Registered User
Joined: 11/17/2005
Posts: 6
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Is it possible to include Donchian Channels on a Version 7 chart? Thanks!
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Worden Trainer
Joined: 10/7/2004
Posts: 65,138
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Yes, there a a couple of options. You could add separate Custom Indicators with Plot using price scale checked for the top channel, bottom channel, and even the centerline if you wanted. The Formula setting for each of these indicators is given below.
Top Channel:
MAXH20.1
Bottom Channel:
MINL20.1
Centerline:
(MAXH20.1 + MINL20.1) / 2
Note that the above is for a 20 period Donchian Channel with a 1 period offset, but you can change both of those values in the formulas given a above.
You could also use a Custom Price Channel Indicator instead.
Indicator Line Formula:
(MAXH20.1 + MINL20.1) / 2
Channel Width Formula:
(MAXH20.1 - MINL20.1) / 2
This is again for a 20 period Donchian Channel with an Offset of 1, but you can change this as desired.
-Bruce
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