Donchian Channel Indicator - MetaTrader 4 Script | Scalping EA Download - MT4/MT5 Resources
Rasul Mojtahzadeh
The Donchian Channel indicator was originally designed by Richard Donchian. This indicator captures price movements and price trends very well. There is only one parameter that needs to be set manually, the number of previous trading periods or bars, the default value is 20. Calculate the highest point, lowest point and their average to represent the current support and resistance levels. People can use this indicator to develop their own scalping strategies. In the image below, there is an example of how to spot a sell signal for scalping purposes:
Open a sell position once the current candle closes so that its highest point touches the upper band of the Donchian Channel (red line).
Attachment download
📎DonchianChannels.mq4 (2.79 KB)
Source: MQL5 #11162
Tang Qian Channel Indicator - MetaTrader 4 Script | Scalping EA Download - MT4/MT5 Resource Usage and Screening Suggestions
Tang Qian Channel Indicator - MetaTrader 4 Script | Scalping EA Download - MT4/MT5 resources are resources related to scalping EA. Before downloading or referencing, it is recommended to confirm the platform version, transaction type, time period, whether DLL is required, whether source code is included, parameter description and historical update records.
Both automated trading tools and foreign exchange indicators should first undergo backtesting, simulated account observation, and small capital verification. Pay special attention to spreads, slippages, maximum drawdowns, position opening frequency, stop loss methods, trading periods and broker rules, and avoid direct real-time execution based on titles or short-term profit descriptions.
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