The Elite Circle - Gradient Color Bars Indicator
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Gradient Color Bars Indicator 5 *
NT 7.0.1000.10

**Do not share, distribute, or modify the Gradient Color Bars Indicator or the idea for use outside the BMT Elite community or for commercial purposes**

Gradient Color Bars:

The concept of coloring bars is nothing new and everyone does it for certain filters. However, the idea for using gradient color bars to spot price divergence may not be new, but has gone un-noticed by many.

The fact that no one (I know, there will be some claims to the contrary) has been able to write a decent divergence indicator is because computers can only follow rules and limits. Human eye on the other hand can spot a bird in the sky whether it is 100 yards away or 99.99999 or 100.00001, regardless of the number of decimals (yes, provided the person is not blind).

So, it makes sense if one can spot divergence by subtle changes in the gradient coloring of the bars where a computer might miss because it was not instructed to “see.”

What I think is original about this indicator (for future claims) is applying the concept to a variety of conditions and filters to spot divergences (among other price behaviors) where the usual indicators and computers will miss most of the time.

This simple indicator has much potential. The current version is based on one filter. The goal is to bundle a number of filters and let the coloring be done based on the most relevant and promising filter. So, future versions will include other methods and filters for gradient color bars.

As with any indicator (Stoch, RSI, etc.), this filter cannot be used on its own alone. I am considering to use one version of this indicator for confirming price action and formations at different time frames as a trading tool.

This version includes candle outlines to better determine if a bar is an UP bar or a Down bar. The indicator is best viewed on a chart with Silver background.

Please refer to a thread with the same name for Color Gradient Divergence rules here:



Cheers!!

July 24 2012: New color options.
August 12 2012: Bugfix, Apparently a couple of members are having issues with the option for candle outline.


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August 12th, 2012
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