Pro Colorizer uses the most innovative colorizing technology to paint plots and/or bars with gradient colors so that you can easily filter out critical versus insignificant movements of the market, as well as identify the intensity of movements just by observing the vividness of plot and/or bar colors. For example, Pro Colorizer can make a RSI plot BLUER at 80 than at 60, or make a moving average plot REDDER at a 2% fall than at a 1% fall. Imagine how powerful Pro Colorizer is!
Colorizing methods that Pro Colorizer supports are explained as follows.
This colorizing method is suitable for oscillator indicators whose values just oscillate in a particular range.
Here is a setting example of by-level colorizing for a RSI:
- XHigh: 80
- High: 70
- Middle: 50
- Low: 30
- XLow: 20
This colorizing method is suitable for indicators whose values do NOT change abruptly.
Here is a setting example of by-change colorizing for a moving average:
- XHigh: 1 (a 1% rise)
- High: 0.5 (a 0.5% rise)
- Middle: 0 (unchanged)
- Low: -0.5 (a 0.5% fall)
- XLow: -1 (a 1% fall)
The important parameter “Look Back (Bars Ago)” enables you to specify the period over which a change of indicator value is calculated. For example, with “Look Back (Bars Ago)” set to 3, the change of indicator value at a bar is calculated based on the difference between the indicator value at that bar and the indicator value 3 bars ago.
Please note that different indicators, instruments, and timeframes should have different settings for the by-change colorizing method. For example, a moving average just changes about 0.5% every bar on a 10-minute chart, but changes up to 3% every bar on a daily chart; therefore you have to adjust the settings accordingly.