This time I was using an script/indicator that was originally written by ChrisMoody on 12-14-2014, as turned it an Alert System to know whether the price breaks above or below the donchian channel of 20 periods.
I would like to show you how easy is to use it and configure it to receive this alerts in your phone.
This simple indicator prints a green alert when the close price crosses above the upper band of the DC, and a red alert when the price crosses the lower band of the DC. When these conditions are met, the indicator throws an alertcondition signal. You can personalize your Trading View alerts using this information. Create new alert, In the condition select "DC Alert System" and below select "Break Above" or "Break Below" depending on the case you're looking for. Save the Alert and voila.
Simply as that.
The Donchian Channel period is set to 20 by default, but you can update it to what suit best for you.
Hope this is a +1 to your trade alert system.
Have a good day!
If you like this script please give me a like and comment below.
Thanks for sharing! Was looking for this and finally found it. You did an awesome job rodrigo.
By the way, would like to check is there a way to use this script to perform a daily screener?
Eg. once a particular stocks hit the upper/lower channel, it will be trigger an auto alert through email
cyatophilum
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Thanks for sharing!
The Donchian channels is one of my favorite indicator.
Do you know how to avoid bad trades in a range(sideways) market?
rodrigo.aprieto
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@cyatophilum, I usually use the ATR to determine the strategy to use. Instead of avoiding ranging markets better to learn how can we profit from them. Let the trend be our friend, I know. But ranging markets have their magic as well. What do you think?
cyatophilum
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@RodriGo.aprieto, I think both range and trending markets can be traded. The hard part is to know in which we are right in real time and be prepared for a change.
This is where the research must be done. Especially in crypto markets, we have these long consolidation periods and quick rallies.
No need to over-complicate things. Simply trading support/resistance bounces in range market and trading breakouts when we enter a trend.
Avoiding fake-outs and not missing a breakout is the key I think.
rodrigo.aprieto
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@cyatophilum, I was looking to your scripts and your blockchaifiesta webpage. I know you probably have much more experience than me. However I've tested a Keltner Channel inside Bollinger Bands to detect periods of low volatility. Did you have experience using them? How do you detect those moments?
cyatophilum
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@RodriGo.aprieto, I studied them both, but never tried this combo. Thanks for the idea! I will look into it.
By the way, would like to check is there a way to use this script to perform a daily screener?
Eg. once a particular stocks hit the upper/lower channel, it will be trigger an auto alert through email