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I want to use the Donchian channels indicator with the "optimized trend tracker" indicator published on tradingview websites according to the volatility information given by the ATR indicator.
first, we need to convert the "optimized trend tracker" (OTT) indicator to the mql5 environment, which shows us whether the market is in a downtrend or an uptrend.
ıt will order "buy" as soon as the price level is above the middle band of both OTT and Donchian channels, and then the following stages of the rise will end, and the price level will exit the position when the Donchian channels cut the middle band from the top to the bottom.
in the same way, the price value of OTT and Donchian under the middle band will be entered into the position by issuing a "SELL" order this time. the time to exit this position will also be with the upward lirming of the Donchian middle band, similar to the previous one.
a "trailing stop" will also be in this algorithm, where we will manually enter its values before running the program. one of the most important things here is the "trailing stop." before we start the robot, we will enter a certain percentage equivalent for "trailing stop". and after the robot enters the position, it will calculate the percentage equivalent that we have determined and activate the "trailing stop".and after this stage, without needing to get data from any other indicator, it will only rise (track) with the price rising and pull it out of position in case it encounters a sudden drop.
orders will be entered sequentially. he will not enter a new position without leaving his previous position.
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for example, the price broke OTT and Donchian mid-band levels upward and entered the position. then The Donchian middle band broke down and out of position. but the price went up again, not breaking the OTT band down, and Donchian reached the middle band and broke it up this time. in this case, it is necessary to buy again.
I also want to check out the source code of the prepared algorithm.
