Trade Station Strategies

Simple and Effective Strategies

10+23 Volume Gradient+Heikin Ashi Trend

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.