OPEN-SOURCE SCRIPT
Aktualisiert Bars Above/Below Donchian Channel [ScalpTradr]
"Bars Above/Below Donchian Channel" provides a visualization of the Donchian Channel and measures the number of bars above and below the middle line of the channel.
The Donchian Channel is a trading indicator that outlines the highest high and the lowest low over a defined number of periods, in this case set by the variable "length". This indicator script specifically also calculates the 'basis', which is the average of the upper and lower channels of the Donchian Channel.
When the closing price of a bar is above the 'basis', the script increases a counter for "aboveCount" and adds a label on the chart to show how many bars have closed above the 'basis'. This label is green and it's always placed at the high price of the bar. Conversely, when the closing price is below the 'basis', it increases a counter for "belowCount" and adds a red label on the chart to show how many bars have closed below the 'basis'. This label is placed at the lower_channel level.
This script can be useful for traders who use the Donchian Channel as a part of their trading strategy. The number of bars closing above or below the 'basis' can provide insights into the ongoing trend. A higher count of bars closing above the 'basis' can be interpreted as a bullish signal, suggesting an upward trend. Similarly, a higher count of bars closing below the 'basis' can be interpreted as a bearish signal, suggesting a downward trend
I hope you find this indicator useful.
Enjoy.
The Donchian Channel is a trading indicator that outlines the highest high and the lowest low over a defined number of periods, in this case set by the variable "length". This indicator script specifically also calculates the 'basis', which is the average of the upper and lower channels of the Donchian Channel.
When the closing price of a bar is above the 'basis', the script increases a counter for "aboveCount" and adds a label on the chart to show how many bars have closed above the 'basis'. This label is green and it's always placed at the high price of the bar. Conversely, when the closing price is below the 'basis', it increases a counter for "belowCount" and adds a red label on the chart to show how many bars have closed below the 'basis'. This label is placed at the lower_channel level.
This script can be useful for traders who use the Donchian Channel as a part of their trading strategy. The number of bars closing above or below the 'basis' can provide insights into the ongoing trend. A higher count of bars closing above the 'basis' can be interpreted as a bullish signal, suggesting an upward trend. Similarly, a higher count of bars closing below the 'basis' can be interpreted as a bearish signal, suggesting a downward trend
I hope you find this indicator useful.
Enjoy.
Versionshinweise
Update chart.Versionshinweise
Fix issue where above label not positioned correctlyVersionshinweise
Added an option to set the color of the price bars to red or green depending on if price closes below or above basisOpen-source Skript
Ganz im Sinne von TradingView hat dieser Autor sein/ihr Script als Open-Source veröffentlicht. Auf diese Weise können nun auch andere Trader das Script rezensieren und die Funktionalität überprüfen. Vielen Dank an den Autor! Sie können das Script kostenlos verwenden, aber eine Wiederveröffentlichung des Codes unterliegt unseren Hausregeln.
For more daily setups and trading ideas across thousands of stocks, check out scalptrader.com
Haftungsausschluss
Die Informationen und Veröffentlichungen sind nicht als Finanz-, Anlage-, Handels- oder andere Arten von Ratschlägen oder Empfehlungen gedacht, die von TradingView bereitgestellt oder gebilligt werden, und stellen diese nicht dar. Lesen Sie mehr in den Nutzungsbedingungen.
Open-source Skript
Ganz im Sinne von TradingView hat dieser Autor sein/ihr Script als Open-Source veröffentlicht. Auf diese Weise können nun auch andere Trader das Script rezensieren und die Funktionalität überprüfen. Vielen Dank an den Autor! Sie können das Script kostenlos verwenden, aber eine Wiederveröffentlichung des Codes unterliegt unseren Hausregeln.
For more daily setups and trading ideas across thousands of stocks, check out scalptrader.com
Haftungsausschluss
Die Informationen und Veröffentlichungen sind nicht als Finanz-, Anlage-, Handels- oder andere Arten von Ratschlägen oder Empfehlungen gedacht, die von TradingView bereitgestellt oder gebilligt werden, und stellen diese nicht dar. Lesen Sie mehr in den Nutzungsbedingungen.