Topic: How to use modified Donchain channel indicator?
Hi all,
I would like to open position if closing price is higher that highest price from last previous n bars.
How can I implement such strategy?
- Popov
- Lead Developer
- Offline
Re: How to use modified Donchain channel indicator?
You can use Donchian Channel indicator with a logic rule: "The bar opens above Upper Band".
This is actually Open price is higher than the highest High of last n bars. Where n is the period of Donchian Channel. It may work because Open is virtually equal to previous Close.