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Donchian Channels OnOff MT4
The indicator Donchian Channels On-Off let you control the indicator using the keyboard or a button. The Donchian Channel is the area between the upper and lower bands. The width of the Donchian channel displays information about price volatility. When the channel is narrow the volatility is low, conversely a large channel implies high volatility. It is formed by taking the highest high and the lowest low of the last n periods.
How it works: you can choose if you want the indicator always shown or always hided while switching among different time frames or financial instruments. Starting from this initial condition it's possible to show/hide the indicator just pressing the button or using the keyboard.
The Donchian Channels indicator is composed by three lines: the upper border, lower border and a middle. The upper and lower band are obtained respectively by taking the highest high and the lowest low of the last N periods. Richard Donchian, who developed the indicator, recommended to use period 20 to build the Channel. In fact, when he developed the indicator, the trading was usually made on daily chart and 20 is the number of trading days in a month.
Upper Band= Highest High in last N Periods
Middle Band= (Upper Band+Lower Band)/2
Lower Band= Lowest Low in last N Periods
- It is possible to setup the N periods for channels
- It is possible to shut down the Central Line
- It is possible to set up two more levels, theiy can be shutted down.
- You can choose their color, the style and the the width
- It is possible to shut down the button and setup your favorite keys to on-off the indicator
- It is possible to customize the button: the position on the screen, the size, the colors and the label