Donchian Channels
Donchian Channels is an indicator for MetaTrader 5 from the Old Kings collection. As the name suggests, the idea behind it is Donchian channels and price channels. It has 4 settings, for example Donchian Period (default 20), remes (default HIGH_LOW) and Margins (default -2). Load it on a demo chart and check whether its signals repaint before trusting them. Inside: 1 indicator file with source code (.mq5) 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 · MT5 · v1.0 · Free
About Donchian Channels
Donchian Channels is an indicator for MetaTrader 5. It has 4 settings, such as Donchian period, Extremes and Margins. MQL source code included.
Files in the download: donchian_channels.mq5.
Settings
| Setting | Default | What it does |
|---|---|---|
| Donchian period | 20 | Period of averaging |
| Extremes | HIGH_LOW | Type of extreme points |
| Margins | -2 | |
| Shift | 0 | Horizontal shift of the indicator in bars |
How to install
- Download the ZIP from your PolyMaria library and unzip it.
- In MetaTrader 5 open File → Open Data Folder, then go to MQL5 → Indicators.
- Copy the .mq5 file(s) there. Put any .mqh files in MQL5 → Include.
- Open the .mq5 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: Channels & Envelopes · MT5 Indicator · MQL5 Source Code