RGB Color Codes – BB% and Moving Average For ThinkOrSwim

korygill

Well-known member
VIP
I believe that there is power in not only the value of an indicator, but also the colors we use to convey meaning and make it easy to glance at them to know quickly to how powerful a reading might be.

I have standardized on a color scheme using RGB computer codes. Red/Green/Blue, just like how computers use/combine colors to give us all the colors of the rainbow.
I also use a several different colors to differentiate long/short, entry/exit, and information.

Green - Buy to Open
Red – Sell to Close
Yellow – Sell to Open
Magenta – Buy to Close
Information – Gray or Cyan

AG7pkBQ.png


Let’s take a look at two indicators in this post. A link below is also provided so you can import these into thinkorswim easily.

0UEMkNA.png


These colors go from red to yellow to green to blue to purple and magenta. You can find many examples of this on the web too. One example is this chart from rapidtables.com.

HqIDqVy.png


Creating your own colors in thinkscript

You can create custom colors in thinkscript on thinkorswim by using CreateColor. The 12 colors in the Moving Average Rainbow indicator are defined like

A1.SetDefaultColor(CreateColor(255,0,0)); # red

A2.SetDefaultColor(CreateColor(255,128,0));

A3.SetDefaultColor(CreateColor(255,255,0));

A4.SetDefaultColor(CreateColor(128,255,0));

A5.SetDefaultColor(CreateColor(0,255,0)); # green

A6.SetDefaultColor(CreateColor(0,255,128));

A7.SetDefaultColor(CreateColor(0,255,255));

A8.SetDefaultColor(CreateColor(0,128,255));

A9.SetDefaultColor(CreateColor(0,0,255)); # blue

AA.SetDefaultColor(CreateColor(128,0,255));

AB.SetDefaultColor(CreateColor(255,0,255));

AC.SetDefaultColor(CreateColor(255,0,128));


Final thoughts

I encourage you to think about how you use color when building your own indicators, and try to be consistent. This is not a strict rule, and this post is not meant to say there is only one way to do something. As always, use what makes sense, and use what works for you.

Code and Links

Here is the code for the two indicators and a link that will open a new flexgrid window which includes the screen above and the code.

BB Rainbow – A Bollinger band percentage rainbow

Code:
#hint:<b>Bollinger Band (BB) Rainbow</b>\n\nPlots BB% (close) from lengths of 1 to 3.5 in 0.5 increments.\n\nColors range from red/yellows, through blues to magenta/pink respectively.

# Author: Kory Gill, @korygill
#
# Colors go from a natural rainbow coloring.
# See my Moving Average Rainbow study for a full
# list of 12 colors in a natural order.
#

script GetBollingerBandPercent
{
    input price = close;
    input upper = 2;
    input lower = -2;
    input averageType = AverageType.SIMPLE;
    input displace = 0;
    input length = 20;

    def upperBand = BollingerBands(price, displace, length, lower, upper, averageType).UpperBand;
    def lowerBand = BollingerBands(price, displace, length, lower, upper, averageType).LowerBand;

    plot BBPercent = (price - lowerBand) / (upperBand - lowerBand) * 100;
}

declare lower;

def price = close;
input averageType = AverageType.SIMPLE;
input displace = 0;
input length = 20;

def L1 = 1;
def L2 = 1.5;
def L3 = 2;
def L4 = 2.5;
def L5 = 3;
def L6 = 3.5;

plot B1 = GetBollingerBandPercent(price, L1, -L1);
plot B2 = GetBollingerBandPercent(price, L2, -L2);
plot B3 = GetBollingerBandPercent(price, L3, -L3);
plot B4 = GetBollingerBandPercent(price, L4, -L4);
plot B5 = GetBollingerBandPercent(price, L5, -L5);
plot B6 = GetBollingerBandPercent(price, L6, -L6);

plot ZeroLine = 0;
plot HalfLine = 50;
plot UnitLine = 100;
ZeroLine.SetDefaultColor(Color.GREEN);
HalfLine.SetDefaultColor(Color.YELLOW);
UnitLine.SetDefaultColor(Color.RED);

B1.SetdefaultColor(CreateColor(255,0,0));
B2.SetdefaultColor(CreateColor(255,255,0));
B3.SetdefaultColor(CreateColor(0,255,0));
B4.SetdefaultColor(CreateColor(0,255,255));
B5.SetdefaultColor(CreateColor(0,0,255));
B6.SetdefaultColor(CreateColor(255,0,128));

AddLabel(yes, "BB"+L1+": "+B1, B1.TakeValueColor());
AddLabel(yes, "BB"+L2+": "+B2, B2.TakeValueColor());
AddLabel(yes, "BB"+L3+": "+B3, B3.TakeValueColor());
AddLabel(yes, "BB"+L4+": "+B4, B4.TakeValueColor());
AddLabel(yes, "BB"+L5+": "+B5, B5.TakeValueColor());
AddLabel(yes, "BB"+L6+": "+B6, B6.TakeValueColor());

Moving Average Rainbow – 12 moving averages from fast to slow

Code:
#hint:<b>Moving Average Rainbow</b>\n\nPlots MAs (close) from lengths of 10 to 200.\n\nColors range from red/yellows, through blues to magenta/pink respectively.\n\nSquashing of the colors indicate MAs are getting ready to cross and change direction.\n\nConsistent spacing of the lines indicate a pattern in place and maintaining the trend.

