Donchian + ATR Trail Indicator (Free, No Repainting)
Draws both the breakout entry and the trailing stop that manages the trade after it
Most breakout indicators stop at the entry. The hard part of trend following is what happens next - where the stop goes, how it ratchets, and where the trade ends. This indicator draws the Donchian channel, gold arrows on closed-bar breakouts, and the ATR trailing stop (green long / red short) that only moves toward price and disappears when broken. The channel uses closed bars only and the break is judged on the previous bar's close, so an arrow never vanishes.
Features
- ✓Donchian channel (last N closed bars) drawn as upper/lower bands
- ✓Gold arrows the moment a bar closes beyond the channel (no repainting)
- ✓ATR trailing stop (green long / red short); never loosens, disappears when broken = trade end
- ✓Defaults are a USDJPY H1 configuration - same logic as our free Donchian Trend Engine EA
Free download
No registration, completely free, full source included. A compiled version (and MT4 build) is also free on the MQL5 Market.
Download (.mq5)Parameters
| Parameter | Default | Description |
|---|---|---|
| N_Channel | 40 | Donchian channel length (bars) |
| Trail_ATR | 8.0 | Trailing stop distance (ATR multiple) |
| ATR_Period | 14 | ATR period |
| ShowArrows | true | Mark closed-bar breakouts with arrows |
| — | — | — |
Installation
- 1Put the downloaded .mq5 into MT5: File → Open Data Folder → MQL5 → Indicators.
- 2Restart MT5 (or refresh the Navigator) and drag it onto a chart.
- 3It works with the defaults; re-fit the parameters to your instrument.
Note
A visualisation tool, not a signal service. Breakout trend following has a win rate below 50% (many small losses, a few large winners). It does not work in ranges.
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