Before downloading indicators, it is important to note that all of the charts in our examples use our indicator rlCandles, a candle re-write indicator that gives us our favorite candles which are trending candles.
What are trending candles, you ask?
Traditional red/green candles are green if the close is greater than the open price and red if the close is lower than the open. One problem with that is that a gap down can show as a green candle if the gap down open is less than the close, even if the close is less than the previous close. We don’t like that, we use trending candles and this is how they work.
Red Solid – Close is lower than open and previous close
Red Hollow – Close is greater than the open (green on the bar) but still less than the previous close
Green Hollow – Close is greater than the open and greater than the previous close (trend up)
Green Solid – Close is less than the open (usually a red bar) but the close is greater than the previous close (trend up).
Our rlCandles indicator also does some housekeeping for us by putting up the net change and %change in the upper left hand corner and providing us the opening 15 minute trading range and range for the day.
|Candle Mode||1 – Traditional Candles
2 – Trending Candles
3- Transparent Candles (Remove candles and show indicators only)
|Enable Candles?||Turn off the candle re-painter|
|Down Color||The color you want for a down candle|
|Up Color||The color you want for an up candle|
|Enable Label||Turn on or off the upper left label net change and % change|
|Labor Color||If enable the color for the label|
|Label Font||The font to use for the lable|
This is the foundation to all our charts as mentioned above.
Note: For you at home players and coders… this indicator is an excellent programming example of how to pass in boolean, fonts and color arguments to an indicator and the necessary serialization for colors and fonts, it uses them all.
This is how our charts look with the indicator removed and the standard RSI installed.
Same chart with indicators turned on and running in candle mode 1:
Same chart with candle mode 2:
And finally, in transparent mode 3 (hides the price data):
Allowing just the indicator to be painted in pane 1 without any price info. (Very useful)
Our charts have the fonts and lines over-sized for publication and screen sharing, you will probably want to spend a few minutes to customize them to your needs.
You can download rlCandles for free as a registered member of the site. There is a short video tutorial in the download section describing how to set up your charts just once, and then the next time you load your charts they will be the way you like them. Setup is important for NinjaTrader.
This content is only available to premium members. If you would like to join and have access to all my indicators checkout the current special being offered here: <a href=”http://www.redliontrader.com/membership/”>Premium Membership </a>