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Hi,
Is there a script/formula for the Donchian Channel that buys and sells at market when the breakouts occur?
IE. When the channel trend is down and reverses to break through overhead resistance, a buy at market occurs, now if the bar (say a 20 minute bar is used) doesn't close beyond this break in the direction of the new trend, then the position is abandoned and sold at market. Next trade is taken on the next breakout whether it be continuing the trend up or another reversal down breaking support. All trades at market. Must be optimizable for the number of "lookback" bars. I use 3 with a 20 minute bar chart. Have found 4 and 31 works for daily's. And have ability to place stop "x" points out when the trades are not closing in the direction of the new breakout.
I hope this makes sense... I searched for scripts but none even close were found. Couldn't find any even taking trades...
Thanks for the help.....
Is there a script/formula for the Donchian Channel that buys and sells at market when the breakouts occur?
IE. When the channel trend is down and reverses to break through overhead resistance, a buy at market occurs, now if the bar (say a 20 minute bar is used) doesn't close beyond this break in the direction of the new trend, then the position is abandoned and sold at market. Next trade is taken on the next breakout whether it be continuing the trend up or another reversal down breaking support. All trades at market. Must be optimizable for the number of "lookback" bars. I use 3 with a 20 minute bar chart. Have found 4 and 31 works for daily's. And have ability to place stop "x" points out when the trades are not closing in the direction of the new breakout.
I hope this makes sense... I searched for scripts but none even close were found. Couldn't find any even taking trades...
Thanks for the help.....