite if you expect big move down. Mid Line Rule in Long Example: If lower line is below entry take partial profits at Mid Line and move stop to Break even. If Lower line moves above entry price before price retraces to midline use Lower line as Stop...Opposite if Shorting."
V3 Revisions by JustUncleL 23-Aug-2017:
ChrisMoody:
"Modified Donchian Channel with separate adjustments for upper and lower levels. Purpose is if you expect big move up, use lower input for example 3 or 4, and longer upper input, eg. 40 - 100 and use lower input line as a stop out. Opposite if you expect big move down. Mid Line Rule in Long Example: If lower line is below entry take partial profits at Mid Line and move stop to Break even. If Lower line moves above entry price before price retraces to midline use Lower line as Stop...Opposite if Shorting."
V3 Revisions by JustUncleL 23-Aug-2017:
- Change alert to use alertcondition
- Upgraded to Version3 Pinescript.
- Moved all breakout arrows to bottom of screen
- Added bar colouring patch.
- Changed some defaults.
Release Notes
...Small work around- Patch Bar colouring, changed to using just one "barcolor" call. Sometimes two calls fail because conflicts with other scripts.
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.
JustUncleL
Disclaimer
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