johan.gradin

TREND barcolors

The Donchian values are basically from Ed Sekoytas original statistical run, that gave the values 30 & 120 (aren't as relevant today, but still packs a punch).
The idea of this code is just to take that 30, add a very simple inset of it, with ATR, and color code the bar Green or Red to indicate the direction of the trend. When a new break of the 120 line, (thick line) higher or lower, it typically indicates a bigger bias towards the trend.
It's my first publish, and so a very simple easy to understand system.

Use at your own risk. I cannot be held liable for any damages financial or otherwise, directly or indirectly related to using this script.
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study(title="TREND barcolors", overlay = true)

// DONCHIANS

// Donchian
length = input(30, minval=1)
lower = lowest(length)
upper = highest(length)
out3 = security(tickerid, 'W', lower)
out4 = security(tickerid, 'W', upper)
l = plot(out3, color=red)
u = plot(out4, color=lime)

// Donchian now
length3 = input(120, minval=1)
lower3 = lowest(length3)
upper3 = highest(length3)
// l4 = plot(lower3, color=red)
// u4 = plot(upper3, color=lime)

// Donchian inner
length2 = input(30,minval=1)
t = input(1.8, type=float)
lower2 = lowest(length2)+(atr(50)*t)
upper2 = highest(length2)-(atr(50)*t)
// l2 = plot(lower2, color=red, offset=3)
// u2 = plot(upper2, color=lime, offset=3)

// Donchian
length1 = input(120, minval=1)
lower1 = lowest(length1)
upper1 = highest(length1)
basis1 = avg(upper1, lower1)
out5 = security(tickerid, 'W', lower1)
out6 = security(tickerid, 'W', upper1)
l1 = plot(out5, color=red, linewidth=2)
u1 = plot(out6, color=lime, linewidth=2)

Trending() => close > upper2
Trendinglower() => close < lower2

barcolor(Trending() ? lime : Trendinglower() ? red : na)

hi Johan. Great indicator. Can you please code an indicator that simply colours the bars based on average open and close values.
If average open for N bars is > average close for N bars, the bars are green and vice versa.
Thanks
+1 Reply
johan.gradin MohitMarwaha
Absolutely boss! I'll get right on it :p
Reply
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