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Donchian RSI Bands

This little mashup of mine is called the Donchian RSI Bands. It consists of two RSI's, a Donchian Channel, & Bollinger bands, which can all be turned on or off depending on your preferences.
The main RSI is set to the 7 length and the second RSI is set to the default 14 length. When used together, they form an RSI cloud.
The Bollinger Bands are set to the 35 length and use two sets of adjustable deviations to form the bands. The inner band is set to 0.25 deviation and the outside is set to 0.5. Generally, the Bollinger Bands deviation is set to 2 but for this idea, when the RSI is inside the Bollinger Bands, there's a higher possibility of chop. The stronger Bullish or Bearish trend will be when the main RSI is trending above or below the Bollinger Bands.
The RSI color is Bullish when the RSI is above the Upper Bollinger Band, Neutral when the RSI is inside the Bands, and Bearish when the RSI is below the lower Bollinger Band. The wider you adjust the Outer Band Deviation, the wider the Neutral zone will be. The width of the Bollinger Band Basis can also be adjusted so you could widen it all the way out to the Bands which will form a fully shaded channel to avoid trading when the RSI is trending inside.
The Donchian Channel is set to 70, which 2x the Bollinger Band length. I use it for longer term trends and possible trend reversals.


There are 3 options for Barcoloring:
RSI Bollinger Bands

RSI Cloud

& when the RSI is above/below the Donchian Channel Basis

The main RSI is set to the 7 length and the second RSI is set to the default 14 length. When used together, they form an RSI cloud.
The Bollinger Bands are set to the 35 length and use two sets of adjustable deviations to form the bands. The inner band is set to 0.25 deviation and the outside is set to 0.5. Generally, the Bollinger Bands deviation is set to 2 but for this idea, when the RSI is inside the Bollinger Bands, there's a higher possibility of chop. The stronger Bullish or Bearish trend will be when the main RSI is trending above or below the Bollinger Bands.
The RSI color is Bullish when the RSI is above the Upper Bollinger Band, Neutral when the RSI is inside the Bands, and Bearish when the RSI is below the lower Bollinger Band. The wider you adjust the Outer Band Deviation, the wider the Neutral zone will be. The width of the Bollinger Band Basis can also be adjusted so you could widen it all the way out to the Bands which will form a fully shaded channel to avoid trading when the RSI is trending inside.
The Donchian Channel is set to 70, which 2x the Bollinger Band length. I use it for longer term trends and possible trend reversals.
There are 3 options for Barcoloring:
RSI Bollinger Bands
RSI Cloud
& when the RSI is above/below the Donchian Channel Basis
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開源腳本
本著TradingView的真正精神,此腳本的創建者將其開源,以便交易者可以查看和驗證其功能。向作者致敬!雖然您可以免費使用它,但請記住,重新發佈程式碼必須遵守我們的網站規則。
免責聲明
這些資訊和出版物並不意味著也不構成TradingView提供或認可的金融、投資、交易或其他類型的意見或建議。請在使用條款閱讀更多資訊。