Donchian Channel - Pivot High-Low — Indicator by Trendoscope

donchianchannels highlowindex pivothigh pivotlow combinationindicator

Combining Pivot High Low and Donchian Channel - both of which are useful indicators for trend following.

Donchian Channel shows highest and lowest prices for X number of bars.
Pivot High-Low identifies when price made new Highs and Lows

Applying Donchian Channel on Pivot High-Low channel, we are plotting highest and lowest pivots formed in X bars.

In this indicator, we have 3 options for Channel Base:

Price : This is regular Donchian channel based on High-Low Price
Pivots : This is Donchian channel based on pivot points.
Combined : Combines both. Takes highest of Price and Pivots for plotting high, lowest of Price and Pivots for plotting low

Release Notes:

Added pivot L and R option

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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 a 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.

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