PROTECTED SOURCE SCRIPT
Donchian Channels Mod
Updated
DONCHIAN FIBONACCI MODD VERSION
This indicator is based on a Donchian Channel with Fibonacci zones based on high and lows of certain period . As one can see it clearly identifies the trend and it only turns aqua when its above a spefic fib level and turns red when below specfic fib level , this help traders by not talking long or short position while its in no trade zone when the candle turns gray .This works on ALL TIMEFRAME & ANY SEGMENT
Aqua candle= Super Bullish
Red candle= Super Bearish
Gray Candle= NO TRADE ZONE (can take long or short in retracement coz the stop loss will be minimum )
Long condition = When the candle turns lime one can place the SL at the Low of the band and keep trailing , at time the trend is still long and candle turns gray one can re entry long just at support and place the SL just below the band .
Short condition = When the candle turns red one can place the SL at the High of the band and keep trailing, at time the trend is still short and candle turns gray one can re entry short just at the resistance and place the SL just below the band .
Hope this be helpful for my trading view family !
God Bless !
This indicator is based on a Donchian Channel with Fibonacci zones based on high and lows of certain period . As one can see it clearly identifies the trend and it only turns aqua when its above a spefic fib level and turns red when below specfic fib level , this help traders by not talking long or short position while its in no trade zone when the candle turns gray .This works on ALL TIMEFRAME & ANY SEGMENT
Aqua candle= Super Bullish
Red candle= Super Bearish
Gray Candle= NO TRADE ZONE (can take long or short in retracement coz the stop loss will be minimum )
Long condition = When the candle turns lime one can place the SL at the Low of the band and keep trailing , at time the trend is still long and candle turns gray one can re entry long just at support and place the SL just below the band .
Short condition = When the candle turns red one can place the SL at the High of the band and keep trailing, at time the trend is still short and candle turns gray one can re entry short just at the resistance and place the SL just below the band .
Hope this be helpful for my trading view family !
God Bless !
Release Notes
New Updated Version , Kindly Remove Old and and add new one !Release Notes
New Version Updated. Delete old one and replace with one !
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.