Wondering if anyone knows of a way to achieve the following:
When the OLHC bar type is selected in Ninja I want to be able to color the bars differently to the default.
Default is one color option for bars with a higher close and another color for bars with a lower close.
What I would like to do is have one color option for bars with a higher high and higher low, and a different color option for bars with a lower low and lower high.
A different color option for doji's, a different color for inside bars, a different color for outside bars, a different color for key reversal bars, etc.
I have once coded an indicator that analyzes price action and identifies various cases
TU = translation up
TD = translation down
CCC = lateral consolidation (a row of inside bars following a wide range bar)
IB = regular inside bar
OB = outside bar
STU = stitch up (second bar has same low, but higher high) STD = stitch down (second bar has same high, but lower low)
FTP = flat top pennant (inside bar, second bar has same high, but higher low)
FBP = flat bottom pennant (inside bar, second bar has same low, but lower high)
H = harmonic bar (second bar has same high and low)
There are unlimited possibilities achieving what you wish to do, but you need to make an exact definition of the bar types and then think how to use them.
Please register on futures.io to view futures trading content such as post attachment(s), image(s), and screenshot(s).
I have installed and checked it out. It is close to what I want.
The main difference is I want an additional option to define up and down bars.
ana range analysis defines up bars as bars with a higher close, and conversely down bars are bars with a lower close. I need an option to change that to up bars = bars with higher high and lower low, down bars lower high and low, both irrespective of the close.
Bar types in order of ranking.
(only compared to immediate previous bar)
Outside bar = higher high and lower low
Doji star = open and close at exactly the same price, (intra day), or up to 1 tick difference on (daily or greater).
Key reversal bar, up = open and close above the mid point.
Key reversal bar, down = open and close below the mid point. Inside bar = lower high and higher low.
Up Bar = equal or higher low, higher high.
Down Bar = equal or lower high, lower low.
All with the ability to have a custom color assigned to them.
This what would suit me exactly for my trading method.
I would be able to spot set ups from across the room with just a glance.
Last edited by KennyK; February 24th, 2014 at 03:08 AM.
Reason: Forgot to include a sentence
@KennyK: With that definition you will probably get too many signals. For key reversal up & down, for translational up and down bars it is important to have a look at the range. If those bars are narrow range bars, they are not very significant. I would therefore add a condition that their range is above average (average range or average true range).
The following user says Thank You to Fat Tails for this post:
Yes, good point with the key reversals. But the up and down bars would be ok as defined.
I have given it some further thought and would say that it would likely be advantageous to have it so the key reversals, outside and inside bars were perhaps rated as such or as significant or not by the application of an ATR condition as a variable parameter in the properties.
I should say that my trading approach is very much based on Ganns work. I watch swing charts as well as bar charts.
Once I have an A~B range measured, I then stalk an entry on the B~C range. Looking for time and price to balance.
I will have a Gann fan set off point B at the speed of A~B, intersecting with a fan off point A.
Looking for a bar to alert me to a possible set up. Typically a Doji, key reversal or outside reversal.
If I see the bar turning off one of the angles, then I'm interested. I'll do a quick calc for time and price, if within tolerance, will then wait for a swing signal and bar pattern to confirm.
So having said that ideally, (for this example a bear market with a B~C rally), I would prefer to see green up bars from point B all the way to point C, except the last bar being a different color signalling a possible reversal.
What I see at present are a mix of green and red for everything, (NT default). Even in an an up trend as defined by Gann. Higher highs and higher lows regardless of close = up trend, I would like them all green. Unless they are one of the signal bars.
I hope that helps you understand my requirements.
Last edited by KennyK; February 24th, 2014 at 06:24 AM.
Reason: A further thought to add.