Color Bars
Click the Color Bars button from the main button bar to show the Color Bars
panel.
The software will scan a chart for the selected test criteria and color the chart bars depending on the outcome.
A Bullish color (up) or Bearish color (down) will be assigned to bars that match the test criteria.
Select Normal from the Color Bars drop down list to change the chart bars back to the normal bar color. Place a check mark in the Price checkbox to color the chart bars.
Place a check mark in the Volume checkbox to color the volume bars. You can check one, both, or neither of the checkboxes.
The default colors can be changed by selecting Set-Up | Charts from the menu.
The Color Bars drop-down list will highlight the Color Bar study that is currently in use on the chart.
The following color bar selections are available.
Close Outer 10%: Chart bars that have a closing price in the top 10% of the bar will be colored with the bullish test color. Bars that have a closing price in the bottom 10% of the bar will be colored with the bearish test color. All other bars will be colored with the normal bar color.
Close Outer 25%: Chart bars that have a closing price in the top 25% of the bar will be colored with the bullish test color. Bars that have a closing price in the bottom 25% of the bar will be colored with the bearish test color. All other bars will be colored with the normal bar color.
Close vs. Open: Chart Bars that have a Close price that is higher than the Open price will be colored with the bullish test color. Chart Bars that have a Close price that is lower than the Open price will be colored with the bearish test color.
Day by Day: This Color Bar study should be used with Intraday chart times. The color of the bars will alternate at the completion of each day. This is used to quickly see what bars are included with each calendar day.
Dunnigan: This Color Bar will color bars that have a Higher High and Higher Low with the Bullish color. Lower Lows and Lower Highs will be colored with the Bearish color. Outside bars will be colored with the 3rd Color Bar color. Inside bars will be colored with the 4th Color Bar color.
Full Moons: This Color Bar study will color the bars from Full Moon to Full Moon with the same color.
Gap: Chart Bars will be colored with the bullish test color if the Low of the bar is greater than the previous bar's High. This creates an unfilled gap. Chart bars will be colored with the bearish test color if the High of the bar is less than the previous bar's Low. This also creates an unfilled gap.
Gap Open: Chart Bars will be colored with the bullish test color if the Open of the bar is greater than the previous bar's High. However, the gap may have been filled by the bar's Low. Chart bars will be colored with the bearish test color if the Open of the bar is less than the previous bar's Low. The gap may have been filled by the bar's High.
Hour by Hour: This Color Bar study should be used with Intraday chart times. The color of the bars will alternate at the completion of each hour. This is used to quickly see what bars are included in each hour of trading.
Island Reversal: Chart Bars that have been stranded by a gap up and then a gap back down on the next bar will be colored with the bearish color. Chart Bars that have been stranded by a gap down and then a gap back up on the next bar will be colored with the bullish color.
Key Reversal Pair: Chart Bars that close near the High of the bar, and are followed by a bar that closes near the Low are called a reversal pair. These bars will be colored with the bearish color. Chart Bars that close near the Low of the bar, and are followed by a bar that closes near the High will be colored with the bullish test color.
Large/Small Range: Chart Bars that have a range (High-Low) greater than 1.618 times the average range of the last 5 bars will be colored with the bullish test color. Chart Bars that have a range smaller than .382 times the average range of the last 5 bars will be colored with the bearish test color.
Large/Small Volume: Chart Bars that have a volume greater than 1.618 times the average volume of the last 5 bars will be colored with the bullish color. Chart Bars with volume less than .382 times the average volume of the last 5 bars will be colored with the bearish color.
Major Trends: Chart Bars that are included in a Major up trend will be colored with the bullish test color. Chart Bars that are included in a Major down trend will be colored with the bearish test color. A Major Trend High turning point is determined by having four bars before and four bars following that all have lower highs than the turning point. A Major Trend Low turning point is determined by having four bars before and four bars following that all have higher lows than the turning point. A turning point cannot be identified until 4 bars after the fact. Once a top and bottom turn are identified, all bars between the two turns are colored as a trend.
Minor Trends: Chart Bars that are included in a Minor up trend will be colored with the bullish test color. Chart Bars that are included in a Minor down trend will be colored with the bearish test color. A Minor Trend High turning point is determined by having two bars before and two bars following that all have lower highs. A Minor Trend Low turning point is determined by having two bars before and two bars following that all have higher lows.
Minute by Minute: This Color Bar study should be used with 'Tick' charts. The color of the bars will alternate at the completion of each minute. This is used to quickly see what trades are included in a minute of trading.
Month by Month: This Color Bar study should be used with Daily, Weekly, or Monthly charts. The color of the bars will alternate at the completion of each month. This is used to quickly see what bars are included with each month of trading.
Moon Phases: This Color Bar study will color the bars based on the Phases of the Moon (New Moon, First Quarter Moon, Full Moon, Third Quarter Moon). This is most useful on a daily chart.
Narrow Range 7: This Color Bar study will color the bars that have a
price range that is either the largest or the smallest in comparison to the
preceding 6 bars.
Net Change: Chart Bars that have a Close price that is higher than the previous bar's Close will be colored with the bullish test color. Chart Bars that have a Close price that is lower than the previous bar's Close will be colored with the bearish test color. If the closing price is the same, then the normal color for the bar will be used.
Normal: Remove the Color Bar study and change the chart bars back to the normal bar color.
Open Outer 20%: Chart bars that have an Opening price in the top 20% of the bar will be colored with the bearish test color. Bars that have an Opening price in the bottom 20% of the bar will be colored with the bullish test color. All other bars will be colored with the normal bar color.
Outside/Inside Bars: An outside bar's High price is higher than the previous bar's High, and has a Low that is lower than the previous bar's Low. An inside bar's High is lower than the previous bar's High, and its Low is higher than the previous bar's Low. Outside bars will be colored with the bullish color. Inside bars will be colored with the bearish color.
Small Trends: Chart Bars that are included in a Short term up trend will be colored with the bullish test color. Chart Bars that are included in a Short term down trend will be colored with the bearish test color. A Small Trend High turning point is determined by having one bar before and one bar following that both have lower highs. A Small Trend Low turning point is determined by having one bar before and one bar following that both have higher lows.
Trends: Chart Bars that are included in an up trend will be colored with the bullish test color.
Chart Bars that are included in a down trend will be colored with the bearish test color.
Turning Points: Chart Bars that have a High greater than or equal to the previous bar's high, and greater than the following bar's high, will be colored with the bearish color. Chart Bars that have a Low less than or equal to the previous bar's low, and less than the following bar's low, will be colored with the bullish color.
Volume Increase/Decrease: Chart Bars that have an increase in volume when compared to the previous bar will be colored with the bullish color. Chart Bars that have a decrease in volume will be colored bearish.
Week by Week: This Color Bar study should be used with Daily charts. The color of the bars will alternate at the completion of each week. This is used to quickly see what bars are included with each week of trading.
Weekly High/Low: The bar that contains the high for the week will be colored with the bearish test color. The bar that contains the low for the week will be colored with the bullish test color. If one bar contains both the high and the low for the week, then it will be colored with the overlay color.
Year by Year: This Color Bar study should be used with Daily, Weekly, or Monthly charts. The color of the bars will alternate at the completion of each month. This is used to quickly see what bars are included with each month of trading.
User-Defined Color Bars
The ESPL programming language can be used to program User-Defined Color Bar studies.
Select Help | ESPL Contents to view documentation for programming User-Defined Color Bars.
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