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 trend and the average volume is the same and is set by the input parm Length.

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. (See the sample picture.)

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.

(Note that the algorithm used for determining trend is not exactly the same as TTM trend, but the results are pretty much the same.)

Hope this helps!

[rickv]

Rob,

No still only paints OHLC - works great but no go on the candles - I also tried the default Volume Gradient and it does the same thing. I will look to upgrade to ver 8.2 over the weekend and not migrate existing data. Fresh install and I will manually move everything back in. Hopefully that will fix it. What version are you on hence it works for you?

[Robert2617]

TS 8.2 v3863. I think there is one newer version but that was for MS Vista, I'm pretty sure.

[keymoo]

Doesn't work for me either and I'm on TS82. v3863. Screenshot attached of candle vs. bar chart.

Any ideas GCB?

[GCB]

Originally Posted by keymoo »

Doesn't work for me either and I'm on TS82. v3863. Screenshot attached of candle vs. bar chart.

Any ideas GCB?

keymoo,

That is so weird. I have no idea right now. The function which does the work is NormGradientColor(), everything else about the indicator is pretty basic.

I can't debug it because it's not happening to me. All I can suggest is to call TS.

But try the TS supplied paintbar indicator called Volume Gradient. They'd hesitate to to support mine, but they have to support their own.

G


Rick,

Send me your email addresss. The forum won't let me upload a workspace.

[keymoo]

Yes their volume gradient indicator does a similar thing on my charts.

[Anonymous]

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.

[walterw]

gcb : you can load a workspace on zip file...

[Robert2617]

Here are a couple screens. With and without trend enabled.