The Donchian channel is an indicator, which is formed by taking the highest highs and the lowest lows over the last n periods. The area between high and low is a channel for the selected period.
Donchian channel is a indicator to monitor the volatility of market prices. If the price is stable, the channel will be relatively narrow Donchian. If the price fluctuates, Donchian channel will be wider.
View of indicator on the chart:
To add and configure the indicator, you must open the settings window.
Panel - select the location indicator on the chart:
- New panel
Show value - display the value of the indicator on price scale.
Show zero values- display zero values.
Scale - if this option is enabled, the scale will automatically be calculated based on the minimum and maximum values of the indicator, in order for the indicator to be placed on the graph.
Color - choose color.
Visual type - visual adjustment of the indicator on the graph:
- Up arrow
- Down arrow
- Axis label
Line style - customize the appearance of the line:
- Dash - dot
- Dash - dot - dot
Width - adjust the thickness of the indicator line.
For High and Low settings are similar.
Period/Period - set up value of period in quantity of bars.
Show average/Show average - turn on average line visibility.
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