Hi Chad,
The new options in the paint indicator are certainly very interesting but I had a question when I was seeing if I could apply them to price approaching a Keltner or Bollinger Band.
If, for example, one has the Keltner or Bollinger Bands visible on a chart (eg via the MA indicator), what is the easiest way to paint those bands as price approaches and then breaks the band extreme ?
I was wondering if the new gradient coloring present in the Paint Indicator could in some way be used in the Keltner or Bollinger Band to eg change its color from a dull color such as a light gray to a highly visible color or even greater width on the approach ?
Cheers
Here is one way to do that, with Bollinger: https://www.linnsoft.com/charts/paintedbollinger-es
I just drew bands from lower to upper bollinger, and used essentially a bollinger retracement custom indicator with this syntax...
100 * (CL - BOLD) / (BOLU - BOLD)
which computed the retracement level of close price between lower and upper bollinger. Then did a gradient shading on that from -20 to 120 (with background blend, going towards background color of white when in middle at 50%). Let me know if you would like any adjustements to this.
Thanks, that formula is simple and useful.
Lot of imaginative ways to do it so thanks
Here is another approach, using 2 instances of PI, one for upper and one for lower, and coloring and sizing the dots based on proximity to upper/lower bands.
https://www.linnsoft.com/charts/paintedbollingerdots-es
Or without the border...
https://www.linnsoft.com/charts/paintedbollingerdotsnoborder-es
Nice effect as the dots basicaly blend away into background when not close/relevant...
Thanks.
This one's my favorite and I've adapted it to test out on my screens