This is a simple Day Trade indicator, but can be used for swing and long term trades.
It is based on Donchian Channels to detect trend and point out resistance or support breakouts using arrows.
The bars ared colored when a breakout occurs. When a resistance breakout occurs the current and the next bars are colored green (default) and when a support breakout occurs the current and the next bars are colored red (default). This way this indicator can show if its an uptrend or a downtrend.
I hope this indicator will be useful for many traders! Thank you!
One of the most important indicators if you are using Donchian Channels in your trading strategy. The colour bars are super useful. Great work on this.
TusharKale
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Looks Good. Will check in real time.
Thanks in advance