OPEN-SOURCE SCRIPT
Updated Trendy Bar Trend Color
Trendy Bar Trend Color
Inspired by trend candlestick charts on other trading platforms. Changes bar colors to stay in trend much like Heikin Ashi candles without the ATR price distortion. This is done by comparing the HL2 and/or Open-Close values of current candlestick to the prior candlestick.
Inspired by trend candlestick charts on other trading platforms. Changes bar colors to stay in trend much like Heikin Ashi candles without the ATR price distortion. This is done by comparing the HL2 and/or Open-Close values of current candlestick to the prior candlestick.
Release Notes
Cosmetic only, experimental, not intended for use with tradingUpdate to script:
- updated the Heikin Ashi calculation for trend coloration
- Added ability to plot different bar types: High-Low bars without wicks or open & close data, or plot Open-Close bars without wicks
- Option to only color the existing candlesticks instead of plotting different candlestick types
- Experimenting with simple ability to highlight possible tops & bottoms of a trend; though it chases trends in live trading. Be careful
- Experimenting with ability to grey-out consolidation ranges
If you wish to use the different candlestick types, it's advised to hide the existing candlesticks via chart options
Chart with High-Low bars and tops & bottoms highlighted:
Chart with High-Low bars, tops & bottoms highlighted, and consolidations painted grey:
Release Notes
Edit 3:Corrected Heikin Ashi calculation (again)
Open-source script
In true TradingView spirit, the creator of this script has made it open-source, so that traders can review and verify its functionality. Kudos to the author! While you can use it for free, remember that republishing the code is subject to our House Rules.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Open-source script
In true TradingView spirit, the creator of this script has made it open-source, so that traders can review and verify its functionality. Kudos to the author! While you can use it for free, remember that republishing the code is subject to our House Rules.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.