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LinkBack (3) | Release Tools | Display Modes |
03-18-2007, 04:40 PM
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Volume Gradient + Heikin Ashii Trend Indicator
In the spirit of the current interest in volume-based indicators, I wrote this TradeStation hybrid of Volume Gradient and Heikin Ashii Trend. It will create a chart with two distinct ranges of colors. One color range, defaulted to green, indicates an uptrend--the other, defaulted to red, indicates a downtrend. The relative darkness of each color reflects the amount of volume in a particular bar relative to a previous sample average. The number of bars in the sample both for determining the...
Last edited by GCB; 03-18-2007 at 04:48 PM. 
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By
Anonymous
on
03-30-2007, 01:54 PM
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Re: Volume Gradient + TTM Trend Indicator
GCB;
While VSA makes different assumptions about volume, I must say that this is a great idea. I commend you on your work. Would love to see more charts and then of course......trading ideas/set-ups that this tool brings about. |
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By
Robert2617
on
03-30-2007, 02:24 PM
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Re: Volume Gradient + TTM Trend Indicator
Here are a couple screens. With and without trend enabled.
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By
Anonymous
on
03-30-2007, 03:27 PM
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Re: Volume Gradient + TTM Trend Indicator
GCB:
1. Am I correct in thinking this tool has elements of Market Delta within it? 2. Can you code it up for MetaStock (without TTM version)? I think this could create a powerful way to view PRICE ACTION. Very nice. Just goes to show the quality of members on this forum. |
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By
GCB
on
03-31-2007, 09:59 PM
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Re: Volume Gradient + TTM Trend Indicator
2. I don't know MetaStock but I'll include the TS EasyLanguage code below and if you can find someone to translate that would be fine. The TTM feature is optional. Thanks very much for the compliment. I actually do use this now. I still keep a volume delta on the screen as well, for a detailed view of volume. But putting the volume right on the price bar as this does has really helped keep me focused on the volume aspect of what is going on. If you look at the attached screen shot of Friday's action the breakdown with volume from the morning range at around 10:25 CT is clearly seen, as well as the the meager retracement from 10:32-40. I actually got short at 12396 and rode half down to 12315. I wish I could say I covered at 12315 but I didn't. But I still got a nice slice of the move. Below is the TS EL code for the indicatre with comments. { $P-Trend Volume Bars -- Paint bar study shows trend and volume density on price bars. Price = Calculation of price to be used to determine trend. e.g. Close, or, (High+Low+Close)/3) PriceLength = Number of price bars to look back to determine trend. VolLength = Number of volume bars to look back to determine volume trend. ShowTrend = Paint the bars showing the trend. If false, up bars are green, down are red. ShowVolume = Paint the bars show showing volume density. If false, all bars are the same density. UpHR, etc, = RGB color codes. This is a TradeStation hybrid of Volume Gradient and TTM Trend. It will create a chart with two distinct ranges of colors. One color range, defaulted to green, indicates an uptrend--the other, defaulted to red, indicates a downtrend. The relative darkness of each color reflects the amount of volume in a particular bar relative to a previous sample average. The number of bars looked at to determine the trend is determined by the input PriceLength, the number of bars for volume comparison, VolLength. Since PlotPaintBar takes RGB color numbers, to provide the full range of colors, the inputs to this indicator allow a completely customizable red, green and blue setting for each end of each color range. For example, UpHR = The uptrend, high volume red component, UpHG = the uptrend, high volume green component, and so forth. DnLB = the downtrend, low volume blue component, and so forth. You can use any typical Windows color selection dialog box to select colors and find out the Reg, Green, Blue component numbers for the color. I suggest using washed-out colors for the low volume colors and rich colors in the same basic color for the high volume colors. For example, faded pink to deep red. But of course you can do whatever makes sense to you and looks good to your eye. But be aware, I've discovered that for the colors to show consistent density they must parallel each other. This is hard to explain, but if you look at the settings below you can see what I mean. UpHR(0), UpHG(135), UpHB(0), UpLR(205), UpLG(255), UpLB(205), DnHR(135), DnHG(0), DnHB(0), DnLR(255), DnLG(205), DnLB(205); Note that the algorithm used for determining trend is not exactly the same as TTM trend, but the results are pretty much the same.) } inputs: Price((High+Low+Close)/3), PriceLength (18), VolLength(30), ShowTrend(true), ShowVolume(true), UpHR(0), UpHG(135), UpHB(0), UpLR(205), UpLG(255), UpLB(205), DnHR(135), DnHG(0), DnHB(0), DnLR(255), DnLG(205), DnLB(205); variables: MA(0), HighColor(0), LowColor(0), Color(0), UpVol(0), DownVol(0), TotVol(0); MA = XAverage (Price, PriceLength); if BarType >= 2 then { ie, not tick/minute data } begin UpVol = Volume; DownVol = Volume; end else { if tick/minute data } begin UpVol = UpTicks; DownVol = DownTicks ; end; TotVol = UpVol + DownVol; if ShowTrend then begin if MA > MA[1] then begin HighColor = RGB(UpHR, UpHG, UpHB); LowColor = RGB(UpLR, UpLG, UpLB); end else begin HighColor = RGB(DnHR, DnHG, DnHB); LowColor = RGB(DnLR, DnLG, DnLB); end; end else begin if Close > Open then begin HighColor = RGB(UpHR, UpHG, UpHB); LowColor = RGB(UpLR, UpLG, UpLB); end else begin HighColor = RGB(DnHR, DnHG, DnHB); LowColor = RGB(DnLR, DnLG, DnLB); end; end; if ShowVolume then begin if High > Low then Color = NormGradientColor(UpVol, false, VolLength, HighColor, LowColor) else if High < Low then Color = NormGradientColor(DownVol , false, VolLength, HighColor, LowColor) else Color = NormGradientColor(TotVol, false, VolLength, HighColor, LowColor); end else Color = HighColor; PlotPaintBar(High, Low, Open, Close, "MATrendUp", Color); |
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By
keymoo
on
04-07-2007, 08:29 AM
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Re: Volume Gradient + TTM Trend Indicator
For people that are having issues with the candlesticks getting painted, I trawled through all the options in tradestation and managed to solve the problem. It's a setting.
On the view menu select 'Chart analysis preferences...'  Then select the General Tab. On the general tab ensure that 'When a study paints a candlestick bar, paint the body and wick' is checked.  |
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LinkBacks (?)
LinkBack to this Thread: http://www.traderslaboratory.com/forums/f46/volume-gradient-heikin-ashii-trend-indicator-1438.html
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| jadedragon's bookmarks tagged with | This thread | Refback | 01-24-2008 01:01 AM | |
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| Traders Laboratory | This thread | Refback | 03-20-2007 02:30 PM | |
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