VR Donchian - Donchian color channel

Review

The VR Donchian indicator is an improved version of the Donchian channel. Improvements affected almost all functions of the channel, but the main operating algorithm and channel construction were preserved. A change in the color of levels has been added to the ball indicator depending on the current trend - this clearly shows the trader a change in trend or flat. The ability to inform the trader about the breakout of one of two channel levels on a smartphone, email, or in the MetaTrader terminal itself has been added. Price tags have been added, with the help of which the trader can see the price levels on the chart. The algorithm of operation of the classic Donchian indicator has been optimized and accelerated due to the fact that the trader can himself set how many periods the indicator will calculate. The classic Donchian indicator calculates the entire history available in the MetaTrader terminal, which heavily loads the MetaTrader terminal with mathematical calculations. The VR Donchian indicator calculates only the amount that the trader sets in the settings, which reduces the load on the MetaTrader terminal by tens and hundreds of times.

Donchian Channel is a channel indicator developed by Richard Donchian. The Donchian channel is considered one of the most accurate channels. The classic Donchian channel indicator is built at the tops of local highs and lows and is a variation of the trading interval breakout rule. This indicator is considered one of the most effective tools for determining a trend or flat, as well as the general current trend in the market. The indicator works according to the main classical rules for determining a trend.

Rule for determining the trend:

If a new local maximum is higher than the previous one and a new local minimum is higher than the previous one, it is considered that the trading instrument is in an uptrend.

If a new local maximum is lower than the previous one and a new local minimum is lower than the previous one, it is considered that there is a downward trend on the trading instrument.

If we cannot apply any of the two rules described above to the current trend, it is considered that there is uncertainty on the trading instrument or, in other words, a flat.

Recommendations VR Donchian

• The longer the period for which you use the indicator, the more accurate its readings will be and the larger the trend (in size) can be determined.
• Using the indicator together with your trading strategy will increase the likelihood of success and reduce the likelihood of losses.
• Avoid moments of uncertainty and trading when news is released.
• Select the indicator period based on the last zone of uncertainty. Set the period so that there are no false trend readings in the uncertainty zone.
• Use several copies of indicators with different periods, for example, the period of the first indicator is 21 and the period of 48 of the second indicator.
• Buy when the upper level is broken and sell when the lower level is broken, good signals are obtained when the price breaks through several lines of different indicator periods at the same level.
• Do not use profitability statistics constantly; we recommend using profitability statistics only when selecting a period or for analyzing a new financial instrument.

Features of the VR Donchian indicator

• One of the most accurate indicators displaying channels;
• Ability to receive messages via Alert on the screen, Push message to your smartphone and message to Email;
• Suitable for any financial instruments, Forex, Crypto, CFD, Metalls;
• The indicator does not redraw;
• Easy to install - just drag and drop onto the chart;
• Works in the strategy tester, demo account and real accounts;
• Suitable for both beginners and professionals, the indicator is based on classic trading rules;
• A large number of settings to help you customize the indicator to your liking;
• The indicator can transmit signals using standard methods through buffers and through global terminal variables;
• Availability of two versions for the terminal MetaTrader 4 and MetaTrader 5;
• Easy to installation and configuration, the program comes with text and video instructions;

• For the market Trading-Go
• Delivered as an archive containing versions for MetaTrader 4 and MetaTrader 5;
• The indicator is completely free;
• Installation instructions;

• For the market Mql5.com
• Available in the Mql5.com market, for MetaTrader 4 and < a href="https://www.mql5.com/en/market/product/31832" target="_blank" rel="nofollow">MetaTrader 5;
• The indicator is completely free;
• Installation instructions;

The indicator will be useful when used in conjunction with the utility VR Watch list and Linker

Settings

= Indicator settings =

• Donchian period
• Number of candles to draw

= Top Line Settings =

• Top line color when increasing
• Top line color when decreasing
• Top line thickness
• Top line style

= Center Line Settings =

• Midline color when rising
• Downward center line color
• Midline thickness
• Midline style

= Bottom Line Settings =

• Bottom line color when rising
• Bottom line color when decreasing
• Bottom Line Thickness
• Bottom line style

= Notifications =

• Show price tags (0 - Disabled)
• Move label to the right (0 - Disabled)
• Notification Alert
• Push Notification
• Notification Mail

= Other Settings =

• Button size
• Text size on buttons

Video

Updates

What's in the archive

For MetaTrader 4

• VR-Donchian-RU.ex4 - program File in Russian
• VR-Donchian-EN.ex4 - program File in English

For MetaTrader 5

• VR-Donchian-RU.ex5 - program File in Russian
• VR-Donchian-EN.ex5 - program File in English

FAQ

Which timeframe is better to use for the VR Donchian channel indicator?

Which timeframe is better to use for the VR Donchian channel indicator?

The most suitable timeframe for the VR Donchian indicator will be the timeframe on which, after breaking through, the price travels a long distance. The older the timeframe, the larger the trend you can “catch”; the smaller the timeframe, the smaller the trend. The author of the modification, VR Donchian, recommends using the indicator from the 30-minute time frame.