Download the FREE MT5 Donchian Channel Indicator, the popular channel based on the recent highs and lows.
What Is Donchian Channel Indicator
Donchian Channel indicator for MT5 is an indicator for Metatrader that draws the popular Donchian Channel directly on chart.
Donchian channel is an indicator based on recent highs and lows.
The Donchian channel is used by some traders for build strategies.
It can be observed to trade continuations, break outs and reversals.
The indicator shows a channel where you see the price moving in between.
The line at the top is the highest high in the last N candles.
The line at the bottom is the lowest low in the last N candles.
In the middle is the average position between the top and the bottom line.
You can find out more about the Donchian Channel in this article.
How Does Donchian Channel Indicator Work?
Donchian Channel for MT5 is an indicator that you can quickly load on chart.
The indicator will scan the last N candles and find the highest high and the lowest low.
The indicator will then draw the channel accordingly to the values found.
MT5 Donchian Channel Indicator Parameters
With the indicator being quite simple, there is only one parameter that you can set in the Donchian Channel.
The parameter is the number of candles to scan for highs and lows, mentioned previously as N.
The indicator is designed to be easy to use.
MT5 Donchian Channel Indicator Installation
To install the Donchian Channel Indicator:
- Download the indicator file
- Open Metatrader
- In Metatrader go in File > Open Data Folder
- Open the MQL4 folder in MT4 or MQL5 folder in MT5
- Copy the indicator file in the Indicators Folder
- Restart Metatrader, or right click the folder containing the tool in Metatrader and select “Refresh”
- Drag the tool into the chart where you want to load it
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