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I am trying to find or create a very simple study: a closing price channel. This would be similar to the "normal" Donchian channel, which displays a channel between the highest intraday highs and lowest intraday lows of the last n periods. However, I simply want a channel whose upper line is the highest CLOSE of the past n periods and whose lower line is the lowest CLOSE of the past n periods. I am guessing that this is exceedingly simple to do, but I have spent hours trying to attack this from many different angles to no avail.
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denver11
I think the attached does what you asked.
The length of the lookback can be modified through Edit Studies (default is 20)
Alex
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1-day offset
Alex--Thank you. That's outstanding. One comment and one question:
1. The variables named "High" and "Low" are reversed in the formula. That was an easy fix.
2. What is the best way to put a 1-day offset in there? I.e. if I have a 9-day lookback, I want to see if there was a breakthrough on the 10th day, which is the present day. I'm sure this is also very simple, but my only experience is with TradeStation. Thanks again. --MikeComment
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Mike
In the efs replace var vPlot1 = close(); with var vPlot1 = close(-1);
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