Are you looking to refine your trading strategy? The Donchian Channels System could be your new best friend! This trading system leverages the power of Donchian channel signals to help you make informed decisions.
Here’s how it works: a signal is triggered when a bar closes, provided there’s been a colored bar prior to it, and that previous bar has a contrasting color—or no color at all. It's a simple yet effective method to spot potential trading opportunities!
To get started with this Expert Advisor (EA), you need to have the compiled indicator file, Donchian_Channels_System.ex5. You can easily place this file in your <terminal_data_folder>\MQL5\Indicators directory.
Don't forget, the TradeAlgorithms.mqh library file is essential for utilizing Expert Advisors with brokers offering a nonzero spread. It also allows you to set both Stop Loss and Take Profit right when you open a position. If you want to explore more variations of this library, check out the following link: Trade Algorithms.
During the tests shown below, we used the default input parameters for the EA. Notably, neither Stop Loss nor Take Profit were applied in these tests.
Fig. 1. The instances of history of deals on the chart.
Here are the testing results for 2015 on the GBPJPY H4 timeframe:
Fig. 2. Testing results chart
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