This is Slight modified version of Donchian channel. Only change here is, channels update only when there is breakout. If price keeps ranging within channel, it will not contract based on new highest and lowest range.
This can be used for identifying powerful breakouts post long consolidation and filter out fakeouts.
my favorite indicator, by far! ANYTHING to help with cutting down on "fake outs". i actually went back quite a while on multiple time frames to see how good this indicator was at cutting down on fake outs! and, it truly does its job! thank you! thank you! thank you! :)
Trendoscope
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@BJordanM, thanks. Happy to hear that you find it useful.
just_naba
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its nice and great done as always ,,, donchina camel ,,,thanks alot
BJordanM
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@Trendoscope , I just realized something. I commented six months ago below that this is my favorite indicator- It is still a favorite - And, I am still using it. However, I have a question from an observation of other indicators, and really mainly, just how your indicator reacts to price movements. Your indicator has "Adoptive" Donchian. However, many indicators state, "Adaptive". This is nothing major, but, I'm just wondering - Did you "mean" Adaptive? And, if so, you may want to correct it? Ofcourse, it has no effect on how the indicator performs. But, when users are "searching" for "Adaptive" options and type in "Adaptive" in the search field, it may allow for better discoveries of "your" indicator. I know, personally, I love "adaptive" and/or "atr" based indicators. So, I do search many times using key words. So, it is important to have names and titles spelled correctly for better "hits" :)
Trendoscope
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@BJordanM, Adoptive is my typo ;) Will request moderators to update the name.
BJordanM
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@Trendoscope, Glad I caught it :) I see they've changed it - When "Adaptive" is entered in the search field, it does show, "Adaptive Donchian Channel" HOWEVER, for some reason, when it is selected from the list and placed on a chart, it still shows "Adoptive" on charts. She's pretty stubborn! She says, "I'm keeping my maiden name at least somewhere!" ;) lol
Trendoscope
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@BJordanM, I need to change that in code. Will do that.
BJordanM
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@Trendoscope, Awesome! And, all will be right with the world-of-my-charts!!! :) Be Blessed
BJordanM
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@Trendoscope, Yay! I deleted the original one and applied the updated one to my charts and it shows, "Adaptive". ty :) Have a wonderful rest of your weekend!
MrHH_Trader
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Amazing indicator! Thank you for sharing this tool / idea.