HeWhoMustNotBeNamed

Donchian Channel - Pivot High-Low

Combining Pivot High Low and Donchian Channel - both of which are useful indicators for trend following.

Donchian Channel shows highest and lowest prices for X number of bars.
Pivot High-Low identifies when price made new Highs and Lows

Applying Donchian Channel on Pivot High-Low channel, we are plotting highest and lowest pivots formed in X bars.

In this indicator, we have 3 options for Channel Base:

  • Price : This is regular Donchian channel based on High-Low Price
  • Pivots : This is Donchian channel based on pivot points .
  • Combined : Combines both. Takes highest of Price and Pivots for plotting high, lowest of Price and Pivots for plotting low
Release Notes: Added pivot L and R option
Open-source script

In true TradingView spirit, the author of this script has published it open-source, so traders can understand and verify it. Cheers to the author! You may use it for free, but reuse of this code in a publication is governed by House Rules. You can favorite it to use it on a chart.

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Comments

Thank you master!
+1 Reply
I will try this out thank you
+1 Reply
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