***Alerts Work - Ability To Create Alerts From Main Indicator.
***Can Also Be Used In Conjunction with Upper Indicator - CM_Donchian Channels Modified_V2 With Alert Capability
***Added Ability To Turn On/Off Highlight Bars.
***Added Ability to Turn On/Off Donch Channel Midline
***Added Ability to Turn On/Off Triangles That Plot At Top and Bottom Of Chart When Breakout Condition is TRUE.
Special Indicator Features:
***Ability To Use Different LookBack Period on Upper and Lower Donch Channel Lines.
How To Create Alerts:
***Create Alert by selecting Indicator - Either the name of the Upper Or Lower Indicator...
***Then select either Alert Breakout Upside or Downside(To The Right Of Indicator Name)
***Select Greater Than
***For Value put .99
Original Post Explaining Indicator is -
***If You Need Help Getting Custom Indicators to Trigger Alerts then View This Post.
//Created By ChrisMoody on 12-14-2014 to Set Alerts for CM_Donchonian Channels Modified_V2 //Create Alert by selecting Indicator, then either Alert Breakout Upside or Downside, Select Greater Than, Select Value, for Value put .99 study(title="CM_Donchian Channels Modified_V2_Lower_Alert", shorttitle="CM_DC Modified_V2_Lower_Alert", overlay=false) length1 = input(20, minval=1, title="Upper Channel") length2 = input(20, minval=1, title="Lower Channel") upper = highest(length1) lower = lowest(length2) basis = avg(upper, lower) break_Above = close > upper ? 1 : 0 break_Below = close < lower ? 1 : 0 plot(break_Above, title="Alert Breakout Upside", style=line, linewidth=2, color=lime) plot(break_Below, title="Alert Breakout Downside", style=line, linewidth=2, color=red)
Chris, thanks for this indicator with Alerts! I think this is a great additon as Donchonian Channels are very powerful tools. I think we can expand on this indicator you offered by offering the flip side of the equation. By flipping the inputs for this indicator we can isolate price in a manner which has the potential to show great entries and exits. Think of it as Ichi within a channel band. Compound this indicator with your Alert function and bar highlights filters signals greatly. I love using CCI as a trend filter as well as divergence highlighter. I can elaborate on this further if you wish. Thanks!
First image above depicts how we can isolate the range of price extremes with Major signals. Chris Moody's indicator does that very well in one direction, what was missing is the opposing force. If price is stretched to an Extreme Price level, how far can it go in the opposite direction is the question. This indicator signals that extremely well when you offer the flip side of the equation by changing the periods. Periods are arbitrary, hence my use of utilizing a tool for confirmation purposes. Mr. Moody's Optional Alert (lower panel indicator) signals when price has breached an Upper or Lower Channel barrier and highlights the respective price bar with an optional colorization. This is very helpful to quickly analyze future price action versus these Extremes. So what I have done is used two common moving average periods which usually have significance, 55 and 144, a fast and and slow period, then flipped the periods to 144 and 55 so we can have the opposing force plotted as well. First image focus is about how when the opposing forces (both indicator Alert panels) have signals that converge on the same price bar, we have an extreme that is begging attention. Especially when we have both Alert panels converge with a CCI breaching an extreme barrier which I use +-200 (two deviations) from the overall trend. Price has a great probability of reversing. Second image I have ellipsed those specific areas as well as marked the closing value of the respective price bars with a horizontal marker to make note of price. You see the obvious significance of these price levels in future price action, especially once the Extreme Price has turned out of the CCI exteme zone, that is where I would open a trade. Signals in between are Minor signals, can be traded for short term only.