I've taken the classic Donchian Channel and given it a fresh twist by adding the ability to set extra levels, both inside and outside the calculated range.
This enhancement results in a fantastic indicator that can seamlessly integrate with any moving average crossover strategy. With this, you’ll have current levels to target or where to set your stops.
What's even better is the flexibility to adjust the range for the specified period. For example, if you set the period to 96 bars and choose to calculate at a reduction of 62%, you'll see a tighter set of breakthrough support and resistance lines. There are also options to display range based on closing prices instead of high and low, unveiling another set of valuable levels.
The alert system is quite efficient, notifying you of significant edge and center crosses—only once per bar, so you won’t be overwhelmed by constant alerts!
All the options are straightforward to use, making it easy for you to get the hang of the indicator. I've included a basic visual to help you out.
This tool works wonders for swing trading, helping you identify lower highs and higher lows, among other patterns.
Cheers,
Brooky
