Colour Code Inside/Outside bars
Hi DV,
As you requested, I submitted this idea via the support window in DV, and am emailing you the TC2000 screenshot below.
I'd like to share a candle coloring option I coded within TC2000 several years ago, and that I think would be very helpful to DV traders.
Screenshot Below:
The dark blue candles identify inside price action that closed up, and light blue inside price action that closed down.
Inside days are when price does not exceed the high of the previous day or go below the low of the previous day.
The importance of this type of visual has to do with both screening and super-fast chart identification.
As it relates to screening;
its important to be able to screen for Inside Days, Weeks, and or Months - providing big picture insights to DV members.
Such that DV would develop the power to scan as well as visualize 1, 2, 3, 4 or 5 days of Inside action, or 1 to 5 weeks of inside action and or 1 to 5 months of inside action.
As you know, tightening price action reveals many important insights as it relates to Relative Strength; ie. Stocks that are being held (traded) by strong hands.
As it relates to Outside Days; the color for closing up is white, and outside days that close down are yellow.
Outside days reveal volatility and signals buyers and sellers willing to pay up or pay down, volatility that sets new ranges on shorter timeframes.
So in short the ability to scan for inside or outside days, weeks, months; as well as visually spotting this price action on the charts.
Along with what I have described above - Consider this:
A crazy thought that would add immense value!
"The ability to hover over an inside or outside candle and see the % increase or % decrease of Relative Strength over the past 3, 5, 10 or 15 days of the specific candle formations mentioned above". This would take this concept of colored candles to an entirely different level.
Immediately visually spotting the tightening price action and then the short-term RS associated with the pricing behavior.
Thank you,
Joe