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.
Remove from Favorite Scripts Add to Favorite Scripts
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)

does it repaint?
Reply
This is great - just what I needed to filter out some noisy signals. Thanks!
Reply
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
United States
United Kingdom
India
Deutschland
France
España
Italia
Polska
Türkiye
Россия
Brasil
Indonesia
Malaysia
Việt Nam
日本
한국
简体
繁體
Home Stock Screener Forex Signal Finder Cryptocurrency Signal Finder Economic Calendar How It Works Chart Features House Rules Moderators Website & Broker Solutions Widgets Stock Charting Library Feature Request Blog & News FAQ Help & Wiki Twitter
Profile Profile Settings Account and Billing My Support Tickets Priority Support Contact Support Ideas Published Followers Following Private Messages Chat Sign Out