Donchian Ichimoku Hybrid
What if we took the best elements from the Donchian Channel and the Ichimoku cloud and combined them into a complete system?
Strengths of the Donchian Channel:
-Dynamic support and resistance
-Measures volatility
Strengths of the Ichimoku Cloud:
-Can detect when price is trending vs ranging
-Retracement zones
-Trend identification
=== HOW TO USE THE INDICATOR ===
Green and Red bars are when price is trending. Green for trend up, Red for trend down.
Gray bars are when price is in a trading range. You can either play the edges or wait until price is trending again.
The clouds are retracement zones for pullbacks when price is trending.
Alerts are set up for when price starts to trend and starts a trading range.
=== MISC ===
Option for Dark Mode
Strengths of the Donchian Channel:
-Dynamic support and resistance
-Measures volatility
Strengths of the Ichimoku Cloud:
-Can detect when price is trending vs ranging
-Retracement zones
-Trend identification
=== HOW TO USE THE INDICATOR ===
Green and Red bars are when price is trending. Green for trend up, Red for trend down.
Gray bars are when price is in a trading range. You can either play the edges or wait until price is trending again.
The clouds are retracement zones for pullbacks when price is trending.
Alerts are set up for when price starts to trend and starts a trading range.
=== MISC ===
Option for Dark Mode