Donchian Price Channel MTF Smoothed Alert indicator

New Donchian price channel alert indicator with some Projectreaper spices.

This indicator originally designed by Richard Donchian, and used by a huge number of traders as an addition to their strategy or in the classic Donchian channel strategy

It gives signals when the price breaks through the opposite levels of the channel.

You can choose the type of price channel based on the open/close prices or on the high/low ones, timeframe, and smoothing.

Premium Features

Pro Edition ⤢ Expand All

💡 All filters and features can be mixed and enabled freely to create your unique signal validation strategy. Combine trend, oscillator, and level filters for precision entries.

🔗 Projectreaper Connect ▼

Projectreaper alert indicators have the ability to share their signals with each other to create more accurate trading alerts.

In the settings of our alert indicators, there is a parameter called Indicator_Mode, which switches the indicator modes:

StandAlone – default mode for receiving alerts about this particular indicator.

MasterFilter – saves the last signal in the terminal; alert arrows change to hollow body. No warnings sent – only stores signals.

SlaveSignal – reads signals from all MasterFilter indicators on the chart and alerts when all signals coincide. Places vertical line to separate old/new valid signals.

📚 Learn how to use: Combine Multiple Signal Indicators Guide

📊 Trend & Oscillator Filters ▼

All filters can be used in various combinations to refine indicator signals. Mix and match freely for your unique strategy.

Trend Filters Parameters

tf_MovingAverage_TrendFilter – filter by MA + price position

tf_MA_TimeFrame, tf_MA_Period, tf_MA_Method, tf_MA_Price, tf_MA_Shift

tf_MA_SignalReverse – reverse signal direction

tf_MovingAverageCrossOver_TrendFilter – filter by crossover of two MAs

tf_First_MA_*, tf_Second_MA_* – full MA pair configuration

tf_MA_CrossOver_SignalReverse – reverse crossover signals

Oscillator Filters Parameters

tf_MACD_TrendFilter, tf_MACD_* – MACD histogram filter

tf_OSMA_TrendFilter, tf_OSMA_* – OsMA histogram filter

tf_RSI_TrendFilter, tf_RSI_* – RSI overbought/oversold filter

tf_Stochastic_TrendFilter, tf_Stochastic_* – Stochastic levels filter

*_SignalReverse – available for all oscillators to invert logic

📚 Full guide: Trend & OS Filters Update

🎯 Parabolic SAR Filter ▼

Filter signals by Parabolic SAR cross with timeframe flexibility.

Filters connect in parallel to the main signal for custom strategy building based on price vs. PSAR position.

tf_ParabolicSar_TrendFilter – activate filter

tf_PSAR_TimeFrame – filter timeframe

tf_PSAR_Step, tf_PSAR_Maximum – PSAR calculation params

tf_PSAR_Shift – bar offset (0=current)

tf_PSAR_SignalReverse – invert signal logic

📚 Tutorial: Parabolic SAR Filter Guide

📅 Daily Levels Filter ▼

Filter signals using current & previous day price levels (Open, High, Low, Close, Median).

tf_CurrentDayOpenLevel + *_SignalReverse

tf_CurrentDayMedianLevel + reverse option

tf_PreviousDay[Open|Close|High|Low|Median]Level + individual reverse toggles

📚 Guide: Day Levels Filter Update

🗓️ Weekly Levels Filter ▼

Filter signals using current & previous week price levels.

tf_CurrentWeek[Open|Median]Level + reverse

tf_PreviousWeek[Open|Close|High|Low|Median]Level + reverse

📚 Guide: Week Levels Filter Update

🌙 Monthly Levels Filter ▼

Filter signals using current & previous month price levels.

tf_CurrentMonth[Open|Median]Level + reverse

tf_PreviousMonth[Open|Close|High|Low|Median]Level + reverse

📚 Guide: Month Levels Filter Update

📏 Pips Tags ▼

Display potential price movement in pips from the last signal – shift focus from candle patterns to actual price action.

ShowPipTags – toggle tags visibility on chart

📚 Setup: Pips Tags Guide

🛡️ Stop Loss & Take Profit Levels ▼

Auto-display SL levels + 3 TP levels calculated from risk ratio.

ShowTPSL – enable display

SLBars, SignalBarRangeSL – calculation params

MaxSLPips, MinSLPips – SL boundaries (0=off)

MaxTPPips, MinTPPips – TP boundaries

TP1_Ratio, TP2_Ratio, TP3_Ratio – risk-reward multipliers

💡 Tip: Set Min=Max for fixed SL/TP values.

📚 Guide: SL/TP Indicators Update

📲 MetaTrader 4 → Telegram Alerts ▼

Receive indicator signals directly in Telegram – no extra software needed.

✅ Simple setup: Just paste your alert code into TelegramCode and enable TelegramAlerts.

TelegramCode – your unique bot token

TelegramAlerts – set to true to activate

📚 Full tutorial: MT4 to Telegram Setup Guide

Settings :

TimeFrame – timeframe of indicator (current by default)
DC_Period – period of donchian channel ma
Shift – offset from current bar
PriceType – price type of channel (High/Low, Open/Close)
IndicatorSmooth – amount of smooth (1-off)
IndicatorSmoothMethod – smooth formula
DrawBars – amount of bars to draw indicator data

Alerts
PopupAlert – enable terminal alert windows
SoundAlert – enable sound alerts
ArrowsOnChart – enable draw arrows on price chart
IndicatorArrows – enable draw arrows on indicator sub window
SMSPushAlert – Push alerts to your phone
EmailAlert – Email alerts to your phone

Style
Buy_ArrowColor – color of buy arrows
Sell_ArrowColor – color of sell arrows
Arrows_Width – width of signal arrows
High_Line – color of high range line
Low_Line – color of low range line

Higher Timeframe

Smoothing

How to install :

1. Download file
2. Unzip archive and copy the MQL4 folder from the archive to your terminal Data folder
3. Restart terminal and apply the indicator to a chart
4. Register a valid email with single time donation or log in with previously registered email address.
5. You can switch your broker account any time you need by logging in with previously registered email address

How to find Data folder :

in the terminal click File menu – Open Data Folder

Good trading!