Donchian Screener

The Donchian Screener indicator allows users to simultaneously monitor up to 10 different symbols for bullish or bearish breakouts based on the Donchian Channels. It is designed to streamline trend-following strategies by identifying when price crosses the upper or lower bands of a specified lookback period across multiple assets and timeframes.

Usage

The tool is used to identify the start of potential trends across a watchlist of assets. Users can input up to 10 tickers and define a specific timeframe and lookback length for each. The screener displays a visual panel on the chart divided into two sections:

• Up Trend: Lists symbols where the price has recently broken above the upper Donchian Channel band.
• Down Trend: Lists symbols where the price has recently broken below the lower Donchian Channel band.

The tool provides real-time alerts whenever a new breakout is detected on any of the monitored symbols, making it useful for traders managing diversified portfolios.

Details

Donchian Channels are constructed by taking the highest high and the lowest low of the last "n" periods. A breakout above the upper band typically indicates bullish momentum, while a break below the lower band indicates bearish momentum. This screener utilizes the request.security() function to fetch data for external symbols and calculates the breakout signal based on either the price close or the high/low of the bar.

Settings

General Settings

• Use High/Low Price Breakouts: When enabled, the script uses the high and low prices to trigger breakouts. When disabled, the closing price is used.
• Upper/Lower Band Breakout Offset: Determines the offset for the breakout calculation, typically set to 1 to compare against the previous bar's channel.
• Panel Position: Adjusts the location of the display table on the chart (Top Right, Middle Right, or Bottom Right).
• Default Timeframe: Sets the timeframe on which the Donchian Channel calculations are performed for all screened symbols.

Ticker Settings

• Ticker (1-10): The symbol name to be monitored.
• Length (1-10): The lookback period used to calculate the Donchian Channels for the corresponding ticker.

FAQ

How do I access the Donchian Screener?

You can get access on the LuxAlgo Library for charting platforms like TradingView, MetaTrader (MT4/MT5), and NinjaTrader for free.

Can I monitor symbols from different exchanges?

Yes, you can input symbols from any exchange available on your platform by using the ticker input fields.

Why do some symbols show a delay?

The screener depends on the data feed available for the specific ticker. If you do not have real-time data for a particular exchange, the breakout signals may appear delayed until the data updates.