Edgar Kraut proposed this simple colored volume bars strategy for swing trading.
This is how the colors are determined: - If today’s closing price and volume are greater than 'n' days ago, color today’s volume bar green. - If today’s closing price is greater than 'n' days ago but volume is not, color today’s volume bar blue. - Similarly, if today’s closing price and volume is less than 'n' days ago, color today’s volume bar orange. - If today’s closing price is less than 'n' days ago but volume is not, color today’s volume bar red.
Buy the green or blue volume bars, use a 1% trailing stop, and stand aside on red or orange bars.
As you see, this is more for entry confirmation. I have not tested this on any instrument.
You may have to tune the lookback period for your instrument. Default is 10.
what do you mean by loopback? sorry I am new to this
numb3rs311
⋅
@CryptoGreedy, look back... how far you look back to compare aka "n"
LalmiIbrahim
⋅
I need this indicator on mt4 forma i really like it please help me !!
QuantitativeExhaustion
⋅
How about Colored Candles with Colored Bars?
LazyBear
⋅
Add the following 2 lines to the end of the script.
ebc=input(true, title="Enable bar colors")
barcolor(ebc?c:na)
LalmiIbrahim
⋅
@LazyBear, I need this indicator on mt4 forma i really like it please help me !!
Dutchinvestor
⋅
Interesting script and made a small adjustments in your script. 1) option to input a different lookback period for price and volume. 2) added an option to turn the lookback period for volume into a moving average period for volume.
@MarxBabu, I can show a screenshot but I am not changing LazyBear's scripts because I respect his work very much. I will show you my input screen for the modifications I have made for myself. All credits goes to LazyBear for creating many great scripts that taught me a lot about the pine script language. imgur.com/a/r72nc5Y