This indicator combines Moving Average (MA) and Average True Range (ATR) to visualize potential trade signals. Black solid line indicates MA, Red solid line indicates MA+2*ATR, Red dash line indicates MA+1.5*ATR, Green solid line indicates MA-2*ATR, Green dash line indicates MA-1.5*ATR.
1. a long position when the price crosses from below and closes above the moving average3. A trade can only be placed if it coincides with the current trend;
2. a short position when the price crosses from above the moving average and closes below
1. a long position must have a positive moving average slope3. no trade should be placed if there is a flat moving average slope
2. a short position must have a negative moving average slope
Exit Rules:1. The position will be closed if the price crosses the moving average to the side opposite of the entry position and reaches the 1.5 ATR level on that side.
1. below the 1.5 ATR line for long position
2. above the 1.5 ATR line for short position
The indicator shows the channel.Donchian Channel Indicator
This indicator draws three Donchian bands: up, middle and down bands based on which you can design your scalping system.