Simple Donchian Trend Indicator

MQL4 Göstergeler

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İş Gereklilikleri

I would like an indicator that should function as a simple trend filter for timeframes less than its own.

 

We will use a n day donchian channel. 

If last close is above the donchian level, upcoming indicator bar should be positive Dark Green.

This should continue until (when a candle does not touch the upper donchian channel, next indicator bar should be positive Light Green) or (Vice versa for opposite direction using negative bar, Red, Light Red).

 

This indicator MUST operate on a timeframe of its own (e.g. D1) so it can be used be to filter out trades on lower timeframes (e.g. H1).

e.g. if I set indicator and chart on D1 timeframe, and last close is above Donchian level, upcoming indicator bar should display a positive Dark Green bar. Assume previous indicator bar on D1 is Light Red.

If I switch the chart timeframe to H1, I should be seeing 24 Light Red bars (previous D1 Light Red bar split into 24) and 1 Dark Green bar (23 more as hours continue).

 

 

It must also be usable multiple times on a single chart. e.g. load W1 trend, D1 trend on a H1 chart. 

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