indicator · on price · open source
Donchian Channel
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About
Donchian Channel is the classic turtle-trader band: upper rail = highest high of the lookback, lower rail = lowest low.
- Breakouts above/below the rails are the original trend entries.
- A flat channel (rails pinned) = range regime; ride the rails back to the middle.
Source code
//@version=5
indicator("Donchian Channel", overlay=true)
len = input.int(20, "Lookback length", minval=2, maxval=200)
upper = ta.highest(high, len)
lower = ta.lowest(low, len)
mid = (upper + lower) / 2
p_DC_Upper = plot(upper, "DC Upper", color=color.green)
p_DC_Mid = plot(mid, "DC Mid", color=color.orange, style=plot.style_linebr)
p_DC_Lower = plot(lower, "DC Lower", color=color.red)
fill(p_DC_Upper, p_DC_Lower, color=color.new(color.orange, 92))
alertcondition(ta.crossover(close, upper), "Upper breakout", "Close broke above the Donchian upper rail")
alertcondition(ta.crossunder(close, lower), "Lower breakdown", "Close broke below the Donchian lower rail")
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