This indicator is an implementation of the coloured trend Moving Average, that includes some unique features. The Moving Average plot is coloured relative to it's direction and optionally display coloured Trend Bars using the standard 2-tone colours, or Grab candle style 4-tone colours.
Options: 1) Anchor Time Frame to a Highter Time frame, eg. set anchor to 1440 and length set to 8, the script will re-size the MA length needed to display on the current TF, say 60.
2) You can select between 11 different types of moving averages, each MA line can be a different type:
3) Option to display coloured Candles around the Ribbon, the colouring - Standard candle colours:
Lime = candle closed above Ribbon.
Red = candle closed below Ribbon.
The Grab candles scheme:
Lime = Bull candle closed above Ribbon.
Green = Bear candle closed above Ribbon.
Red = Bull candle closed below Ribbon.
DarkRed = Bear candle closed below Ribbon.
Versionsinformation
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Corrected bar colouring is some charts. Corrected Anchor calculation for week/months.
Versionsinformation
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Minor Update: Changed MA type input selection to an options list, new with V3 Pinescript.
Versionsinformation
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... Minor Bug Fixes
Corrected Anchor calculation for non-Intraday.
Added implied GPL Copyright notice.
Corrected some header notes.
3) Option to display coloured Candles based on MA direction, the colouring uses: Standard candle colour scheme:
Lime = MA trend direction up.
Red = MA Trend Direction Down.
Grab candles colour scheme:
Lime = Trend up, Bull candle.
Green = Trend Up, Bear candle.
Red = Trend Down, Bull candle.
DarkRed = Trend Down, Bear candle.
Versionsinformation
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Minor Update
Change Anchor to be based purely on Minutes, so 1 month=30240mins (21 trading days),1 week=7200mins (5 trading days), 1 Day=1440mins. This makes it more consistent across intraday and extraday chart Timeframes.
Versionsinformation
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Revision 16-Dec-2019 R4-1
Upgraded to Version 4 Pinescript
Updated zerolag formula.
Added Alert for each change in direction of moving average (color change).
Added option to change the lookback length for Direction change detection.
Added option to color background with MA Direction.
And "Anchor" set to 1440, this displays the 8EMA of the Daily on the 60min chart:
zhanpeng5188
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🍟
humblemanor
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Hi, found your coloured MA today and liking all the functionality. Would it be possible to do a '3 in one' coloured MA indicator please (keeping all the functioality for each)? I'm currently using 2 but really want 3, 2 as MA's and a 3rd to set the length for the coloured bars separate to MA settings I'm using. Thanks for a 99% great indicator!
gagangulati2014
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I have been making money with this indicator. Lovely work.
itsjustanalysis
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Love your stuff, fantastic work and such a wonderful addition to this community.
JustUncleL
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There is a small bug that sometime causes the Trend bars not to be coloured when the Grab candle option is used, if this happens in your case replace lines 158 and 159 with this:
barcolor(col_bars? useGrabClr? grabcol: stdcol :na, title = "Bar Colours")
And "Anchor" set to 1440, this displays the 8EMA of the Daily on the 60min chart: