TREND barcolors
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.
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.
study(title="TREND barcolors", overlay = true) // DONCHIANS // 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)