唐庆通道（Donchian channels）

唐庆通道由Richard Donchian 开发，是顺势交易系统的先驱。外面的两条通道是给定周期（默认是20日）的最高点以及最低点，而中间的一条线是外围两条线的平均值。

交易信号

该交易系统适合趋势交易。

四星期原则

• 当价格穿透唐庆通道的上线时（如果使用20日周期，那么就意味着价格突破四周以来的高点），做多。
• 当价格低于唐庆通道的下线时，做空。
• 如果交易期货在本月的最后一天到期，那么将合约延长至下一周期。

交易目标是，突破之后的趋势开市时进场，并尽可能长时间的跟随趋势，同时避免震仓。

海龟交易

Curtis Faith 在他所著的《海龟交易法则》一书中，描述了传说中的海龟交易员各种利用唐庆通道的方法。

• 当价格穿过20日唐庆通道的上线时做多，并在价格低于10日唐庆通道下线时平仓。
• 价格低于20日唐庆通道下线时做空，并在价格高于10日唐庆通道上线时平仓。
• 利用25日和350日指数移动平均线作为趋势过滤器。当25日平均线位于350日平均线上方做多，在其下方则做空。

该系统使用2倍ATR追踪止损。然而，Faith将10日唐庆通道以及ATR止损替换为一个简单的基于时间的平仓，也就是说，所有的交易都在入场后的80日（16周）后平仓。实践显示，ATR止损与入场后80日平仓得出的结果类似。

示例：

Goldman Sachs 展示了上升趋势中20日唐庆通道作为上线，10日唐庆通道作为下线，63日指数移动平均数作为趋势过滤器。

1. [L] 处做多：价格穿过20日唐庆通道上线，并且位于63日均线之上。
2. [X] 处平仓，价格穿过10日唐庆通道的下线。
3. [L] 处做多：价格重新恢复到20日唐庆通道上方。
4. [X] 处平仓：价格穿过10日唐庆通道的下线。

唐庆通道设置

唐庆通道的默认设置是20日周期。中间的一条均线可以省略。

唐庆通道的公式

1. 上线作为选定交易周期的价格最高点。
2. 下线作为选定交易周期的价格最低点。
3. 所选取的交易周期不包括交易的当天（否则价格就不会穿过通道的上线或下线）。比如，今日的20日唐庆通道是过去20日内价格的最低点和最高点。
4. 中线的计算方式为 (上线 + 下线) / 2

唐庆通道的评价

唐庆通道和阿隆震荡指标给出了一致的交易信号。当价格穿过唐庆指标时，阿隆指标达到100%。读者可以选择自己喜欢的其中一个进行交易。
 

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.

本文翻译由兄弟财经提供

文章来源：http://www.incrediblecharts.com/indicators/donchian_channels.php