TREND barcolors

6367 4
The Donchian values are basically from Ed Sekoytas original statistical run, that gave the values 30 & 120 (aren't as relevant today, but still packs a punch).
The idea of this code is just to take that 30, add a very simple inset of it, with ATR, and color code the bar Green or Red to indicate the direction of the trend. When a new break of the 120 line, (thick line) higher or lower, it typically indicates a bigger bias towards the trend.
It's my first publish, and so a very simple easy to understand system.

Use at your own risk. I cannot be held liable for any damages financial or otherwise, directly or indirectly related to using this script.
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study(title="TREND barcolors", overlay = true)


// Donchian
length = input(30, minval=1)
lower = lowest(length)
upper = highest(length)
out3 = security(tickerid, 'W', lower)
out4 = security(tickerid, 'W', upper)
l = plot(out3, color=red)
u = plot(out4, color=lime)

// Donchian now
length3 = input(120, minval=1)
lower3 = lowest(length3)
upper3 = highest(length3)
// l4 = plot(lower3, color=red)
// u4 = plot(upper3, color=lime)

// Donchian inner
length2 = input(30,minval=1)
t = input(1.8, type=float)
lower2 = lowest(length2)+(atr(50)*t)
upper2 = highest(length2)-(atr(50)*t)
// l2 = plot(lower2, color=red, offset=3)
// u2 = plot(upper2, color=lime, offset=3)

// Donchian
length1 = input(120, minval=1)
lower1 = lowest(length1)
upper1 = highest(length1)
basis1 = avg(upper1, lower1)
out5 = security(tickerid, 'W', lower1)
out6 = security(tickerid, 'W', upper1)
l1 = plot(out5, color=red, linewidth=2)
u1 = plot(out6, color=lime, linewidth=2)

Trending() => close > upper2
Trendinglower() => close < lower2

barcolor(Trending() ? lime : Trendinglower() ? red : na)

does it repaint?
+1 Reply
This is great - just what I needed to filter out some noisy signals. Thanks!
hi Johan. Great indicator. Can you please code an indicator that simply colours the bars based on average open and close values.
If average open for N bars is > average close for N bars, the bars are green and vice versa.
+2 Reply
johan.gradin MohitMarwaha
Absolutely boss! I'll get right on it :p
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