quick update to V3b.. still experimental and awaiting tester's feedback
1. Fix Typo (HL3 to HLC3), the calculation was correctly using HLC3.
2. trender will be yellow in the "no-trend" zone. Cyan when positive trend detected, and Magenta when negative trend is detected. you can still trade the no-trend zone, beside being more risky and unconfirmed, profit won't be as high as within a confirmed trend.
3. added an optional "weight factor" for the fast price action. this serves to magnify the short-term move vs the longer term trend (can be set to equal weight =1 in the study options)
my kids call this "the Rainbow" - so it's aka Rainbow Trender ..
all the best,
RedK
There seems to be a problem here: I uploaded the code as mahGradientColorBars2 but it is posting it without the 2 so I am not sure why it would do that. Easiest thing to do is just edit aligator's code.
I really like this indicator so hopefully aligator doesn't mind my version. I just like having my upcolors going green and downcolors colors going red. So if you are like me, then all you have to do is open the code and change 3 things in 2 lines;
Zondor was kind enough to go over my code for the SharkTrend and cleaned it up for me. I am not a programmer so I can assure you that this version is better than mine.
There is nothing really new in the coding here as all I did was create an indicator from the ZSharkTrendStoch that paints the background of price based on the ZSharktrendStoch being under 10 or greater than 90. I am more of a visual trader so if I can modify things into arrows, lines on price or whatever makes things easier for me to see, then that is what I do.
This is my modified version of the default VolumeAvg study in ThinkOrSwim.
the way my simple mind interprets volume move, i expect to see the volume bar Red for "down-days" (closing below the Open) and Green for "up-days" (Closing higher than Open).
Default logic in ToS's VolumeAvg study is different where volume bar color is based on trend, so compares today's close to yesterday's - or prior period's - close. Green of closes higher, red if closes below.
this quick customization enables me to switch between the 2 logics (Day vs Trend), default is "Day", so the Volume bar is colored based on period's open/close. (see a comparison in screenshot). you can use with any period or aggregation.
A double moving average has been added as an extra. i can see short-term (7 day EMA by default) volume vs long-term EMA(200 by default). for a better clue on sudden shifts in volume.
you can change settings for the study (Fast Period, Slow, and Volume Bias logic).
hope other fellow traders will find this as useful as i do,
RedK
since we practically care about the Net DI (difference between DI+ and DI-), which shows what price pressure is prevailing (buying vs selling) and causing the move, i removed the original lines, and replaced with a zero-base cloud that represents that Net Difference.
removed smoothing in calc from DI lines and Net difference. allowing it to act as a "relatively" leading indy for price move.
it's now easier to spot divergence between that net DI difference "cloud", and Price Action or ADX movement, suggesting current trend move maybe about to end or ease down. see attached screenshot.
This indicator is a Market Delta Oscillator. It plots Delta (Dark Gray and Silver), a fast HMA of Delta (Green and Red), a slow HMA of Delta (Cyan and Fuchsia), and the difference between the fast and slow HMA's.
The Moving Averages are colored based on whether they are rising or not. The difference is colored based on whether it is increasing or not. Market Delta is also colored based on whether it is increasing or not. You can turn off the Market Delta plot.
I have started a thread called Delta Oscillator Discussion where anyone can post comments or suggestions.
June 26th, 2013 10:15 PM Amsterdam Whale You're not THAT guy from Texas, are you? Lol, being silly, sorry. Thanks for cleaning up my market analyzer and improvin
g my charts all in one clean swipe! Always immensely grateful to everyone here choosing to share. Community makes this w
hole gig possible for me and as a guy now out of the workforce (my MS finally caught up with me to lay me out with a goo
d whallop) but with a two year old and a teenager to support on my own, we're talking life-saving stuff here guys. Not m
oaning, just want people to know that small efforts almost always have an outsized positive impact we're usually not awa
re of.
May 14th, 2013 09:13 PM jmont1 Great item - any chance the future might also allow a selection to also show on the chart? I know there are other syste
ms that show on chart but do not want two indicators making swame calculation. THANKS!
November 24th, 2012 08:21 PM Nowshad Useful....thanks a googol.
October 19th, 2012 03:24 PM jupiejupe what is the bar coloring indicator you are using, it makes a lot of logical sense