ZoneBars
Bill Williams Zone and Squat Bars. See New Trading Dimensions by Bill Williams, PhD.
Bars are green (green zone) when the Awesome Oscillator and Accelerater/Decelerator are both positive.
Bars are red (red zone) when the Awesome Oscillator and Accelerater/Decelerator are both negative.
Bars are blue when a squat bar is formed, these indicate a battle between bulls and bears and often happen near trend continuation or trend changes.
Caution: Assumes chart is a bar chart - not a candle chart.
Caution: Squat bars are accurate only with official exchange volume data - BATS data will give false squat bars.
Bars are green (green zone) when the Awesome Oscillator and Accelerater/Decelerator are both positive.
Bars are red (red zone) when the Awesome Oscillator and Accelerater/Decelerator are both negative.
Bars are blue when a squat bar is formed, these indicate a battle between bulls and bears and often happen near trend continuation or trend changes.
Caution: Assumes chart is a bar chart - not a candle chart.
Caution: Squat bars are accurate only with official exchange volume data - BATS data will give false squat bars.
//Bill Williams Zone and Squat Bars. See New Trading Dimensions by Bill Williams, PhD. //Bars are green (green zone) when the Awesome Oscillator and Accelerater/Decelerator are both positive. //Bars are red (red zone) when the Awesome Oscillator and Accelerater/Decelerator are both negative. //Bars are blue when a squat bar is formed, these indicate a battle between bulls and bears and often happen near trend continuation or trend changes. //Caution: Assumes chart is a bar chart - not a candle chart. //Caution: Squat bars are accurate only with official exchange volume data - BATS data will give false squat bars. study(title="ZoneBars", overlay = true) ao = sma(hl2,5) - sma(hl2,34) ac = ao - sma( ao, 5 ) isGreen() => ao > ao[1] and ac > ac[1] isRed() => ao < ao[1] and ac < ac[1] mfi = (high-low)/volume rm = roc(mfi,1) rv = roc(volume,1) isSquat() => rm < rm[1] and rv > rv[1] barcolor(isSquat() ? blue : isGreen() ? green : isRed() ? red : black)