0 Doda-Donchian with Stop-Loss Feature

Posted by Blogger Name. Category: Indicators

This is the modified version of Donchian channel indicator, popularly known as famous turtle indicator. I've modified it after removing 2 lines. The result is a single line, making a simple but one of the powerful indicator.

• Buy: When price closes above Doda-Donchian line 
• Sell: When price closes below Doda-Donchian line 
• Stop-loss: Few pips away from Doda-Donchian line. 
• Works with any currency pair, CFD etc.

Recommendations: 

• Use higher time frame like H4. It works best there. 
• It happens many times that price kisses Doda-Donchian line, so it may triggers your stop-loss. So, place your stop loss few pips above / below this line. 
• Even if price moves above or below, that does not make any sense for change of signals. The candle MUST close above / below for confirmation. 

Author:
Gopal Krishan Doda



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