OPEN-SOURCE SCRIPT
Donchian Channels + Volume Strategy / Owl of Profit
Donchian Channels + Volume Strategy
This strategy combines Donchian Channels with Volume analysis to identify potential breakout opportunities and confirm them with volume strength. It is designed to capture trend reversals and breakouts based on price action and volume dynamics.
Features:
Donchian Channels:
Tracks the highest high and lowest low over a customizable period.
Provides dynamic support and resistance levels for breakout identification.
Volume Confirmation:
Uses a Volume SMA to validate breakout signals by ensuring above-average volume.
Entry Conditions:
Long: Triggered when the price crosses above the previous upper Donchian Channel, with volume greater than the average.
Short: Triggered when the price crosses below the previous lower Donchian Channel, with volume greater than the average.
Exit Conditions:
Long Exit: Triggered when the price crosses below the current lower Donchian Channel.
Short Exit: Triggered when the price crosses above the current upper Donchian Channel.
Customization Options:
Adjust the Donchian Channel period for breakout sensitivity.
Modify the Volume SMA period to fine-tune volume confirmation.
Visualization:
Dynamic Donchian Channels plotted with shaded areas for better zone visibility.
Visual markers for entry and exit signals directly on the chart.
This strategy is designed for educational and testing purposes. Use it as a foundation for backtesting and adapting to your trading style.
Visit my website for more tools and strategies: bybitindicators.com
Happy trading!
This strategy combines Donchian Channels with Volume analysis to identify potential breakout opportunities and confirm them with volume strength. It is designed to capture trend reversals and breakouts based on price action and volume dynamics.
Features:
Donchian Channels:
Tracks the highest high and lowest low over a customizable period.
Provides dynamic support and resistance levels for breakout identification.
Volume Confirmation:
Uses a Volume SMA to validate breakout signals by ensuring above-average volume.
Entry Conditions:
Long: Triggered when the price crosses above the previous upper Donchian Channel, with volume greater than the average.
Short: Triggered when the price crosses below the previous lower Donchian Channel, with volume greater than the average.
Exit Conditions:
Long Exit: Triggered when the price crosses below the current lower Donchian Channel.
Short Exit: Triggered when the price crosses above the current upper Donchian Channel.
Customization Options:
Adjust the Donchian Channel period for breakout sensitivity.
Modify the Volume SMA period to fine-tune volume confirmation.
Visualization:
Dynamic Donchian Channels plotted with shaded areas for better zone visibility.
Visual markers for entry and exit signals directly on the chart.
This strategy is designed for educational and testing purposes. Use it as a foundation for backtesting and adapting to your trading style.
Visit my website for more tools and strategies: bybitindicators.com
Happy trading!
Script open-source
In pieno spirito TradingView, l'autore di questo script lo ha pubblicato open-source, in modo che i trader possano comprenderlo e verificarlo. Un saluto all'autore! È possibile utilizzarlo gratuitamente, ma il riutilizzo di questo codice in una pubblicazione è regolato dal nostro Regolamento. Per aggiungerlo al grafico, mettilo tra i preferiti.
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