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Advantage Trend Colors
Version 2
Advantage Trend Colors is a new dimension in trend analysis designed to find strong signals and robust price movements. Like Heikin-Ashi charts, it colors the bars to indicate the dominant trend. However, it does so in real-time, coloring the current bar without any lag, so the signals are not delayed. It focuses on short-term trends, which allows to combine it with other mid-term indicators like Advantage Trailing Lines to develop a coherent trend following strategy. Besides showing trends, Advantage Trend Colors also identifies strong bars that can be used to confirm signals from other indicators or classical technical analysis tools. It helps to enter the market at the first signs of a new trend and avoid false signals from weak bars that are often followed by a price reversal. Advantage Trend Colors let you focus on the bars that often begin or end the trend and hold off trading decisions in unfavorable market conditions to avoid costly mistakes. Advantage Trend Colors can be use...
Advantage Trend Colors is a new dimension in trend analysis designed to find strong signals and robust price movements. Like Heikin-Ashi charts, it colors the bars to indicate the dominant trend. However, it does so in real-time, coloring the current bar without any lag, so the signals are not delayed. It focuses on short-term trends, which allows to combine it with other mid-term indicators like Advantage Trailing Lines to develop a coherent trend following strategy.

Besides showing trends, Advantage Trend Colors also identifies strong bars that can be used to confirm signals from other indicators or classical technical analysis tools. It helps to enter the market at the first signs of a new trend and avoid false signals from weak bars that are often followed by a price reversal. Advantage Trend Colors let you focus on the bars that often begin or end the trend and hold off trading decisions in unfavorable market conditions to avoid costly mistakes.

Advantage Trend Colors can be used in RadarScreen and Scanner to find trends and signals on a wide range of securities. It can be used as a standalone short-term tool or along with other mid-term tools to develop a trend following strategy.

We believe, that profitable trading is achievable only if you have great tools and understand how to use them. Therefore, we offer • 60-Day Free Trial • for all of our indicators to give you time to master them!

Your feedback is very important to us! Do not hesitate to contact us with any questions or for more information: www.advantagetrading.net
We are constantly working on improving our indicators. If you have any tips or new trading ideas to implement, please share them with us: newtradingideas@advantagetrading.net
What's New
Version 2
Improved Alerts - a symbol added to the Alert, a very useful feature, especially in the text to speech setting.

Version 1
Version 2
Improved Alerts - a symbol added to the Alert, a very useful feature, especially in the text to speech setting.

Version 1
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Customer Reviews
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Average Customer Rating:
 (1)
Excellent short term trading paint bar
May 22, 2021 Version: 1
By:George Calvert
I am liking this paint bar very much for determining short term trend direction, and for pointing out also where there is a pullback or weakening of an existing trend, and where there is simply no trend in all (bars painted in gray).

Unlike Heikin-Ashi which always paints the bars either bullish or bearish, this paint bar by default paints weak-trend/no trend bar in gray, if the input parameter “Correction-No signals” is set to '1'.

So when I see the gray bars it's a caution to consider lightening up or exiting an existing position, or to just stay on the sidelines if not in a trade, to reduce the number of whipsaw trades.

I like to put “Magenta” in the 'Custom_Color_Down' parameter, since this makes the downtrend bars really stand out on the black chart background I use.

It makes sense to use the paint bar I think in conjunction with another tool, like the same developer's Advantage Trailing lines indicator, that let's you visually see what they are calling the medium term trend, and either skip taking the shorter term Trend colors trends that are not in alignment with the medium term trend, or perhaps to take looking only for small profit-target, scalping type trades.

The ideal for entry is that I get a new paint bar trend on the same bar as the Advantage Trailing line indicator says we are in a new medium term trend (or maybe within a bar or two).

Or if there is some consolidation or pullback within an established medium term trend, to do a trend continuation trade using the trend color paint bars to rejoin the medium term trend.

I want to see whether the candlesticks closed up or down, so I choose the “Candlestick with trend” symbol type when I insert the symbol on the chart, so that “up” body candles are indicated with hollow bodies, and “down” body candles are indicated with solid colored bodies.

Anyway, nice tool, and for me the very clear trend colors help keep me from 'fighting the trend', which for some reason I seem to have an instinct to do.
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Developer
Requirements
Tradestation 9.5 (Update 16)
Support Documents
Asset Type
Stock, Future, Forex, Option
Style
Swing Trading
Methodology
Trend
Analysis Techniques
Applications
Categories