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2010.11.18 16:31
Doda-Donchian with stop-loss feature

Doda-Donchian with stop-loss feature - indicator for MetaTrader 4

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23129
Rating:
votes: 3

Author:

Gopal Krishan Doda

Description:

This is the modified version of Donchian channel indicator, popularly known as famous turtle indicator. I've modified it after removing 2 lines. The result is a single line, making a simple but one of the powerful indicator.

Buy: When price closes above Doda-Donchian line

Sell: When price closes below Doda-Donchian line

Stop-loss: Few pips away from Doda-Donchian line.

Works with any currency pair, CFD etc.

Image:



Recommendations:

  • Use higher time frame like H4. It works best there.
  • It happens many times that price kisses Doda-Donchian line, so it may triggers your stop-loss. So, place your stop loss few pips above / below this line.
  • Even if price moves above or below, that does not make any sense for change of signals. The candle MUST close above / below for confirmation.