Indicators: Breakout Distance - Donchian channel with distance-to-trigger panel in ATR units
You are missing trading opportunities:
- Free trading apps
- Over 8,000 signals for copying
- Economic news for exploring financial markets
Registration
Log in
You agree to website policy and terms of use
If you do not have an account, please register
Breakout Distance - Donchian channel with distance-to-trigger panel in ATR units:
Most channel indicators tell you where the breakout level is. This one tells you how far away from it you are, right now, in a form you can act on. The panel shows, for both the upper and the lower channel edge: the level itself the distance from the current price, in the symbol's own price units the same distance expressed in ATR units a proximity bar that fills as price approaches the trigger Why the ATR column matters. A distance of 8 dollars from a breakout means something completely different in a quiet Asian session than it does during a news release. Dividing the distance by the current ATR makes the number comparable across sessions, across volatility regimes and across symbols. A reading of 0.30 ATR means the same thing on gold as it does on EURUSD. Colour coding: normal text : more than InpNearATR away (default 1.0 ATR) gold : within InpNearATR orange red : within InpVeryNearATR (default 0.5 ATR)
Author: Munkhtur Borjigon