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Donchian RSI Trading Signal Indicator

The document outlines an MQL5 script for a trading indicator that uses Donchian Channels and RSI to generate buy and sell signals. It includes parameters for the Donchian period, RSI period, and overbought/oversold levels, and utilizes higher time frame filtering. The script calculates signals based on specific conditions related to price action and RSI values, displaying them as arrows on the chart.

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84 views3 pages

Donchian RSI Trading Signal Indicator

The document outlines an MQL5 script for a trading indicator that uses Donchian Channels and RSI to generate buy and sell signals. It includes parameters for the Donchian period, RSI period, and overbought/oversold levels, and utilizes higher time frame filtering. The script calculates signals based on specific conditions related to price action and RSI values, displaying them as arrows on the chart.

Uploaded by

faucetc630
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as DOCX, PDF, TXT or read online on Scribd

#property indicator_chart_window

#property indicator_buffers 2
#property indicator_color1 Lime
#property indicator_color2 Red

input int Donchian_Period = 20;


input ENUM_TIMEFRAMES HTF = PERIOD_H1;
input int RSI_Period = 14;
input double RSI_Overbought = 70;
input double RSI_Oversold = 30;

double BuySignal[];
double SellSignal[];

double DonchianHigh[], DonchianLow[];

int OnInit()
{
SetIndexBuffer(0, BuySignal, INDICATOR_DATA);
SetIndexStyle(0, DRAW_ARROW);
SetIndexArrow(0, 233);

SetIndexBuffer(1, SellSignal, INDICATOR_DATA);


SetIndexStyle(1, DRAW_ARROW);
SetIndexArrow(1, 234);

ArraySetAsSeries(BuySignal, true);
ArraySetAsSeries(SellSignal, true);
return(INIT_SUCCEEDED);
}

int OnCalculate(const int rates_total,


const int prev_calculated,
const datetime &time[],
const double &open[],
const double &high[],
const double &low[],
const double &close[],
const long &tick_volume[],
const long &volume[],
const int &spread[])
{
if (rates_total < Donchian_Period + RSI_Period + 2)
return 0;

for (int i = rates_total - Donchian_Period - 2; i >= 0; i--)


{
double donHigh = iHigh(NULL, 0, iHighest(NULL, 0, MODE_HIGH,
Donchian_Period, i));
double donLow = iLow(NULL, 0, iLowest(NULL, 0, MODE_LOW,
Donchian_Period, i));
double rsi = iRSI(NULL, 0, RSI_Period, PRICE_CLOSE, i);

// HTF filter: ColorBar


color htfColor = iBarShift(NULL, HTF, Time[i]) % 2 == 0 ? clrBlue :
clrRed;

// BUY condition (inside Donchian low + HTF blue + reversal candle + RSI)
if (close[i + 1] < open[i + 1] &&
close[i] > open[i] &&
close[i] > open[i + 1] &&
open[i] < close[i + 1] &&
rsi < RSI_Oversold &&
close[i] <= donLow &&
htfColor == clrBlue)
{
BuySignal[i] = Low[i] - 10 * _Point;
}
else BuySignal[i] = EMPTY_VALUE;

// SELL condition (inside Donchian high + HTF red + reversal candle + RSI)
if (close[i + 1] > open[i + 1] &&
close[i] < open[i] &&
close[i] < open[i + 1] &&
open[i] > close[i + 1] &&
rsi > RSI_Overbought &&
close[i] >= donHigh &&
htfColor == clrRed)
{
SellSignal[i] = High[i] + 10 * _Point;
}
else SellSignal[i] = EMPTY_VALUE;
}

return(rates_total);
}

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