fauxlife

Trendy Bar Trend Color

Trendy Bar Trend Color

Inspired by trend candlestick charts on other trading platforms. Changes bar colors to stay in trend much like Heikin Ashi candles without the ATR price distortion. This is done by comparing the HL2 and/or Open-Close values of current candlestick to the prior candlestick .
Release Notes: Cosmetic only, experimental, not intended for use with trading

Update to script:
  • updated the Heikin Ashi calculation for trend coloration
  • Added ability to plot different bar types: High-Low bars without wicks or open & close data, or plot Open-Close bars without wicks
  • Option to only color the existing candlesticks instead of plotting different candlestick types
  • Experimenting with simple ability to highlight possible tops & bottoms of a trend; though it chases trends in live trading. Be careful
  • Experimenting with ability to grey-out consolidation ranges

If you wish to use the different candlestick types, it's advised to hide the existing candlesticks via chart options


Chart with High-Low bars and tops & bottoms highlighted:

Chart with High-Low bars, tops & bottoms highlighted, and consolidations painted grey:
Release Notes: Edit 3:
Corrected Heikin Ashi calculation (again)

Open-source script

In true TradingView spirit, the author of this script has published it open-source, so traders can understand and verify it. Cheers to the author! You may use it for free, but reuse of this code in a publication is governed by House Rules. You can favorite it to use it on a chart.

Disclaimer

The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.

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