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Name:
Doda-Donchian with stop-loss feature
Author: Gopal Krishan Doda (2010.11.18 17:31)
Rating: 10
Downloaded: 18334
Download:
 Doda-Donchian.mq4 (4.1 Kb) View

Author:

Gopal Krishan Doda

Description:

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.

Image:



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.
15 comments: 1 2   To post a new comment, please log in or register
lazim2010:
mayanksaini11:
Thankyou very much for your help to fellow traders. I want to make one change to this indicator for my use. I want to remove the message on the chart "powered by www.DodaCharts.com" as it is on the extreme right of the chart and is making confusion on the chart. Please assist.

ObjectSetText("mywebsite","Powered by www.DodaCharts.com", 10, "Arial", Red);

Just Replace with blank space like :

ObjectSetText("mywebsite"," ", 10, "Arial", Red);

I modified the code for my used. Contact me at "lazim2008@gmail.com" if u need it.

Right now, I have finish my first code on mql4, it is an indicator to show price bid and ask on screen. I have summit it to mql4 side, but it is not listed in there.

can anybody help me.


17.01.2011 07:51 lazim2010
gkdoda:

Ok. Understand your problem. Just wait for some time. I'm coding its next version with more features. Will take care of website position in that.

Thanks

this tool is very much useful for me, especially the newest version, i wait for new version,,

whether these indicators are more suitable for large durations,,

tks shared bro,,


04.01.2011 15:02 schatzy
gkdoda:

Hello lazim2010,

It's my pleasure and my best wishes for your profitable trading.

Doda

as long as I Used it in my account and found out that this indicator is best for down stream signal rather then bound signal.

19.12.2010 06:56 lazim2010

The new version of Doda-Donchian has been released on my website www.dodacharts.com

You may download the improved version with more features from there. Please share your feedback.

Thanks

08.12.2010 18:19 gkdoda

Hello sophiezhang,

Thanks for your positive feedback. For automated trading, the code has to be converted to Expert Advisor. I tried it some time back, but that was not fully successful. I admit I'm not so expert in coding that way. Perhaps, some other expert can do that and share with us.

DodaCharts.com

03.12.2010 16:51 gkdoda

Hi,Doda,

Thank you so much for the code. That's awesome.

I am new to MT4. I have a question regarding this code. When there is a buy/sell signal, will this trigger the automated trading ? How to make automate trades by this indicator.


Thanks


Sophie


03.12.2010 09:45 sophiezhang

I understand your problem. It's ok. I've made website name on top right in next version. Will release in next few days.You can see its preview at http://www.dodacharts.com/2010/forex/600-pips-in-5-trading-sessions-in-eurusd-pair/

Doda

30.11.2010 20:41 gkdoda

hello gkdoda

i would like to inform you that i have removed some display that i dont want it on screen.

hop you are not angry with it

thanks for a good job and its very helpful for trader like me


30.11.2010 06:57 lazim2010
mayanksaini11:
Thankyou very much for your help to fellow traders. I want to make one change to this indicator for my use. I want to remove the message on the chart "powered by www.DodaCharts.com" as it is on the extreme right of the chart and is making confusion on the chart. Please assist.

ObjectSetText("mywebsite","Powered by www.DodaCharts.com", 10, "Arial", Red);

Just Replace with blank space like :

ObjectSetText("mywebsite"," ", 10, "Arial", Red);

I modified the code for my used. Contact me at "lazim2008@gmail.com" if u need it.
27.11.2010 16:24 lazim2010

Hello lazim2010,

It's my pleasure and my best wishes for your profitable trading.

Doda

26.11.2010 17:14 gkdoda