The Donchian Signals indicator for Metatrader 5 is an oscillator that creates buy & sell signals based on the regular Donchian channel indicator.
This indicator shows up in a separate chart as green & red colored spike bars that appear above and below the zero level.
How to identify market trends with this indicator?
- The green spike bar is a bullish signal.
- The red spike bar is a bearish signal.
The following indicator inputs and parameters can be modified: period (20), style, color.
The indicator works for any trading instrument (Forex, Stocks, Indices, Metals, etc.) that can be loaded in the Metatrader 5 platform.
Make yourself familiar with this technical indicator and test it first on a demo account.
It supports all time frames and Forex pairs.
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The following chart shows how the Donchian Signals Forex indicator looks like when applied to the MT5 chart.
How To Buy And Sell Forex Pairs With The Donchian Signals Oscillator Forex Indicator?
Find a simple trading example below:
- The green Donchian bar is a buy signal.
- Open a buy trade and place your stop loss 2-3 pips below technical support.
- Close the buy trade for a reward to risk ratio of at least 1.5, or wait for a sell signal.
- The red Donchian bar is a sell signal.
- Open a sell trade and place your stop loss 2-3 pips above technical resistance.
- Close the sell trade for a reward to risk ratio of at least 1.5, or wait for a buy signal.
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Frequently Asked Questions
How Do I Install This Custom Indicator On Metatrader 5?
- Open the MT5 trading platform
- Click on the File menu button located at the top left part of the platform
- Click on Open Data Folder > MQL5 folder > Indicators
- Copy the Donchian_Oscillator.mq5 indicator file in the Indicators folder
- Close and restart the trading platform
- You will find the indicator here (Navigator window > Indicators)
- Drag the indicator to the chart to get started with it!
How Do I Edit This Indicator?
- Click in the open chart with your right mouse button
- In the dropdown menu, click on Indicator List
- Select the indicator and click on properties
- Now you can edit the inputs, colors, levels, scale and visualization
- Finally click the OK button to save the new configuration