When indicator values determine price bar appearance, or addition of symbols to charts, what is this called?

[david]

Hi hope someone might point this newbie in the right direction.

I was looking at a strategy recently where the main chart price bars changed color dependent on the plot of the MACD:

-Green price bars when the MACD line above signal line and the zero line, Red price bars red when the MACD line is below the signal line and zero line, and Black price bars for any other scenario

Also a symbol (green triangle) was added above the price bars when RSI was over a set value and a (red triangle added below the price bar when RSI was below a set value

I am hoping someone might tell me what this type of indicator is called (or how properly to describe it) etc as I am not even sure how to start to find if such an indicator exists currently, or can be purchased?

Is this what is meant by painting?

(The strategy was a Rockwell Trading strategy and as far as I can see they do not use metatrader)

thanks in advance

[Robert]

pullend:

Hi hope someone might point this newbie in the right direction.

I was looking at a strategy recently where the main chart price bars changed color dependent on the plot of the MACD:

-Green price bars when the MACD line above signal line and the zero line, Red price bars red when the MACD line is below the signal line and zero line, and Black price bars for any other scenario

Also a symbol (green triangle) was added above the price bars when RSI was over a set value and a (red triangle added below the price bar when RSI was below a set value

I am hoping someone might tell me what this type of indicator is called (or how properly to describe it) etc as I am not even sure how to start to find if such an indicator exists currently, or can be purchased?

Is this what is meant by painting?

(The strategy was a Rockwell Trading strategy and as far as I can see they do not use metatrader)

thanks in advance

Hi Pullend,

Just a quick note to get you in the right direction...

1) For the MACD bars - do a search for "MACD on Chart". They place colors directly on the candles on the chart.

2) For the RSI triangles - do a search for "RSI on Chart", and look for the ones that place triangles or other symbols on the prices on the chart.

There are many indicators that do this. Keep searching and looking. Try different keyword searches and don't give up.

3) PAINTING - An indicator is said to be "painting" or "re-painting" when the signal continues to change (paint) on the current bar...Bar[0].

Only when the Bar[0] finally closes and becomes Bar[1] does the indicator place the fixed signal and not repaint.

That's the general rule as most all indicators re-paint...but be careful...many indicators will re-paint 3-5 bars back...

And "re=painting" is not necessarily bad...you just have to know how to use the current/past signals to make it work for you.

Hope this helps,

Robert

[david]

cosmicbeing:

Hi Pullend,

Just a quick note to get you in the right direction...

1) For the MACD bars - do a search for "MACD on Chart". They place colors directly on the candles on the chart.

2) For the RSI triangles - do a search for "RSI on Chart", and look for the ones that place triangles or other symbols on the prices on the chart.

There are many indicators that do this. Keep searching and looking. Try different keyword searches and don't give up.

3) PAINTING - An indicator is said to be "painting" or "re-painting" when the signal continues to change (paint) on the current bar...Bar[0].

Only when the Bar[0] finally closes and becomes Bar[1] does the indicator place the fixed signal and not repaint.

That's the general rule as most all indicators re-paint...but be careful...many indicators will re-paint 3-5 bars back...

And "re=painting" is not necessarily bad...you just have to know how to use the current/past signals to make it work for you.

Hope this helps,

Robert

cosmicbeing:

Hi Pullend,

Just a quick note to get you in the right direction...

1) For the MACD bars - do a search for "MACD on Chart". They place colors directly on the candles on the chart.

2) For the RSI triangles - do a search for "RSI on Chart", and look for the ones that place triangles or other symbols on the prices on the chart.

There are many indicators that do this. Keep searching and looking. Try different keyword searches and don't give up.

3) PAINTING - An indicator is said to be "painting" or "re-painting" when the signal continues to change (paint) on the current bar...Bar[0].

Only when the Bar[0] finally closes and becomes Bar[1] does the indicator place the fixed signal and not repaint.

That's the general rule as most all indicators re-paint...but be careful...many indicators will re-paint 3-5 bars back...

And "re=painting" is not necessarily bad...you just have to know how to use the current/past signals to make it work for you.

Hope this helps,

Robert

Thanks Robert, you have cleared up my confusion. I will go searching and if / when I find such an indicator, I will reference it here, thanks again!

Oh and a lot of the references to painting and non painting now make sense!