Donchian Channel indicator is originally designed by Richard Donchian. The indicator can capture the price movement and the price trend decently. There is only one parameter to set manually, the number of previous trading sessions, or bars, which has a default value of 20. The highest high, the lowest low and their mean value is calculated which indicates the current support and resistance levels. One can use this indicator to develop his/her own scalping strategy. In the following figure, there is an example how to spot a SELL signal for scalping purposes:
MT4 Indicator Download – Instructions
Donchian Channel Indicator is a Metatrader 4 (MT4) indicator and the essence of the forex indicator is to transform the accumulated history data.
Donchian Channel Indicator provides for an opportunity to detect various peculiarities and patterns in price dynamics which are invisible to the naked eye.
Based on this information, traders can assume further price movement and adjust their strategy accordingly.
How to install Donchian Channel Indicator.mq4?
- Download Donchian Channel Indicator.mq4
- Copy Donchian Channel Indicator.mq4 to your Metatrader Directory / experts / indicators /
- Start or restart your Metatrader Client
- Select Chart and Timeframe where you want to test your indicator
- Search “Custom Indicators” in your Navigator mostly left in your Metatrader Client
- Right click on Donchian Channel Indicator.mq4
- Attach to a chart
- Modify settings or press ok
- Indicator Donchian Channel Indicator.mq4 is available on your Chart
How to remove Donchian Channel Indicator.mq4 from your Metatrader 4 Chart?
- Select the Chart where is the Indicator running in your Metatrader Client
- Right click into the Chart
- “Indicators list”
- Select the Indicator and delete
MT4 Indicators Download below: