Donchian Channel Trader
Donchian Channel Trader is an indicator designed with the full capabilities to trade the Donchian Channel. This indicator combines price action with the Donchian channel by scanning Pin-Bar and Engulfing Bar patterns around channel lines. The indicator is also equipped with over 4 filters including Currency Strength Meter to ensure high probability trading.
Developed by Richard Donchian, Donchian Channel is a price action based channel formulated by taking the highest and lowest price over the last n periods. The upper channel is the highest price over the last n periods and the lower channel is the lowest price over the last n periods.
Formula:
Upper Channel: Highest Price over last 'n' period
Lower Envelope: Lowest Price over last 'n' period
Where n, is the number of previously formed bars
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