# Author: Kory Gill, @korygill
#
# Colors go from a natural rainbow coloring.
# I like to always pick colors in this ordering when colorizing other indicators.
# This is also a great palette.
#

declare lower;

input Avg1 = 5;
input Avg2 = 8;
input Avg3 = 10;
input Avg4 = 20;
input Avg5 = 50;
input Avg6 = 75;
input Avg7 = 100;
input Avg8 = 125;
input Avg9 = 150;
input AvgA = 175;
input AvgB = 200;
input AvgC = 365;

plot A1 = Average(close, Avg1);
plot A2 = Average(close, Avg2);
plot A3 = Average(close, Avg3);
plot A4 = Average(close, Avg4);
plot A5 = Average(close, Avg5);
plot A6 = Average(close, Avg6);
plot A7 = Average(close, Avg7);
plot A8 = Average(close, Avg8);
plot A9 = Average(close, Avg9);
plot AA = Average(close, AvgA);
plot AB = Average(close, AvgB);
plot AC = Average(close, AvgC);

A1.SetDefaultColor(CreateColor(255,0,0));   # red
A2.SetDefaultColor(CreateColor(255,128,0));
A3.SetDefaultColor(CreateColor(255,255,0));
A4.SetDefaultColor(CreateColor(128,255,0));
A5.SetDefaultColor(CreateColor(0,255,0));   # green
A6.SetDefaultColor(CreateColor(0,255,128));
A7.SetDefaultColor(CreateColor(0,255,255));
A8.SetDefaultColor(CreateColor(0,128,255));
A9.SetDefaultColor(CreateColor(0,0,255));   # blue
AA.SetDefaultColor(CreateColor(128,0,255));
AB.SetDefaultColor(CreateColor(255,0,255));
AC.SetDefaultColor(CreateColor(255,0,128));

AddLabel(yes, Avg1, A1.TakeValueColor());
AddLabel(yes, Avg2, A2.TakeValueColor());
AddLabel(yes, Avg3, A3.TakeValueColor());
AddLabel(yes, Avg4, A4.TakeValueColor());
AddLabel(yes, Avg5, A5.TakeValueColor());
AddLabel(yes, Avg6, A6.TakeValueColor());
AddLabel(yes, Avg7, A7.TakeValueColor());
AddLabel(yes, Avg8, A8.TakeValueColor());
AddLabel(yes, Avg9, A9.TakeValueColor());
AddLabel(yes, AvgA, AA.TakeValueColor());
AddLabel(yes, AvgB, AB.TakeValueColor());
AddLabel(yes, AvgC, AC.TakeValueColor());

Link to flexible grid (flexgrid) with both indicators.
https://tos.mx/ZXQQ8X
 

Attachments

  • AG7pkBQ.png
    AG7pkBQ.png
    113.4 KB · Views: 172
  • 0UEMkNA.png
    0UEMkNA.png
    313.9 KB · Views: 183
  • HqIDqVy.png
    HqIDqVy.png
    52.7 KB · Views: 424
@Mr_Wheeler
This tutorial was created to explain the use of creating color plots w/ RGB codes effectively.
@korygill showed an EXAMPLE of how he uses the colors in his ADDORDER statements:
Green - Buy to Open
Red – Sell to Close
Yellow – Sell to Open
Magenta – Buy to Close
To read more about AddOrder:
https://tlc.thinkorswim.com/center/reference/thinkScript/Functions/Others/AddOrder
https://tlc.thinkorswim.com/center/...torials/Basic/Chapter-7---Creating-Strategies
 
Very cool, I am pretty lost as to how I would create something like this but I was able to add to my think platform. I am not able to create anything myself at this point but possibly some day. Thanks for the insight
 

Join useThinkScript to post your question to a community of 21,000+ developers and traders.

Similar threads

Not the exact question you're looking for?

Start a new thread and receive assistance from our community.

87k+ Posts
476 Online
Create Post

Similar threads

Similar threads

The Market Trading Game Changer

Join 2,500+ subscribers inside the useThinkScript VIP Membership Club
  • Exclusive indicators
  • Proven strategies & setups
  • Private Discord community
  • ‘Buy The Dip’ signal alerts
  • Exclusive members-only content
  • Add-ons and resources
  • 1 full year of unlimited support

Frequently Asked Questions

What is useThinkScript?

useThinkScript is the #1 community of stock market investors using indicators and other tools to power their trading strategies. Traders of all skill levels use our forums to learn about scripting and indicators, help each other, and discover new ways to gain an edge in the markets.

How do I get started?

We get it. Our forum can be intimidating, if not overwhelming. With thousands of topics, tens of thousands of posts, our community has created an incredibly deep knowledge base for stock traders. No one can ever exhaust every resource provided on our site.

If you are new, or just looking for guidance, here are some helpful links to get you started.

What are the benefits of VIP Membership?
VIP members get exclusive access to these proven and tested premium indicators: Buy the Dip, Advanced Market Moves 2.0, Take Profit, and Volatility Trading Range. In addition, VIP members get access to over 50 VIP-only custom indicators, add-ons, and strategies, private VIP-only forums, private Discord channel to discuss trades and strategies in real-time, customer support, trade alerts, and much more. Learn all about VIP membership here.
How can I access the premium indicators?
To access the premium indicators, which are plug and play ready, sign up for VIP membership here.
Back
Top