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The VR Donchian indicator is an improved version of the Donchian channel. Improvements have been made to almost all channel functions, but the basic algorithm and channel construction have been preserved. The Bala indicator adds a change in the color of the levels depending on the current trend - this clearly shows the trader a change in the trend, a flat. It was added the ability to inform the trader about the breakdown of one of the two channel levels on a smartphone, email, or in the MetaTrader terminal itself. Price tags have been added, which allow the trader to see the prices of the levels on the chart. The algorithm of the classic Donchian indicator has been optimized and accelerated due to the fact that the trader can set himself how many periods the indicator will calculate. The classic Donchian indicator calculates the entire history available in the MetaTrader terminal, which greatly loads The MetaTrader terminal with mathematical calculations. The VR Donchian indicator only calculates the amount that the trader sets in the setup, which reduces the load on the MetaTrader terminal by tens or 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 on the tops of local highs and lows. it is a variation of the breakout rule of the trading interval.
This indicator is considered one of the most effective tools for determining a trend or flat, as well as the overall current trend in the market. The indicator works according to the main classical rules for determining the trend.
If a new local high is higher than the previous one and a new local low is higher than the previous one, it is considered that the trading instrument is in an uptrend.
If a new local high is lower than the previous one and a new local low is lower than the previous one, it is considered that the trading instrument is in a downtrend.
If we cannot apply any of the two rules described above to the current trend it is considered that there is no certainty on the trading instrument or flat on the other.
The indicator's algorithm is simple and reliable. The indicator calculates local highs and local lows and draws lines based on the values found. When the price builds a new high, the indicator takes into account the new value and displays the line with the new high.
To calculate the approximate profitability of the indicator, a simple trend calculation function was built into the program code. This function can be enabled in the indicator settings ( ! Show profitability statistics). This function works once and calculates the number of periods specified in the settings (the Number of displayed periods). In order to calculate the effectiveness of the calculation, the level breakdown strategy is used. If the price rises and breaks through the upper level, the indicator counts the trend until the reverse signal appears. For downtrends, the price is considered to fall below the level, and the reverse signal is considered to be the end of the trend. The screenshot shows the yield of the EURUSD currency pair the indicator is launched on an hourly timeframe with a period of 28.
In the figure, the yield on the rising trend was almost 6,500 points, and on the descending one 7,500 points.
>>> Main indicator settings <<<
>>> Settings, the top line <<<
>>> Settings, mid-line <<<
>>> Lower line settings <<<
>>> Notification settings <<<
Version 20.060 - 14.06.2020
Code optimization for the new terminal build
Version 20.058 - 30.05.2020
Fixed the display of colors
Version 20.057 - 27.05.2020
Version 20.030 - 23.03.2020
Version 19.010 - 18.01.2019
At the moment, there are no plans.
You can suggest an idea or revision in the section "Reviews and discussions".
For MetaTrader 4
For MetaTrader 5
Question: Which timeframe is better to use for the VR Donchian channel indicator?
Answer: the most suitable timeframe for the VR Donchian indicator is the timeframe where the price goes a long distance after breaking through. The older the timeframe, the bigger the trend can be "caught", the smaller the timeframe, the smaller the trend will be. The author of the VR Donchian modification recommends using the indicator from the 30-minute time frame.
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