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.

Want to use this script on a chart?

Comments

Hi Fauxlife, your candlestick analysis is wonderful. Let say I would like to stick on hollow candles, is it possible to change the color of wick to black? Instead of showing color based on higher high/ higher low or consolidation.
Reply
vanness_lyh vanness_lyh
Instead of using "color.yellow", is it possible to code hexadecimal colour values for candlesticks?
Reply
fauxlife vanness_lyh
@vanness_lyh, Yes & no 😁 There's a work-around for this since I like to use hollow candles myself. If you use the "Just Color" option from the "Candlestick Option" this will use your chart display but only alter the color of the candlesticks.

For changing the color of anything, you can use the options menu of the indicator.

If you want to input specific hex values, first save a copy of the code to your profile as a new script. Open the script and change any of the color.**** options to the newer color function "color.new(,)" and input your desired hex value for the variable in the function. For instance the line 31 is originally:

col= tbtm and rcol ? color.yellow : ttop and rcol ? color.lime : sideways and ccol ? color.gray : haO < haC ? color.blue : color.red

could be changed to:

col= tbtm and rcol ? color.new(#ffff00, 0) : ttop and rcol ? color.new(#bfff00, 0) : sideways and ccol ? color.new(#c0c0c0, 0) : haO < haC ? color.new(#0000ff, 0) : color.new(#ff0000, 0)

The wick color does not like to be altered or switched dynamically with code. For some reason Pinescript designers want the wick color to be constant. If we change with wickcolor=na variable in line 51 to wickcolor=col (col being line 31, the color switch for different situations) it will throw an error when saving and break the indicator. I'm not a professional coder/scripter, and there may be an elegant work-around for this; but I am not aware of one at this time.
+1 Reply
fauxlife fauxlife
@vanness_lyh, I just published a lite version of Trendy. It was completed shortly after Trendy but never made it to the public library for some reason 😅

Trendy Bar Trend Color Lite
+1 Reply
vanness_lyh fauxlife
@fauxlife, I see, can I know what's the difference? Which one you prefer haha?
Reply
fauxlife vanness_lyh
@vanness_lyh, TBH I think the Lite version is less confusing. The high, low, and consolidation coloring made me indecisive about new positions or closing positions too early when testing.
+1 Reply
vanness_lyh fauxlife
@fauxlife, Alright I will try it later, thank you! :)
+1 Reply
vanness_lyh fauxlife
Hi @fauxlife ,

Thanks for your reply. I will try it out soon for the input of specific hex values. I hope the color to be more contrast or easy to recognize since I'm using white background of chart.

For the color of wick, I manage to change it through the chart setting that appeared on the right of the top, there're an options about borders and wick, you can just change the color whatever you desire.

You did a wonderful job. Thank you so much. :)
+1 Reply
The colored bars only show when I click on setting but disappear when I'm doing looking at the settings.
Reply
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