Donchian_Oscillator - MetaTrader 5 Script - MT4/MT5 Resources
The Donchian Oscillator is an indicator of the ratio between price and the Donchian Channel. If the current closing price is above the Donchian channel, the indicator draws a histogram with positive values equal to the distance from the price to the upper channel border. If the current closing price is below the Donchian Channel, the indicator will draw a histogram with negative values equal to the distance from the lower border of the channel to the price.
It has one input parameter:
Max, Min - the highest high and lowest low within the cycle range
Attachment download
📎donchian_oscillator.mq5 (7.67 KB)
Source: MQL5 #23303
Donchian_Oscillator - MetaTrader 5 script usage and filtering suggestions
Donchian_Oscillator - MetaTrader 5 script is a resource related to Forex indicators. 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 only on titles or short-term profit descriptions.
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