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Donchian Channels
When looking for breakout opportunities, we can often use analysis tools that detect when a security has established a range and then look for a break of that range. Futures trader Richard Donchain developed an indicator that looks at the highest high and lowest low over n number of periods which he called the Donchian Channel.
While the calculation for the Donchian Channel is relatively simplistic, it can very effective in finding breakout candidates. While the upper and lower channel levels can be used in various ways, for breakouts we want to see a tight Donchain range and then a significant break of either of these levels.
Stocks To Watch with: The Breakout Package
Nirvana System’s Breakout Package is designed to find opportunities on strong breakouts. It does this by providing you with three different breakout trading strategies and two breakout scans. The three strategies use different methods to detect breakouts, particularly in stocks.
The BP Donchian Strategy looks for established Donchian Ranges and trades longs off the bottom of the range. The Compression Range Strategy detects tight price ranges and then trades off a breakout of that range. And the BP Reversal Strategy attempts to identify longer term moves by find stocks that are breaking out of the Donchian Range.
Learn more about Nirvana's plugin, The Breakout Package
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MPL is complementary content about trading the current market with some technical analysis education too.
A typical show covers the following topics:
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Join us every Monday and Wednesday at 5:30pm EDT.
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Nirvana Systems has been creating Trading software since the 1990's. Nirvana was founded on the concept of automated trading, our CEO, Ed Downs, fell in love with the potential profits offered by the markets but quickly realized that emotions were getting in the way of success and it was too difficult to find good candidates. Nirvana Systems has been creating software that automates Trading ever since.
