Keeping in mind of getting full potential of Donchian Channels, As part of this script, Linear Regression is used as primary source to identify trend and execute the trades. Hull Moving Average given as alternative option in place of Linear regression.
Linear Regression:
Linear regression used to identify trend, trade setup, and stop. Based on this, Color fillings on Donchian channels is updated. That will give clear idea of strength or weakness in any trading instruments.
HMA:
HMA used as alternative to identify trend, trade setup, and stop. Based on this, Color fillings on Donchian channels is updated. That will give clear idea of strength or weakness in any trading instruments.
Donchian Channels:
As it is one of the oldest trend riding system, combined here with differentiation in color will help to go with the trend.
Inputs:
Input periods can be changed by users/traders as per their understanding and observations.
//Disclaimer: Idea of publishing this script is to identify the strength of the instrument using multiple confirmation. //Disclaimer: Using this indicator, changing inputs, and trading decisions are up to the users/traders. //Courtesy: Thanks to Richard Donchian, Alan Hull, and author of LSMA as this indicator/script inspired by Donchian Channels, Hull Moving Average, and LSMA
Thank you for making this indicator! I watching this video that showcases how to use it - youtube.com/watch?v=2Dm2v9IZtqM&t=86s. But I wonder how to make an alert when color changes from green to red and vice versa. Can you help with this please?
pckalai
⋅
@IvoS82, Thank you for making video on this. Thanks a lot bro. Let me think about adding alerts.
truestrengthwithinmyself
⋅
@pckalai, can you make video available once again?
Excellent indicator, especially the Linear Regression part .....I have been using this for quite some time and it is very useful.....
Thanks for sharing