Added coloring of LB bars above/below Keltner Channel (as suggested by user @20813 below in the comments).
Updated code: pastebin.com/AhVQ1FBn.
See comments section below for a sample chart. Copy the code from the pastebin above and update your local copy (TV doesn't allow me to update an already published code -- yet!).
Added features:
- Switch ON/OFF KC
- Mark LB bars above/below KC
----------------------------------------------------------------------
The LBR PaintBars indicator changes the colour of the price bars based on the trend direction (derived from price & volatility bands). This is mostly used as a confirmation indicator.
For the Pine coders: I suggest trying stdev() in lieu of atr()...some wild combinations can be derived from this simple idea :)
Indicator supports the following options:
- Switching on/off volatility bands
- Switching on/off LBR colors (lime/maroon).
- Color non-LBR bars (blue).
Thanks @mseaworthy for pinging me with this idea.
Complete list of my indicators:
-----------------------------
docs.google.com...ByMEvm5MLo/edit?usp=sharin...
List of my free indicators: bit.ly/1LQaPK8
List of my indicators at Appstore: blog.tradingview.com/?p=970
List of my indicators at Appstore: blog.tradingview.com/?p=970
// // @author LazyBear // List of all my indicators: // https://docs.google.com/document/d/15AGCufJZ8CIUvwFJ9W-IKns88gkWOKBCvByMEvm5MLo/edit?usp=sharing // study("LBR PaintBars [LazyBear]", overlay=true, shorttitle="LBRBARS_LB") lbperiod = input (16, title="HL Length") atrperiod = input(9, title="ATR Length") mult = input (2.5, minval=0, title="ATR Multiplier") bcf = input(true, title="Color LBR Bars?") mnlb=input(false, title="Color non LBR Bars?" ) svb=input(false, title="Show Volatility Bands?") aatr = mult * sma(atr(atrperiod), atrperiod) b1 = lowest(low, lbperiod) + aatr b2 = highest(high, lbperiod) - aatr uvf = (close > b1 and close > b2) lvf = (close < b1 and close < b2 ) uv = plot(svb?b2:na, style=line, linewidth=3, color=red, title="UpperBand") lv = plot(svb?b1:na, style=line, linewidth=3, color=green, title="LowBand") bc = (bcf ? uvf ? lime : lvf ? maroon : mnlb?blue:na : (not (uvf or lvf) and mnlb ? blue : na ) ) barcolor(bc)