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!

[Soultrader]

Thank you GCB for your contribution. I will check this out.

[GCB]

Here's the latest version. I changed it so it only puts up volume on up candles, close > open, and down volume on down candles, close < open.

[Robert2617]

You have had a great idea... Thanks!

I wonder if there would be a way to show the volume like a thermometer on each candle? If you could use up volume on all candles but show it like water in a drinking glass? The difference would be down volume. That would be special.

[rickv]

When I downloaded the indicator to test - How do I change it from a open close chart to candle stick as you show in the example?

[Robert2617]

Your trading platform should have a toggle button. TS's toggle is at the top right.

[GCB]

Guys,

Thanks for your interest in this indicator.

Here's a new version. It adds an input that allows you turn off the trend indicator and just paint normal up and down bars albeit with the volume shadings.

Also, IMPORTANT, I 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);

Without this you will have problems with similar relative volumes showing inconsistent shading between the up and the down versions.

Please note that you have to delete the indicator and re-add it after installing the new version or it will use your old color settings.

[Robert2617]

GCB, just so I understand how to use this correctly, the winner of the up/down volume battle gets the candle. And... if the winner won the candle overwhelmingly, the color is darker. Light color for a close call.

Is that correct? I think I like it better without the trend. You have done a great job with this. Two thumbs up!