With Tradesignal and its formula language Equilla you can create virtually any indicator and trading strategy. In this issue we would like to show you how specific market situations can be shown graphically on the chart. This makes your analysis more efficient and comfortable, at the same time you can discover new patterns in the market and back test them later.
TREND BAR INDICATOR.
The Trend Bar Indicator colours a bar chart depending on its current situation and trend, thus ensuring a better overview in chart analysis. A simple moving average (SMA) serves as input for the definition of the trend. Of course, it is possible to use any desired trend indicator, or even a combination of several indicators. You can easily modify the Equilla code contained in the workspace to suit your needs.
By default, a bar chart is coloured green when the price moves above its 200-period SMA. If the price is below the SMA, the bars turn red. The colour feature is made possible by the use of the Drawbar command in Equilla.