This is the companion bar of the Donchian Channel study. This bar at the bottom of the screen depicts the detrended position of the closing price. This is useful to reduce clutter on the screen and locate the position of the closing price at a glance.
Lime ; Extremely Bullish
Green : Bullish
Maroon : Bearish
Red : Extremely Bearish
Lime ; Extremely Bullish
Green : Bullish
Maroon : Bearish
Red : Extremely Bearish
// Hector R. Madrid : 15/JUN/2014 : 23:07 : 2.0 : Madrid Donchian Bar
study("Madrid Donchian Bar", shorttitle="MDonchianBar")
len = input(13)
src = close
highestBar=highest(high, len)
lowestBar=lowest(low, 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)
