LBR Paintbars [LazyBear] — Indicator by LazyBear

lazybear custom indicators paintbars candlestick

Added coloring of LB bars above/below Keltner Channel (as suggested by user @20813 below in the comments).

Updated code:

See comments section below for a sample chart. Copy the code from the pastebin above and update your local copy (TV doesn't allow me to update an already published code -- yet!).

Added features:
- Switch ON/OFF KC
- Mark LB bars above/below KC

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The LBR PaintBars indicator changes the colour of the price bars based on the trend direction (derived from price & volatility bands). This is mostly used as a confirmation indicator.

For the Pine coders: I suggest trying stdev() in lieu of atr()...some wild combinations can be derived from this simple idea :)

Indicator supports the following options:
- Switching on/off volatility bands
- Switching on/off LBR colors (lime/maroon).
- Color non-LBR bars (blue).

Thanks @mseaworthy for pinging me with this idea.

Complete list of my indicators:
-----------------------------

List of my free indicators: bit.ly/1LQaPK8
List of my indicators at Appstore: blog.tradingview.com/?p=970

Open-source script

In true TradingView spirit, the author of this script has published it open-source, so traders can understand and verify it. Cheers to the author! You may use it for free, but reuse of this code in a publication is governed by House Rules. You can favorite it to use it on a chart.

Disclaimer

The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.

Want to use this script on a chart?

//
// @author LazyBear 
// List of all my indicators: 
// https://docs.google.com/document/d/15AGCufJZ8CIUvwFJ9W-IKns88gkWOKBCvByMEvm5MLo/edit?usp=sharing
//
study("LBR PaintBars [LazyBear]", overlay=true, shorttitle="LBRBARS_LB")
lbperiod = input (16, title="HL Length")
atrperiod = input(9, title="ATR Length")
mult = input (2.5, minval=0, title="ATR Multiplier")
bcf = input(true, title="Color LBR Bars?")
mnlb=input(false, title="Color non LBR Bars?" )
svb=input(false, title="Show Volatility Bands?")
aatr = mult * sma(atr(atrperiod), atrperiod) 
b1 = lowest(low, lbperiod) + aatr 
b2 = highest(high, lbperiod) - aatr 
uvf =  (close > b1 and close > b2)
lvf = (close < b1 and close < b2 )
uv = plot(svb?b2:na, style=line, linewidth=3, color=red, title="UpperBand")
lv = plot(svb?b1:na, style=line, linewidth=3, color=green, title="LowBand")
bc = (bcf ? uvf ? lime : lvf ? maroon : mnlb?blue:na : (not (uvf or lvf) and mnlb ? blue : na ) )
barcolor(bc)