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can someone introduce the daily/weekly/monthly average range into this donchian channel indicator? the idea is to ADD the daily/weekly/monthly average to donchian LOWER; and SUBTRACT the same average from donchian UPPER. then show these as additional lines, along with already existing donchian lines.
for example, in this h1 chart i chose the period for donchian as 24 (that would correspond to daily timeframe...). then:
- projected upper donchian range (1.2886) = lower donchian (1.2796) + daily average range (90), and
- projected lower daily range (1.2800) = upper donchian (1.2890) - daily average (90).
same thing for weekly/monthly averages. again, the indicator would show two additional lines (projected upper, and projected lower donchian range). the type of the range (daily / weekly / monthly) would be selected manually depending on the desired timeframe.
i am attaching the donchian indicator, along with an example for daily range calculation.
and thanks in advance!!
p.s. the daily range indicator is probably not optimized for 5 digits brokers...Scrat
Since, by definition, Donchian channel is simply a highest high and lowest low over some period why not using some of the multi time frame versions of it?
4 timeframe volty
Hello mr tools,
thank you very much for your prompt response, its highly appreciated.
mladen or mrtools,
would it be possible to create a 4 Time Frame version of this indicator: AbsoluteSrength of Averages_mtf + dots ?
Thanks very much in advance for all your combined efforts to help us.
traderdp
David
mladen or mrtools,
would it be possible to create a 4 Time Frame version of this indicator: AbsoluteSrength of Averages_mtf + dots ?
Thanks very much in advance for all your combined efforts to help us.
traderdp
DavidDavid this one here https://www.mql5.com/en/forum/general would be the same
Request
Hello Mladen
Would you please be kind enough to attach a PriceLabel at the end of the levels of this MurreyMath indicator for me? No rush at all.
Thank you in advance.
Best regards.
this is different from donchian channel. the main idea behind this was to draw a channel using average range per specific timeframe - range subtracted from last higher high as well as added to last low... donchian channel seemed a good starting point because it identifies really well higher high / lower low for n periods.
i couldn't find anything like that, there are some indicators calculating daily/weekly/range but none showing a price channel based on this average range. does anyone know of such an indicator?
David this one here https://www.mql5.com/en/forum/general would be the same
mrtools,
I don't think the indicator you directed me to contains the dots with the specific code for those dots as is in the Indicator that I posted.
Thanks for looking into it.
traderdp
David
mrtools,
I don't think the indicator you directed me to contains the dots with the specific code for those dots as is in the Indicator that I posted.
Thanks for looking into it.
traderdp
DavidYeah your right David but can't see any way of combining the dots in the 4 time frame buffer wise, but can make one just using the dots as reference.
Yeah your right David but can't see any way of combining the dots in the 4 time frame buffer wise, but can make one just using the dots as reference.
mrtools,
That sounds like it certainly would be worth the effort. Thanks so much. I'll wait for it.
traderdp
David
can someone introduce the daily/weekly/monthly average range into this donchian channel indicator? the idea is to ADD the daily/weekly/monthly average to donchian LOWER; and SUBTRACT the same average from donchian UPPER. then show these as additional lines, along with already existing donchian lines.
for example, in this h1 chart i chose the period for donchian as 24 (that would correspond to daily timeframe...). then:
- projected upper donchian range (1.2886) = lower donchian (1.2796) + daily average range (90), and
- projected lower daily range (1.2800) = upper donchian (1.2890) - daily average (90).
same thing for weekly/monthly averages. again, the indicator would show two additional lines (projected upper, and projected lower donchian range). the type of the range (daily / weekly / monthly) would be selected manually depending on the desired timeframe.
i am attaching the donchian indicator, along with an example for daily range calculation.
and thanks in advance!!
p.s. the daily range indicator is probably not optimized for 5 digits brokers...Scrat
Try this one out
It works as you described it. Here is how it lood when current time frame range is applied to donchian channel highs and lows the way you described it. To get it set the UseRangeForBands parameter to true