Donchian Channel
The Donchian Channel, powered by Amibroker data, is a technical indicator outlining price levels based on historical highs and lows. AFLs within Amibroker can create this channel, assisting traders in identifying potential breakout or reversal points.
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_SECTION_BEGIN("Donchian Channel");
//
// This plots a Donchian Channel, similar to a Bollinger Band but based on
// highs and lows. Good for support/resistance.
//
//------------------------------------------------------------------------------
// Plots a 20 period Donchian channel
pds=20;
DonchianUpper =HHV(Ref(H,-1),pds);
DonchianLower = LLV(Ref(L,-1),pds);
DonchianMiddle = (DonchianUpper+DonchianLower)/2;
Plot(DonchianUpper,"DU",colorBlue,styleLine);
Plot(DonchianMiddle,"DM",colorGreen,styleLine);
Plot(DonchianLower,"DL",colorRed,styleLine);
_SECTION_END();