This study is based on the Donchain Channel Bar indicator but this adds security as a parameter. This allows several instances of this indicator to be used in the same page to create a heat map to take look at a glance at several securities, just like the example where this was implemented.
The only two parameters it requires are the security symbol and the length of the analysis.
The only two parameters it requires are the security symbol and the length of the analysis.
// Hector R. Madrid : 30/AUG/2014 13:15 : 2.0 : Donchian Channel Bar
// This study is based on the Donchain Channel Bar indicator but this adds security
// as a parameter. This allows several instances of this indicator to be used
// in the same page to create a heat map to take look at a glance at several securities.
//
study("Madrid Donchian SEC bar", shorttitle="MDonchianSECBar")
len = input(13)
sec = input("SPY", title="Security")
closeSEC= security(sec, period, close)
highSEC = security(sec, period, high)
lowSEC = security(sec, period, low)
src = closeSEC
highestBar=highest(highSEC, len)
lowestBar=lowest(lowSEC, len)
midBar=(highestBar+lowestBar)/2
// Donchian Indicator
mdcb = (src-midBar)/(highestBar-lowestBar)
ceilFloor = mdcb<-0.25 ? -0.5 : mdcb<0 ? -0.25 : mdcb<0.25 ? 0.25 : 0.5
ceilFloorColor = ceilFloor==-0.50 ? red
: ceilFloor==-0.25 ? maroon
: ceilFloor==0.25 ? green
: ceilFloor==0.50 ? lime
: yellow
// output
plot(1, linewidth=3, style=columns, color=ceilFloorColor, transp=30)
