Donchian Channels MTF is a Forex indicator for MT5 that shows you MTF trend direction and it can be used for trade entries and exits.
MTF stands for multiple time frame.
The indicator is built around moving average calculations and is composed of 2 outer bands without median band.
Trade idea:
- A buy signal is given when the Donchian Channels MTF indicator is trending up and price touches the lower band (buy entry).
- A sell signal is given when the Donchian Channels MTF indicator is trending down and price touches the upper band (sell entry).
The Donchian Channels MTF indicator can be combined with any existing trading strategy or system of your preference.
Feel free to edits its parameters and input values.
Free Download:
Download the “donchian_channel_mtf.mq5” indicator for MT5
Indicator Example Chart (EUR/USD H1)
The example chart below shows the Donchian Channels MTF Forex indicator in action on the MT5 trading platform.
Trading Tips:
Feel free to use your own favorite trade entry, stop loss and take profit strategy when trading with this technical indicator.
As always, trade in agreement with the overall trend and practice on a demo account first until you fully understand this indicator.
Please note that even the best trading indicator cannot yield a 100% win rate over long periods.
Indicator Specifications & Inputs:
Trading Platform: Developed for Metatrader 5 (MT5)
Trading Instruments: Works for Forex, Stocks, Commodities, Equity Indices, Precious Metals, Energies and Shares
Time frames: Works for any time frame
Trade Style: Works for scalping, day trading and swing trading
Input Parameters: Variable (inputs tab), color settings & style
Indicator type: Donchian channel
Does the indicator repaint? No.
Download Now:
Download the “donchian_channel_mtf.mq5” indicator for Metatrader 5
How to install this indicator on Metatrader 5?
Open the Metatrader 5 platform
From the top menu, click on “File”
Then click on “Open Data Folder”
Then double click with your mouse button on “MQL5”
Now double click on “Indicators”
Paste the indicator in the Indicators folder.
Finally restart the MT5 platform and attach the indicator to any chart.
How to remove the indicator?
Right click with your mouse on the chart that you have the indicator attached to.
Select “Indicator List” from the drop down menu.
Select the indicator and press delete.
How to edit the indicator’s inputs and parameters?
Right click with your mouse on the chart that you have the indicator attached to.
From the drop down menu, click on indicators list.
Select the indicator from the list and press edit.
Now you can edit the indicator.
Finally, press the OK button to save the updated configuration.