I like and use this indicator more often as of late. I understand the paint bars are based on the slope of the mid-line (blue rising, white neutral and red declining) but what dictates whether a bar colour is solid or transparent? Also, I am not familiar with neutral threshold and offset multiplier and what those options change. I have it set to the default. thanks in advance!
The shape of a candle stick does not allow to distinguish the open from the close. Therefore typically the following colors are used
-> upclose (close > open): green body
-> downclose (close < open): red body
When the candle sticks are painted in line with an uptrend or downtrend, you can no more use colors to differentiate bewteen upcloses and downcloses. In that case it is best to use the same convention as is used for black and white candlesticks
-> upclose (close < open): hollow (transparent) body
-> downclose (close < open): filled (colored) body
The trend shown by the indicator can be show as rising, falling and flat. The notion "flat" is pretty subjective. The moving average or channel line will probably never be 100% horizontal. Therefore flat means that the slope is close to zero, but it does not mean that the slope is exactly zero. In order to allow for a range of flatness, the neutral threshold is used. If you set that value to zero, only the perfectly horizontal lines will be shown as flat - which means that you use two trend states only - uptrend and downtrend - because there is no perfectly horizontal line. If you increase the value for the neutral threshold, this will also increase the range of all values that are still being considered as "flat".
When you have the time I have a question on the universal Keltner Channel.
Is there a way, mayby in combination with your alert on indicator, to be notified by email when there is a cross of the outer channels?
It would be possible to add this feature. I am just afraid that all these background colors, arrows, sound & e-mail alerts do not have a high priority on my to-do-list. You could just try to copy and paste this feature from other indicators.
However, there will be a new version of the indicator, which comes with a few more moving averages. I just need to upload it.