LazyBear

Colored Volume Bars [LazyBear]

Edgar Kraut proposed this simple colored volume bars strategy for swing trading.

This is how the colors are determined:
- If today’s closing price and volume are greater than 'n' days ago, color today’s volume bar green.
- If today’s closing price is greater than 'n' days ago but volume is not, color today’s volume bar blue.
- Similarly, if today’s closing price and volume is less than 'n' days ago, color today’s volume bar orange.
- If today’s closing price is less than 'n' days ago but volume is not, color today’s volume bar red.

Buy the green or blue volume bars, use a 1% trailing stop, and stand aside on red or orange bars.

As you see, this is more for entry confirmation. I have not tested this on any instrument.

You may have to tune the lookback period for your instrument. Default is 10.

More info:
"A color-based system for short-term trading" - http://www.traders.com/Documentation/FEE...

List of all my indicators:

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//
// @author LazyBear 
// List of all my indicators: https://www.tradingview.com/v/4IneGo8h/
//
study("Colored Volume Bars [LazyBear]", shorttitle="CVOLB_LB")
lookback=input(10)
showMA=input(false)
lengthMA=input(20)
p2=close
v2=volume
p1=p2[lookback] 
v1=v2[lookback] 
c=	iff(p2>p1 and v2>v1, green, 
	iff(p2>p1 and v2<v1, blue,
	iff(p2<p1 and v2<v1, orange,
	iff(p2<p1 and v2>v1, red, gray))))
plot(v2, style=columns, color=c)
plot(showMA?sma(v2, lengthMA):na, color=maroon)
thank you for this script!
could it be modded to send individual alerts for any of the colors?
I have never written anything in pine. If anyone could post here or message me how this can be added that would be great.
Reply
Interesting script and made a small adjustments in your script. 1) option to input a different lookback period for price and volume. 2) added an option to turn the lookback period for volume into a moving average period for volume.
Reply
MarxBabu Dutchinvestor
@Dutchinvestor, @Dutchinvestor, can you share the screen shot and if any improvements here.
+1 Reply
@MarxBabu, I can show a screenshot but I am not changing LazyBear's scripts because I respect his work very much. I will show you my input screen for the modifications I have made for myself. All credits goes to LazyBear for creating many great scripts that taught me a lot about the pine script language. https://imgur.com/a/r72nc5Y
Reply
MarxBabu Dutchinvestor
@Dutchinvestor, thank you i checked it
+2 Reply
Rh895 Dutchinvestor
@Dutchinvestor, what time frame do you use this tweek for? Day trade or swing trade? And how has it been working?
Reply
@Rh895, daily and weekly timeframes for swing trading. I have used this indicator briefly for confirmation on entries and exits. Worked better with an ATR stop than a fixed percentage stop on low volatility stock or indices.
Reply
what do you mean by loopback? sorry I am new to this
+11 Reply
Loved it sir : )
+1 Reply
I need this indicator on mt4 forma i really like it please help me !!
+10 Reply
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