Looking for a paintbar study similar to SmartBars by TopTradeTools

[smartguy]

Back in late 2018 I watched a webinar promoting an indicator called SmartBars by Mark Helweg of TopTradeTools which I thought showed some promise. I wondered if one of the expert coders here might be able to replicate something similar. The basic premise was that a good indicator should be composed of three elements. A trend, element, a momentum element, and a cyclic element. What he did is take input from 3 different types of indicators and made them in to a paintbar study. Is anyone familiar with a similar indicator. From what I understand from the webinar- the bar paints green if the trend indicator (Doncian Channel) is up, the momentum indicator (not sure what one is used) is above zero line, and the cycle indicator (not sure what one is used) is also above the zero line confirming buyers are in control. The opposite is true for red bars and the sellers in control. If all 3 are not in agreement, the bars paint grey showing a pause in who is in control. This should be a great confirmation that you are either on the right side of the trade or not.

Based on the webinar they are doing, this is a paintbar indicator that is based on 3 factors- trend, momentum, and cycle. I see the value not as a entry signal, but more of a confirmation signal. If you are long and bars are green then buyers are in control and you are on the right side of the trade. If you are long and the bars turn red, sellers are in control and you are on the wrong side of the trade. Seems so simple, yet in real time not so much. I hope we can come up with this indicator as I see it as a very valuable confirmation tool.

Here are a couple screen shots from the webinar which might help identify the 3 indicators that compose the paintbars. Thanks in advance to anyone who might be able to code something similar.

 

[smartguy]

I had hoped this might attract the interest of some of the talented coders here and they might see the the value of a good confirmation indicator that you are on the right side of the trade.

 

[markos]

Hi @smartguy Two items.
1. Is it a licensed indicator with a copywrite? If so, not ethical to re-create without permission.
2. I blew this up quite a bit and can't tell what the other two indicators are. With the hundreds of indicators already available here it may be worthwhile but not if the code isn't available. Please search Supertrend in the box above for an example.

 

[smartguy]

The actual indicator is proprietary, but trying to replicate shouldn't be an issue since the actual indicators it is based on is unknown. I think just using a trend based indicator, and momentum based indicator and cycle based indicator and making it paint green, red, or grey based on all either aligned or not. Maybe use (1) A Trend indicator such as Doncian Channel or RSI or ADX (2) a Momentum indicator such as MACD or Fast Stochastic, and (3) a Pivot Point Indicator such as Fibonacci Sequence or Darvas Box

 

[markos]

@smartguy Please go to Tutorials and click on Universe of Thinkscript. Use that great resource that we have.
It will take you over a week to read the whole thing. It is full of combined signal indicators and labels.

 

[horserider]

@smartguy So many indicators paint candles already, not sure it is worth trying to come up with what you requested. Just quickly looked and found this one.

 

[smartguy]

Thanks all for your input

 

[trade seeker]

horserider

@smartguy So many indicators paint candles already, not sure it is worth trying to come up with what you requested. Just quickly looked and found this one.

horserider
Could you post the script or point me in the right direction??
Thanks
trade seeker

 

[horserider]

@trade seeker Just posted one of many. Look for a new post named Sideways / Colored Candles RSI based. Also look up Supertrend for another.

 

[trade seeker]

horserider
Thank you for your quick reply. I will Che k those posts out.
trade seeker