OPEN-SOURCE SCRIPT
macBar is a script for displaying the trend with colored bars
This script is based on educational materials I received at a webinar by Jeffrey Kennedy of Elliott Wave International. I didn't find such a script in the Tradingview library, so I wrote it myself.
This is a simple script that colors the bars depending on where the price is and its extremes relative to a simple moving average.
The green bars say the market is bullish.
The gray bars indicate that the market is neutral.
The red bars say the market is bearish.
In the script, you can change the period of the simple moving average, by default it is 10.
This is a simple script that colors the bars depending on where the price is and its extremes relative to a simple moving average.
The green bars say the market is bullish.
The gray bars indicate that the market is neutral.
The red bars say the market is bearish.
In the script, you can change the period of the simple moving average, by default it is 10.
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 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.