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Donchian Channel - Zeus Indicator

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Summary: Measure the strength and direction.
Donchian Channel on the Charts
According to Investopedia “Donchian Channels are three lines generated by moving average calculations that comprise an indicator formed by upper and lower bands around a mid-range or median band. The upper band marks the highest price of a security over N periods while the lower band marks the lowest price of a security over N periods. The area between the upper and lower bands represents the Donchian Channel.”
Standard parameter for the indicator:
  • Value for Channel Length = 20
I made it easy to change the parameters needed for the calculation as per your needs. Locate and open the Javascript Code under Data Building Procedure -> Procedure Loop under “Donchian Channel” Product Definition.
Donchian Channel Products & Properties
There are three properties available:
Product Name Product Variable Properties
Donchian Channel donchian hiHigh, loLow, midPoint
Examples:
According to TradingSim Donchian channels are mainly used to identify a breakout enabling traders to take either long or short positions. Traders can take a long position if the stock is trading higher than the Donchian channels “n” period and book their profits/short the asset if it is trading below the DC channels “n” period.
For a full detailed explanation of the Donchian strategy have a look at:
Basic strategies can be built by checking if the candle close is higher than the Donchian hiHigh:
 chart.at04hs.candle.close > chart.at04hs.donchian.hiHigh
Probably a breakout is going to happen.
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