This is the modified version of Donchian channel indicator, popularly known as famous turtle indicator. I’ve modified it after removing 2 lines. The result is a single line, making a simple but one of the powerful indicator.
Buy: When price closes above Doda-Donchian line
Sell: When price closes below Doda-Donchian line
Stop-loss: Few pips away from Doda-Donchian line.
Works with any currency pair, CFD etc.
Recommendations:
- Use higher time frame like H4. It works best there.
- It happens many times that price kisses Doda-Donchian line, so it may triggers your stop-loss. So, place your stop loss few pips above / below this line.
- Even if price moves above or below, that does not make any sense for change of signals. The candle MUST close above / below for confirmation.