See comments section below for a sample chart. Copy the code from the pastebin above and update your local copy (TV doesn't allow me to update an already published code -- yet!).
The LBR PaintBars indicator changes the colour of the price bars based on the trend direction (derived from price & volatility bands). This is mostly used as a confirmation indicator.
For the Pine coders: I suggest trying stdev() in lieu of atr()...some wild combinations can be derived from this simple idea :)
Indicator supports the following options: - Switching on/off volatility bands - Switching on/off LBR colors (lime/maroon). - Color non-LBR bars (blue).
Hey @LazyBear, not sure if you're supporting your gazillions of indicators, just wanted to let you know that the link with the updated code for the colored bars if beyond channel boundaries doesn't work anymore unfortunately. Would love to use that code :)