Donchian Breakout 5
Donchian Breakout 5 — a MetaTrader 4 indicator kept in the Old Kings collection. Its name points to Donchian channels and breakouts from a range. Its source code uses moving averages. It draws arrows on the chart and can send alerts. It has 28 settings, for example Unique Name (default DonchianBrk), Price (default close) and Channel Period (default 2). Try it on a demo chart first and note how its lines or arrows react to new bars. Inside: 1 indicator file with source code (.mq4) you can open and edit in MetaEditor. Old Kings are classic community tools shared as-is. Not tested by PolyMaria. Try it on a demo account first. Are you the author of this tool? Message us on Telegram (@abumarket_support) and we will credit you or take it down.
Indicator · MT4 · v1.0 · Free
About Donchian Breakout 5
Donchian Breakout 5 is an indicator for MetaTrader 4 based on Moving Average. It draws buy and sell arrows on the chart and can alert you with a pop-up, sound, email or push message. It has 28 settings, such as Unique name, Price and Channel period. MQL source code included.
Files in the download: DonchianBreakout.mq4.
Settings
| Setting | Default | What it does |
|---|---|---|
| Unique name | DonchianBrk | |
| Price | close | |
| Channel period | 2 | Period or timeframe used by the calculation |
| Max channel period | 30 | Period or timeframe used by the calculation |
| Margin | 0 | |
| Min channel width | 10 | |
| Up trend color | clrMidnightBlue | Colour on the chart |
| Dn trend color | clrMaroon | Colour on the chart |
| Show filled boxes | true | |
| Show channel | true | |
| Analysis sets | === Trade Analysis === | |
| Show analysis | true | |
| Show stats comment | false | Comment written on the orders |
| Show arrows | true | |
| Show profit | true | |
| Show exits | false | |
| Win color | clrWhite | Colour on the chart |
| Loss color | clrTomato | Colour on the chart |
| Alerts | ==== Alerts & Emails: ==== | Turn this alert on or off |
| Alert on | false | Turn this alert on or off |
| Alert shift | 1 | Alert Shift:0-current bar,1-previous bar |
| Sounds number | 5 | Number of sounds after Signal |
| Sounds pause | 5 | Pause in sec between sounds |
| Up trend sound | alert.wav | Turn this alert on or off |
| Dn trend sound | alert2.wav | Turn this alert on or off |
| Email on | false | Turn this alert on or off |
| Emails number | 1 | Turn this alert on or off |
| Push notification on | false | Turn this alert on or off |
How to install
- Download the ZIP from your PolyMaria library and unzip it.
- In MetaTrader 4 open File → Open Data Folder, then go to MQL4 → Indicators.
- Copy the .mq4 file(s) there. Put any .mqh files in MQL4 → Include.
- Open the .mq4 file in MetaEditor and press Compile (F7) if MetaTrader does not show it.
- Drag the indicator from the Navigator onto a chart and adjust the settings.
Tags: Breakout · Channels & Envelopes · Buy/Sell Arrows · Alerts · Moving Average · MT4 Indicator · MQL4 Source Code