Doda-Donchian with stop-loss feature – indicator for MetaTrader 4

A variation on the turtle indicator that provides a simple buy/sell indicator for any timeframe.

Thank you for reading this post, don't forget to subscribe!

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.

eurusd h4

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.MT4 Indicators – Download Instructions

    [post-title] is a Metatrader 4 (MT4) indicator and the essence of the forex indicator is to transform the accumulated history data.

    [post-title] provides for an opportunity to detect various peculiarities and patterns in price dynamics which are invisible to the naked eye.

    Based on this information, traders can assume further price movement and adjust their strategy accordingly.

    How to install [post-title].mq4?

    • Download [post-title].mq4
    • Copy [post-title].mq4 to your Metatrader Directory / experts / indicators /
    • Start or restart your Metatrader Client
    • Select Chart and Timeframe where you want to test your indicator
    • Search “Custom Indicators” in your Navigator mostly left in your Metatrader Client
    • Right click on [post-title].mq4
    • Attach to a chart
    • Modify settings or press ok
    • Indicator [post-title].mq4 is available on your Chart

    How to remove [post-title].mq4 from your Metatrader 4 Chart?

    • Select the Chart where is the Indicator running in your Metatrader Client
    • Right click into the Chart
    • “Indicators list”
    • Select the Indicator and delete

    xm-no-deposit-bonus
    MT4 Indicators Download below

Doda-Donchian