Trend Risk Indicator

[Apprentice]

T3Trend Bands Indicator Spin-off
viewtopic.php?f=17&t=3128&p=7347&hilit=t3+trendbands#p7347
Based on request
viewtopic.php?f=27&t=60979

Will indicate N consecutive closing Over Top line
Under The Bottom Line or Within channel.

TrendRisk indicator.lua

(4.92 KiB) Downloaded 1394 times

The indicator was revised and updated

[Fx4mt.com]

Thanks a bunch Apprentice!! Excellent work. I really, really appreciate it!

I made a couple minor tweaks to get it set up most like the actual TrendRisk indicator. I will attach for those that are interested.

TrendRisk = count of bars 12
Deviation 1.8

Thanks a bunch!!

[Fx4mt.com]

Would it be possible to have a candlestick wick color option? For example, top side wick red, bottom side wick green? This referring to wicks only, not the actual candle. Is this possible?

Thanks a bunch

[Apprentice]

You can simply paint the entire candle.
open:setColor(period, Color);

Dyeing of wicks is possible.
But it is a bit tricky and advanced programming requirements.
U can draw two vertical lines.
First from math.max (open,close) to High
Second From math.min (open,close) to Low

[amine.dechemi]

Hello
can i have a formula please ;

[Apprentice]

Code: Select all

SmoothPrice[period]=(SmoothPrice[period-1]*(BandBars-1)+source.close[period])/BandBars;
    SmoothRange[period]=(SmoothRange[period-1]*(BandBars-1)+source.high[period]-source.low[period])/BandBars;
 
    Top[period]=SmoothPrice[period]+SmoothRange[period]*Deviation;
    Bottom[period]=SmoothPrice[period]-SmoothRange[period]*Deviation;

if source.close[i]< Top[i] then Color[i] = Up;
if source.close[i]> Bottom[i] then Color[i] = Down
else  Color = Neutral



This is a simplified version.
The complete algorithm is available within Indicator Code.

[amine.dechemi]

very good
merci

[Apprentice]

Mq4 version is available here.
viewtopic.php?f=38&t=61722

[Thumper]

Apprentice can you please create a third line for Trendrisk123 that is exactly between the two existing lines. Also can you make it that the user can choose a dotted line for this new middle line and have at the same time a full line for the top and bottom existing lines? Also the user can choose a different colour for each of the 3 lines. Thanks mate! Rob

[Apprentice]

The indicator was revised and updated.