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Custom color price bars based on lower indicators
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Custom color price bars based on lower indicators

  #1 (permalink)
Trading Apprentice
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Custom color price bars based on lower indicators

Does anyone know how customize the color of a price bar based on lower indicators (e.g. If the MACD is above the zero line and the signal then paint the price bar green).

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  #2 (permalink)
1.Fibs 2.??? 3.Profit
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It is done using "AssignPriceColor". Here is an example:

I turn it on or off using this input:
input PaintBars = No;

Then for the MACD this example changes color based on the histogram:
assignPriceColor (if !PaintBars then Color.CURRENT else if Diff >= 0 then if Diff > Diff[1] then Diff.color("Positive and Up") else Diff.color("Positive and Down") else if Diff < Diff[1] then Diff.color("Negative and Down") else Diff.color("Negative and Up"));

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  #3 (permalink)
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I must confess that I am astounded by the technical aspect of questions such as these.

<< If the MACD is above the zero line and the signal then paint the price bar green >>

The question - which I freely admit that I do not understand in the least - delves into
a degree of intricacy which I have to question. Does knowing all this minutiae really
give you any edge at all over establishing your position based on a perceived trend,
placing a protective stop and then hoping things go as you though they would? I am
new to the T or S platform and so far I love it just for the robust order set they give
you. It's hard to find any online broker that gives you the same order set. But I have
to look at the technical analyses with a jaundiced eye and I have to wonder whether
all these studies and indicators are worth the time.

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  #4 (permalink)
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ttibsen View Post
I must confess that I am astounded by the technical aspect of questions such as these.

<< If the MACD is above the zero line and the signal then paint the price bar green >>

The question - which I freely admit that I do not understand in the least - delves into
a degree of intricacy which I have to question. Does knowing all this minutiae really
give you any edge at all over establishing your position based on a perceived trend,
placing a protective stop and then hoping things go as you though they would? I am
new to the T or S platform and so far I love it just for the robust order set they give
you. It's hard to find any online broker that gives you the same order set. But I have
to look at the technical analyses with a jaundiced eye and I have to wonder whether
all these studies and indicators are worth the time.

It's just an easier way to visualize when the MACD is above the zero line and the signal line on the upper chart. That's it. It's not used solely for an entry or exit strategy. For me this minutiae is very important because it allows me to make decisions faster which is critical for my trading style. I hope this helps you to understand the technical aspect of questions such as these.

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  #5 (permalink)
Market Wizard
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ttibsen View Post
... I have to question. Does knowing all this minutiae really
give you any edge at all ...

no but if you stare at a chart all day may as well make it look nice.

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  #6 (permalink)
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It's subtle jabs like this that discourage newer people from posting to forums like this. Thanks a lot for the warm welcome guys! I'm sure Big Mike would be proud!

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  #7 (permalink)
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stockdisk View Post
hi i have this indicator (using on Ninja 7 beta 22)which paints bar with relationship of MACD with Avg and zero line .If macd is above BOTH zero line & avg ,it paints the chart bars as green bars ,if MACD is below BOTH zero line & avg ,it paints the chart bars as Red bars ,otherwise white bars.

if some body modify the code so that when histogram is below zero line it plot red above zero its plot green.

will apprrciate
thanks

This is what I am really looking for, but for ThinkOrSwim instead of Ninja Trader. If i phrased something wrong when I started the thread this should hopefully clear it up.

Thanks to anyone willing to help me out

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  #8 (permalink)
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Thanks for clarifying that but I have to tell you that I am dubious as to the value of all this stuff. It would seem to me that you need a Ph.D. in math to utilize it successfully and even then I'm not sure that it makes a significant difference.

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  #9 (permalink)
1.Fibs 2.??? 3.Profit
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WorstTraderEver View Post
This is what I am really looking for, but for ThinkOrSwim instead of Ninja Trader. If i phrased something wrong when I started the thread this should hopefully clear it up.

Thanks to anyone willing to help me out

If I understood right the first part of the quote :

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This is the addition to the end of the stock MACD study:

input PaintBars = Yes;

assignPriceColor (if !PaintBars then Color.CURRENT else if Value >= 0 and Value > Avg[1] then color.Green else if Value <=0 and Value < Avg[1] then color.Red else color.White);


Value is the MACD line, so if the value is above zero, and the value is above the avg then green; and the inverse for red, else white.

Here is all of the code:

 
Code
declare lower;

input fastLength = 12;
input slowLength = 26;
input MACDLength = 9;
input averageType = AverageType.EXPONENTIAL;

plot Value = MovingAverage(averageType, close, fastLength) - MovingAverage(averageType, close, slowLength);
plot Avg = MovingAverage(averageType, Value, MACDLength);

plot Diff = Value - Avg;
plot ZeroLine = 0;

Value.SetDefaultColor(GetColor(1));
Avg.SetDefaultColor(GetColor(8));
Diff.SetDefaultColor(GetColor(5));
Diff.SetPaintingStrategy(PaintingStrategy.HISTOGRAM);
Diff.SetLineWeight(3);
Diff.DefineColor("Positive and Up", Color.GREEN);
Diff.DefineColor("Positive and Down", Color.DARK_GREEN);
Diff.DefineColor("Negative and Down", Color.RED);
Diff.DefineColor("Negative and Up", Color.DARK_RED);
Diff.AssignValueColor(if Diff >= 0 then if Diff > Diff[1] then Diff.Color("Positive and Up") else Diff.Color("Positive and Down") else if Diff < Diff[1] then Diff.Color("Negative and Down") else Diff.Color("Negative and Up"));
ZeroLine.SetDefaultColor(GetColor(0));


input PaintBars = Yes;

assignPriceColor (if !PaintBars then Color.CURRENT else if Value >= 0 and Value > Avg[1] then color.Green else if Value <=0 and Value < Avg[1] then color.Red else color.White);

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  #10 (permalink)
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ttibsen View Post
Thanks for clarifying that but I have to tell you that I am dubious as to the value of all this stuff. It would seem to me that you need a Ph.D. in math to utilize it successfully and even then I'm not sure that it makes a significant difference.

It may not help others, but it certainly will help me. Best of luck!

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