Donchian Scanner Signals Indicator
- Indicators
- Raul Canessa Castameda
- Version: 1.0
- Activations: 8
The Donchian Scanner Signals Indicator with is a powerful tool designed for traders operating in the financial market using the Metatrader 4 platform. This indicator combines the popular Donchian Channels strategy with advanced signalization and real-time alert features, providing a clear view of potential entry and exit points in a financial asset.
Key Features:
-
Donchian Channels Visualization: The indicator graphically displays Donchian Channels on the price chart. These channels are formed using the highest and lowest price during a specific period, usually user-configured.
-
Price-indicator lines crossovers: The indicator distinctly highlights price crosses with Donchian Channel levels. When the price crosses above the upper Donchian Channel, a bullish signal is generated, indicating a potential buying opportunity. Conversely, when the price crosses below the lower Donchian Channel, a bearish signal is generated, suggesting a potential selling opportunity. It also shows the midline crossings.
-
Signal Dashboard: The indicator incorporates a signal dashboard at the left upper corner of the chart. This dashboard provides a quick view of signals generated in selected instruments and timeframes. Each signal is displayed with a color change in the corresponding cell and with a label indicating whether the event is bullish or bearish.
-
Real-Time Alerts: To keep traders informed even when they're not actively watching the platform, the indicator is equipped with real-time alert functions. Users can set up customized alerts to receive audible, visual, or email notifications when cross signals are generated. This enables efficient trade management and the opportunity to act swiftly based on market conditions.
-
Advanced Customization: Traders can personalize the indicator's appearance according to their preferences by adjusting the colors of channels, signals, and alerts to match their trading style.
In summary, the Donchian Channels Scanner Indicator with Cross Signals, Signal Dashboard, and Real-Time Alerts for Metatrader 4 offers a blend of analytical and functional tools that assist traders in identifying trading opportunities based on Donchian Channels principles. Whether for novice or experienced traders, this indicator can be a valuable addition to their toolkit, enabling them to make informed and timely decisions in the financial markets.
However, it should be noted that this is not an all-in-one system. It is just a trading tool that should be used in conjunction with others to get a clear view of the market.
The parameters that can be configured in the indicator are the following:
- Donchian channel period (default value: 20): This parameter allows to indicate the number of periods used in the calculation of the Donchian channels
- Display Donchian channels signals (default value: false): With this parameter the trader indicates if he wants the indicator to show graphic signals where there were crosses of the channel lines.
- Upper Line Bullish Crossover (default value: green): It allows the trader to choose the color that marks the bullish crossovers of the upper line.
- Lower Line Bullish Crossover(default value: red): It allows the trader to choose the color that marks the bearish crossovers of the lower line.
- Bullish Middline Crossover (default value: skyblue): It allows the trader to choose the color that marks the bullish crossovers of the middle line.
- Bearish Middline Crossover (default value: orange): It allows the trader to choose the color that marks the bearish crossovers of the middle line.
- Display Donchian channel signals dashboard (default value: false): Here we choose if we want the indicator to show the signals dashboard.
- List of Markets (Instruments): Here the trader indicates the markets or currency pairs in which he wishes to calculate the Donchian channels values and its signals. You can add as many pairs as the broker offers on the platform. By default, the indicator shows EURUSD, GBPUSD, USDJPY, AUDUSD, USDCHF, EURJPY and GBPJPY pairs.
- List of Time Frames: In this parameter we can indicate in which time frames we want to calculate the Donchian channels and its signals for each currency pair. We can aggregate all the time frames that MT4 offers. By default, the indicator displays frames M5, M15, M30, H1, H4, D1 and W1.
- Use Donchian channels filters (default value: false): Through this parameter we can indicate if we want the signals to be filtered by indicators such as moving averages or the RSI.
- Select the MA Type (default value: Simple): For the first filter we can select the type of moving average (SMA, EMA, SMMA and LWMA)
- RSI Oscillator Period (default value: Simpe): It is the period of the RSI oscillator that is going to be used as a filter for the Donchian channel signals.
- Stochastic Oscillator Kline Period (Default value: 14): It allows to indicate the number of periods used in the calculation of the stochastic line.
- Stochastic Oscillator Dline Period (Default value: 3): This parameter allows to indicate the calculation period of the oscillator signal line.
- Stochastic oscillator slowing period (Default value: 3): This parameter controls the internal smoothing of the Kline line.
- Email Alerts: With this parameter the trader can activate the sending of signal alerts via email.
- Push Notifications: With this parameter we can activate signal push notifications on mobile devices.
- Sound Alerts: This parameter is to activate sound signal alerts.
-To add new currency pairs in Markets, we write the symbol of the pair, for example XAUUSD, without the “/” symbol and separated by a comma (no spaces).
-Donchian channel line crossing signals are shown by changes in the color of the dashboard boxes. When the price crosses the upper line, the cell turns green, when the price crosses the lower line, the cell color changes to red, and when the middle line crosses, the color changes to light blue or orange.
