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Published:

2019.01.02 14:41

Donchian_Oscillator.mq5 (7.67 KB) view

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Donchian Oscillator is an indicator of a ratio between the price and the Donchian channel. If the current Close price is above the Donchian channel, the indicator draws a histogram bar with a positive value equal to the distance from the price to the upper channel border. If the current Close price is below the Donchian channel, the indicator draws a histogram bar with a negative value equal to the distance from the lower channel border to the price.

It has one input parameter:

Period - Donchian channel calculation period

Calculation:

If Close > Max
Green histogram bar equal to Close - Max

If Close < Min
Red histogram bar equal to Close - Min

where:

Max, Min - the highest High and the lowest Low within the Period range

Translated from Russian by MetaQuotes Ltd.
Original code: https://www.mql5.com/ru/code/23303

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