New Paint Indicator vs Keltner or Bollinger Bands

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mobelby
Last seen: 6 years 5 months ago
Joined: 11/07/2015 - 20:39
New Paint Indicator vs Keltner or Bollinger Bands

Hi Chad,

The new options in the paint indicator are certainly very interesting but I had a question when I was seeing if I could apply them to price approaching a Keltner or Bollinger Band.

If, for example, one has the Keltner or Bollinger Bands visible on a chart (eg via the MA indicator), what is the easiest way to paint those bands as price approaches and then breaks the band extreme ?

I was wondering if the new gradient coloring present in the Paint Indicator could in some way be used in the Keltner or Bollinger Band to eg change its color from a dull color such as a light gray to a highly visible color or even greater width on the approach ?

Cheers

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cpayne
Last seen: 1 year 1 month ago
Joined: 03/30/2009 - 00:00
Painted Bollinger

Here is one way to do that, with Bollinger: https://www.linnsoft.com/charts/paintedbollinger-es

I just drew bands from lower to upper bollinger, and used essentially a bollinger retracement custom indicator with this syntax...

100 * (CL - BOLD) / (BOLU - BOLD)

which computed the retracement level of close price between lower and upper bollinger.  Then did a gradient shading on that from -20 to 120 (with background blend, going towards background color of white when in middle at 50%).  Let me know if you would like any adjustements to this.

mobelby
Last seen: 6 years 5 months ago
Joined: 11/07/2015 - 20:39
Thanks, that formula is

Thanks, that formula is simple and useful.
Lot of imaginative ways to do it so thanks

cpayne
Last seen: 1 year 1 month ago
Joined: 03/30/2009 - 00:00
Painted Dots

Here is another approach, using 2 instances of PI, one for upper and one for lower, and coloring and sizing the dots based on proximity to upper/lower bands.

https://www.linnsoft.com/charts/paintedbollingerdots-es

cpayne
Last seen: 1 year 1 month ago
Joined: 03/30/2009 - 00:00
More Painted Dots

Or without the border...

https://www.linnsoft.com/charts/paintedbollingerdotsnoborder-es

Nice effect as the dots basicaly blend away into background when not close/relevant...

mobelby
Last seen: 6 years 5 months ago
Joined: 11/07/2015 - 20:39
Thanks.

Thanks.
This one's my favorite and I've adapted it to test out on my screens