唐慶通道（Donchian channels）

唐慶通道由Richard Donchian 開發，是順勢交易系統的先驅。外面的兩條通道是給定週期（默認是20日）的最高點以及最低點，而中間的一條線是外圍兩條線的平均值。

交易信號

該交易系統適合趨勢交易。

四星期原則

• 當價格穿透唐慶通道的上線時（如果使用20日週期，那麼就意味著價格突破四週以來的高點），做多。
• 當價格低於唐慶通道的下線時，做空。
• 如果交易期貨在本月的最後一天到期，那麼將合約延長至下一週期。

交易目標是，突破之後的趨勢開市時進場，並盡可能長時間的跟隨趨勢，同時避免震倉。

海龜交易

Curtis Faith 在他所著的《海龜交易法則》一書中，描述了傳說中的海龜交易員各種利用唐慶通道的方法。

• 當價格穿過20日唐慶通道的上線時做多，並在價格低於10日唐慶通道下線時平倉。
• 價格低於20日唐慶通道下線時做空，並在價格高於10日唐慶通道上線時平倉。
• 利用25日和350日指數移動平均線作為趨勢過濾器。當25日平均線位於350日平均線上方做多，在其下方則做空。

該系統使用2倍ATR追蹤止損。然而，Faith將10日唐慶通道以及ATR止損替換為一個簡單的基於時間的平倉，也就是說，所有的交易都在入場後的80日（16週）後平倉。實踐顯示，ATR止損與入場後80日平倉得出的結果類似。

示例：

Goldman Sachs 展示了上升趨勢中20日唐慶通道作為上線，10日唐慶通道作為下線，63日指數移動平均數作為趨勢過濾器。

1. [L] 處做多：價格穿過20日唐慶通道上線，並且位於63日均線之上。
2. [X] 處平倉，價格穿過10日唐慶通道的下線。
3. [L] 處做多：價格重新恢複到20日唐慶通道上方。
4. [X] 處平倉：價格穿過10日唐慶通道的下線。

唐慶通道設置

唐慶通道的默認設置是20日週期。中間的一條均線可以省略。

唐慶通道的公式

1. 上線作為選定交易週期的價格最高點。
2. 下線作為選定交易週期的價格最低點。
3. 所選取的交易週期不包括交易的當天（否則價格就不會穿過通道的上線或下線）。比如，今日的20日唐慶通道是過去20日内價格的最低點和最高點。
4. 中線的計算方式為 (上線 + 下線) / 2

唐慶通道的評價

唐慶通道和阿隆震蕩指標給出了一致的交易信號。當價格穿過唐慶指標時，阿隆指標達到100%。讀者可以選擇自己喜歡的其中一個進行交易。
 

Donchian Channels
Donchian channels were developed by Richard Donchian, a pioneer of mechanical trend following systems. The two outer bands are plotted as the highest high and lowest low for a set period, originally 20 days, with the optional middle band calculated as the average of the two.
Donchian Channel Trading Signals
The system is only suitable for trending markets.
Donchian's Four Week Rule
• Go long when price crosses the upper Donchian Channel (the four week high if 20 days is used).
• Go short when price crosses the lower Donchian Channel.
• If trading futures, roll forward any open positions into the next contract on the last day of the month preceding expiration.
The objective is to enter the trend on a breakout and to ride the trend for as long as possible, avoidingshakeouts.
Turtle Trading
Curtis Faith in his book Way Of The Turtle describes a variation of the Donchian system used by the legendaryTurtle Traders.
• Enter long when price crosses above the 20-Day upper Donchian Channel and exit when price penetrates a 10-Day lower Donchian Channel.
• Enter short when price crosses below the 20-Day lower Donchian Channel and exit when price penetrates a 10-Day upper Donchian Channel.
• Use the 25-Day/350-Day exponential moving average as a trend filter. Go long only if the 25-Day EMA is above the 350-Day exponential moving average and go short only where below the 350-Day EMA.
The system also uses ATR trailing stops with a multiple of 2. Faith, however, demonstrates that replacing the 10-Day Donchian Channel and ATR stops with a simple time-based exit, where all trades are exited after 80 days (16 weeks), achieves similar results — with no stop losses at all.
EXAMPLE
Goldman Sachs displays the Turtle Trading settings for an up-trend, 20-day upper and 10-day lower Donchian Channels, with 63-day exponential moving average as an added trend filter.
1. Go long [L] when price crosses above the upper Donchian Channel while above the 63-day exponential moving average
2. Exit [X] when price crosses the lower Donchian Channel
3. Go long [L] when price recovers above the upper Donchian Channel
4. Exit [X] when price crosses below the lower channel.
Donchian Channel Setup
The default setting for both Donchian Channels is 20 days. The middle line is optional.
See Indicator Panel for directions on how to set up an indicator — and Edit Indicator Settings to change the settings.
Donchian Channel Formula
1. The upper band is calculated as the highest high for the selected period.
2. The lower band is calculated as the lowest low for the selected period.
3. The selected period does not include the day on which the band is plotted (otherwise the band would never be crossed). For example, the 20-Day Donchian Channels for today are the highest high and lowest low for the preceding 20 trading days.
4. The middle line is calculated as (Upper Band + Lower Band) / 2.
Donchian Channel Evaluation
Donchian Channels and the Aroon Oscillator give identical signals. Aroon records 100% when price breaks the Donchian Channel. Readers should choose whichever format they feel most comfortable with.

本文翻譯由兄弟財經提供

文章來源：http://www.incrediblecharts.com/indicators/donchian_channels.php