Modified Donchian Channel

Release Note:

This indicator setup highly inspired by Donchian Channel and Hull Moving Average. Big thanks to both Richard Donchian and Alan Hull.
Back test and live test it and come to conclusion of how to use this indicator for live trading.

200 HMA:

200 Hull Moving Average plays major role in deciding the right trades using Donchian Channel. As part of this setup,

• If price is below 200 HMA, then the Donchian Channel is highlighted in Red color
  
• If price is above 200 HMA, then the Donchian Channel is highlighted in Green color
  
  

Donchian Channel:

Default 20 period is used for the Donchian channel. However, the color highlight as per 200 HMA position. Also, the middle basis color changes to Green and Red based on candle close of above or below.
Additionally, 5 period Donchian basis is used as tight stop loss. This can be used wisely or optionally based on trade decisions

Disclaimer:

//Idea of publishing this script is to identify the strength of the instrument using multiple confirmation.
//Using this indicator, changing inputs, and trading decisions are up to the users/traders.
//Courtesy: Thanks to Richard Donchian and Alan Hull as this indicator/script inspired by Donchian Channels and Hull Moving Average