trexper indicator -Donchian channel
Trexper Indicator uses the calculation of the same infamous indicator named “Donchian channel” an indicator used in market trading developed by Richard Donchian . It is formed by taking the highest high and the lowest low of the last n periods. The area between the high and the low is the channel for the period chosen in conjunction with another powerful indicator named ‘Moving Average Ribbon’ which is a series of moving averages of different lengths plotted at the same time on a chart.
In our case, our indicator uses 18 different lengths of moving averages for the moving average ribbon, and the moving average is calculated based on the simple moving average ( SMA ) or Exponential moving average ( EMA ). The Donchian channel and the ribbon indicate the market trend direction. When the current price is above the channel or ribbon it should clearly indicate a bullish trend or buyers getting optimistic and the bulls dominating against bears and when the price is lower the channel or ribbon it should indicate a bearish trend or sellers/bears dominating against bulls.
This ribbon and channel both acts also as dynamic resistance and support depending on where the current price is floating. Price floating above the channel and ribbon will act as a support level and when price floating below the channel shall act as resistance and price will feel difficulties to break above the channel and ribbon. With some slightly complicated calculation on the higher high and lower low from multiple timeframes of the same security, ‘Trexper’ generates potential long and short trade signals.
It came along with small lines drawn on high or low of a price bar which pinpoints the highest high or lowest low of the price for that certain financial instrument. Actually, our indicator is also using another powerful indicator to generate signals and they are Average true range (ATR) and True range ( TR ). The most contribution goes to the average true range and true range for our indicator to decide either a long or short signal.
# Powerful 3 indicators concept used in one.
#Overall market trend.
#Dynamic resistance and support levels.
#Determines the strength of a trend.
#Available in Tradingview.com and Metatrader 4.
#All currency pairs.
#Free Ebook guideline.
#More than 80% winning rate.
#Non repaint indicator.
trexper indicator -Donchian channel download link