Double Donchian settings

The DoubleDonchian can be shown in a separate panel or in the price panel.
When shown in a separate panel there’s a Price Plot that shows you where the price is compared to the Donchian midlines.

The Slow and Fast Donchian midlines will be colored green if the slope is up and red if the slope is down.

Alerts

  • When the typical price (median) crosses the slow or fast Donchian midline
  • When the price fast Donchian bounces off the slow

Signals

Strong LongWhen both the Slow and Fast Donchian midlines are rising, the Fast is above the Slow and the price is bullish and above the Fast,
OR the median of the price is above the Slow and the Fast
Weak LongWhen both the Slow and Fast Donchian midlines are rising and the price bar is bearish
NoneWhen the other conditions aren’t valid
Weak ShortWhen both the Slow and Fast Donchian midlines are falling and the price bar is bullish
Strong ShortWhen both the Slow and Fast Donchian midlines are falling, the Fast is below the Slow and the price is bearish and below the Fast,
OR the median of the price is below the Slow and the Fast

Settings

Donchian SlowThe period for the slow Donchian midline
Donchian FastThe period for the fast Donchian midline
Hide backgroundCheck this if you don’t want the background color.
If unchecked the background wil be colored silver when the Donchians don’t match, white in a ‘no trade’ zone, and red or green in a trend zone
Show no trade bar colorsIf checked the bars that are against the trend will be colored cyan during an uptrend and magenta during a downtrend
PlotsThe style for the different plots of the indicator