Colored Volume Bars [LazyBear]

צפיות ‎35624‎
35624 23
Edgar Kraut proposed this simple colored volume bars strategy for swing trading.

This is how the colors are determined:
- If today’s closing price and volume are greater than 'n' days ago, color today’s volume bar green.
- If today’s closing price is greater than 'n' days ago but volume is not, color today’s volume bar blue.
- Similarly, if today’s closing price and volume is less than 'n' days ago, color today’s volume bar orange.
- If today’s closing price is less than 'n' days ago but volume is not, color today’s volume bar red.

Buy the green or blue volume bars, use a 1% trailing stop, and stand aside on red or orange bars.

As you see, this is more for entry confirmation. I have not tested this on any instrument.

You may have to tune the lookback period for your instrument. Default is 10.

More info:
"A color-based system for short-term trading" -

List of all my indicators:
הסר מסקריפטים מועדפים הוסף לסקריפטים מועדפים
// @author LazyBear 
// List of all my indicators:
study("Colored Volume Bars [LazyBear]", shorttitle="CVOLB_LB")
c=	iff(p2>p1 and v2>v1, green, 
	iff(p2>p1 and v2<v1, blue,
	iff(p2<p1 and v2<v1, orange,
	iff(p2<p1 and v2>v1, red, gray))))
plot(v2, style=columns, color=c)
plot(showMA?sma(v2, lengthMA):na, color=maroon)
List of my free indicators:
List of my indicators at Appstore:
thank you for this script!
could it be modded to send individual alerts for any of the colors?
I have never written anything in pine. If anyone could post here or message me how this can be added that would be great.
Interesting script and made a small adjustments in your script. 1) option to input a different lookback period for price and volume. 2) added an option to turn the lookback period for volume into a moving average period for volume.
+1 השב
MarxBabu Dutchinvestor
@Dutchinvestor, @Dutchinvestor, can you share the screen shot and if any improvements here.
+1 השב
@MarxBabu, I can show a screenshot but I am not changing LazyBear's scripts because I respect his work very much. I will show you my input screen for the modifications I have made for myself. All credits goes to LazyBear for creating many great scripts that taught me a lot about the pine script language.
MarxBabu Dutchinvestor
@Dutchinvestor, thank you i checked it
+2 השב
Rh895 Dutchinvestor
@Dutchinvestor, what time frame do you use this tweek for? Day trade or swing trade? And how has it been working?
@Rh895, daily and weekly timeframes for swing trading. I have used this indicator briefly for confirmation on entries and exits. Worked better with an ATR stop than a fixed percentage stop on low volatility stock or indices.
what do you mean by loopback? sorry I am new to this
+11 השב
Loved it sir : )
+1 השב
I need this indicator on mt4 forma i really like it please help me !!
+10 השב
בית סורק מניות סורק מט"ח סורק מטבעות-קריפטו יומן כלכלי סדרות איך זה עובד‏ תכונות גרף מחירון הפנה חבר חוקי הבית מרכז תמיכה כלים לאתרים וברוקרים יישומונים פתרונות גרפיים ספריית גרפים קלי משקל בלוג וחדשות טוויטר‏
פרופיל הגדרות פרופיל חשבון וחיוב הפנה חבר לשוניות התמיכה שלי מרכז תמיכה רעיונות שפורסמו עוקבים עוקב אחרי... הודעות פרטיות צ'אט התנתק