Compact mode
Donchian Channels vs Elder Triple Screen vs Average True Range (ATR)
Table of content
General Information Comparison
Indicator Type 📊
The category or classification of the trading indicator based on its primary function and analysis method.Donchian ChannelsElder Triple Screen- TrendElder Triple Screen is a Trend type indicator. Indicators that help identify and confirm market trends
- MomentumElder Triple Screen is a Momentum type indicator. Measures rate of price change, ideal for identifying strong trends Click to see all.
Average True Range (ATR)Asset Class 💰
Specifies the financial instruments for which the indicator is most commonly usedFor all*Donchian ChannelsElder Triple Screen- StocksThe asset classes Elder Triple Screen is typically used for are Stocks. Indicators optimized for analyzing and predicting stock price movements in equity markets. Click to see all.
- CommoditiesThe asset classes Elder Triple Screen is typically used for are Commodities. Trading indicators optimized for commodity markets like oil, gold, and agricultural products. Click to see all.
Average True Range (ATR)- StocksThe asset classes Average True Range (ATR) is typically used for are Stocks. Indicators optimized for analyzing and predicting stock price movements in equity markets. Click to see all.
- CommoditiesThe asset classes Average True Range (ATR) is typically used for are Commodities. Trading indicators optimized for commodity markets like oil, gold, and agricultural products. Click to see all.
Known for 💭
The unique selling point or distinguishing feature of the trading indicatorDonchian Channels- Simplicity And EffectivenessDonchian Channels is known for Simplicity And Effectiveness.
Elder Triple Screen- Trend-Momentum AlignmentElder Triple Screen is known for Trend-Momentum Alignment.
Average True Range (ATR)- Volatility Without DirectionAverage True Range (ATR) is known for Volatility Without Direction.
Made In 🌍
The country or origin of the trading indicatorDonchian Channels- United StatesDonchian Channels was developed in United States. Indicators developed in the USA, reflecting American trading principles
Elder Triple Screen- United StatesElder Triple Screen was developed in United States. Indicators developed in the USA, reflecting American trading principles
Average True Range (ATR)- 1978Average True Range (ATR) was developed in 1978. Trading indicators specifically developed in 1978
Characteristics Comparison
Lagging or Leading 🏁
Indicates whether the trading indicator is a lagging or leading type, reflecting its predictive nature.For all*- LaggingIndicators that confirm trends after they have started
Elder Triple ScreenComplexity Level 🧑
Indicates the level of expertise required to effectively use the indicatorDonchian ChannelsElder Triple ScreenAverage True Range (ATR)Popularity 🏆
Indicates how widely used and recognized the indicator is in the trading communityFor all*- MediumIndicators with balanced adoption and potential effectiveness
Facts Comparison
Interesting Fact 💡
An intriguing or lesser-known fact about the trading indicatorDonchian Channels- Used in the famous Turtle Trading system
Elder Triple Screen- Developed by Dr. Alexander Elder as a complete trading system
Average True Range (ATR)- Part of Welles Wilder's indicators
Sarcastic Fact 😉
A humorous or ironic observation about the trading indicatorDonchian Channels- It's like drawing lines in the sand for prices to play within
Elder Triple Screen- Jokingly referred to as the "three-headed monster" of trading systems
Average True Range (ATR)- It's the drama meter of the market - higher values mean more excitement
Application Comparison
Timeframe 🕑
The time intervals or periods for which the trading indicator is most effective or commonly used.For all*- DailyIndicators optimized for daily chart analysis, suitable for swing and position traders.
- WeeklyIndicators optimized for weekly chart analysis, balancing short-term noise and long-term trends.
Elder Triple Screen- HourlyElder Triple Screen is most effective for Hourly timeframes. Indicators tailored for hourly chart analysis, ideal for day traders and short-term strategies.
Technical Details Comparison
Calculation Method 🧮
The mathematical or analytical approach used to compute the trading indicator's values.Donchian ChannelsElder Triple Screen- Moving AveragesElder Triple Screen uses the Moving Averages calculation method. Indicators combining different moving averages for comprehensive trend analysis. Click to see all.
- OscillatorsElder Triple Screen uses the Oscillators calculation method. Indicators that oscillate between fixed values to show overbought or oversold conditions. Click to see all.
