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And yet another chuck of phlegm...........
WARNING: I make this stuff up as I go, and if my spelling is any indication, this programming may be riddled with unintentional and intentional freaky stuff. Please feel free to correct me where logic and code do not co-incide.
DUNN'S CHANNELANALYZER
What Does It Do
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I just really like saying the name of this indicator. I prefer the old school Break-Out style to the wild new moving averages...and this helps me control risk. This indicator is used by me to search for trendless commodities that I can afford to trade. For example, I think I have the system set to 20 and 1000....let's say you were trading a $100,000 account and you wanted to only risk $1000. Now this stuff is all pretty new to me so please correct me if I state facts about contracts wrong.....I believe a 20 point move in CORN is equal to $1000, so i set this one up to search corn for 1000 breakout channels. You can then set your channel to the length you desire...I think Donchasian like 20 days...other people like other days.
{Dunn's Channelanalyzer}
{Paste this in as an INDICATOR}
Inputs: channel(20), cashmove(1000);
value1= Highest(High,channel)[1];
value2=Lowest(low,channel)[1];
value3=((value1-value2)*cashmove);
plot1(value3, "channelsize");
plot2(500, "$500");
plot3(1000,"$1000");
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