Average True Range (ATR)Signal Generation 📊
Describes the methods by which the indicator produces trading signalsDonchian Channels- BreakoutsDonchian Channels generates trading signals through Breakouts. Indicators that identify when price breaks key levels, signaling potential trends
Elder Triple Screen- CrossoversElder Triple Screen generates trading signals through Crossovers. Indicators that generate signals when one line crosses another, indicating trend changes
- DivergencesElder Triple Screen generates trading signals through Divergences. Indicators that show discrepancies between price and indicator movements, suggesting potential reversals
- BreakoutsElder Triple Screen generates trading signals through Breakouts. Indicators that identify when price breaks key levels, signaling potential trends
Average True Range (ATR)- ThresholdsAverage True Range (ATR) generates trading signals through Thresholds. Indicators that generate signals when certain predefined levels or conditions are met
Customization Options 🔧
Lists the parameters that can be adjusted to fine-tune the indicatorFor all*Elder Triple Screen
Usage Comparison
For whom 👥
The target audience or user group for the trading indicatorDonchian ChannelsElder Triple ScreenAverage True Range (ATR)Purpose 📈
The primary purpose or application of the trading indicatorDonchian Channels- Trend IdentificationDonchian Channels is primarily used for Trend Identification. Tools that help traders recognize and confirm established market trends Click to see all.
- Volatility MeasurementDonchian Channels is primarily used for Volatility Measurement. Tools that quantify market price fluctuations and instability Click to see all.
Elder Triple ScreenAverage True Range (ATR)
Evaluation Comparison
Pros 👍
Advantages of using the trading indicatorDonchian Channels- Easy To UnderstandIndicators with straightforward concepts and interpretations
- Identifies Price ExtremesSignals when prices reach unusually high or low levels, helping spot potential reversals
Elder Triple Screen- Combines Multiple Indicators For ConfirmationIndicators that use multiple signals to confirm trading decisions
- Reduces False Signals
Average True Range (ATR)- Useful For Position Sizing
- Helps Set Stop-Losses
Cons 👎
Disadvantages or limitations of the trading indicatorDonchian Channels- Can Be Late In Signaling Trend ChangesIndicators designed to identify potential trend changes as early as possible. Click to see all.
- Sensitive To Outliers
Elder Triple Screen- Requires Understanding Of Multiple Indicators
- Can Be Complex For BeginnersEasy-to-understand indicators suitable for traders new to technical analysis. Click to see all.
Average True Range (ATR)
Performance Metrics Comparison
Ease of Use Score 💻
A score representing how user-friendly and intuitive the trading indicator isDonchian ChannelsElder Triple ScreenAverage True Range (ATR)Versatility Score 🔀
A score indicating the adaptability of the trading indicator across different markets and timeframesDonchian ChannelsElder Triple ScreenAverage True Range (ATR)Customization Score 🔧
A score representing the degree of customization available for the trading indicatorDonchian Channels- 7.5The customization score for Donchian Channels is 7.5 out of 10.
Elder Triple Screen- 8.5 🥇Best customizable trading indicatorThe customization score for Elder Triple Screen is 8.5 out of 10.
Average True Range (ATR)- 6.5The customization score for Average True Range (ATR) is 6.5 out of 10.
Score ⭐
The overall score of the trading indicator based on various performance metricsDonchian ChannelsElder Triple ScreenAverage True Range (ATR)
Alternatives to Donchian Channels
Elder-Ray Index
Known for Combining Trend And Momentum
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is easier to use than Elder Triple Screen
Ichimoku Cloud
Known for All-In-One Indicator
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is easier to use than Elder Triple Screen
Moving Average Envelope
Known for Price Range Visualization
💻
is easier to use than Elder Triple Screen
Triple Exponential Average (TRIX)
Known for Filtering Out Market Noise
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is easier to use than Elder Triple Screen
Fast Stochastic
Known for Rapid Momentum Shifts
💻
is easier to use than Elder Triple Screen
Know Sure Thing (KST)
Known for Trend Strength Measurement
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is easier to use than Elder Triple Screen
Awesome Oscillator (AO)
Known for Simplicity And Effectiveness
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is easier to use than Elder Triple Screen
Average Directional Index (ADX)
Known for Trend Strength Without Direction
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is easier to use than Elder Triple Screen
Chaikin Oscillator
Known for Accumulation/Distribution Trends
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is easier to use than Elder Triple Screen
Exponential Moving Average (EMA)
Known for Smooth Price Movements
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is easier to use than Elder Triple Screen
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is rated higher overall than Elder Triple Screen