Color Fill for Custom Indicator Overbought/Oversold

Author: johnwlab

Creation Date: 3/31/2009 7:27 PM

Wealth Lab » Technical Indicators » Color Fill for Custom Indicator Overbought/Oversold

johnwlab

3/31/2009 7:27 PM

I am a new user working on developing custom indicators
using Wealthlab Pro V5.3. Currently having difficulty
coding different colored fill areas for Overbought and
Oversold areas in a manner similar to that displayed
by the Drag and Drop Indicators. Does anybody know
the best approach or have a coding example for creating
colored fill for Indicator Overbought/Oversold areas?

One reason for coding a custom CCI indicator pane is
with the Drag and Drop Indicators you can not create
separate Panes for the same Indicator with different
parameter values (e.g. CCI(14) and CCI(70)). A second
reason is if possible it would be nice to have different
shades of colors in the Indicator Overbought/Oversold areas.
(e.g. light red = -100 < CCI < -200; dark red CCI < -200)

To implement Overbought/Oversold colored fill areas I have
tried using the PlotSeriesFillBand and PlotSeriesDualFillband
commands with no success. The best I have been able to do
so far is change the color of the plotted Indicator Line
for the Overbought/Oversold levels (see Strategy Code below).
Would appreciate any suggestions or example code segments.

CODE:
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Size:

Color:

One reason for coding a custom CCI indicator pane is
with the Drag and Drop Indicators you can not create
separate Panes for the same Indicator with different 
parameter values (e.g. CCI(14) and CCI(70)).  A second 
reason is if possible it would be nice to have different
shades of colors in the Indicator Overbought/Oversold areas.  
(e.g. light red = -100 < CCI < -200;  dark red CCI < -200)

To implement Overbought/Oversold colored fill areas I have 
tried using the PlotSeriesFillBand and PlotSeriesDualFillband
commands with no success. The best I have been able to do 
so far is change the color of the plotted Indicator Line 
for the Overbought/Oversold levels (see Strategy Code below).
Would appreciate any suggestions or example code segments.

[CODE]

using System;
using System.Collections.Generic;
using System.Text;
using System.Drawing;
using WealthLab;
using WealthLab.Indicators;

namespace WealthLab.Strategies
{
	public class BasicChart : WealthScript
	{
		private StrategyParameter CCI_Slow;
		
		public BasicChart()
		{
			CCI_Slow = CreateParameter("CCI Slow Period", 55, 10, 200, 1);
		}		
		protected override void Execute()
		{ 			
			//
			// CCI Long Term Indicator Pane 
			//
		        int CCI_Slow_Period = CCI_Slow.ValueInt;			
			DataSeries CCI_LT = CCI.Series( Bars, CCI_Slow_Period );
			CCI_LT.Description = "CCI(" +CCI_Slow_Period.ToString() +")";				
			ChartPane paneCCI_LT = CreatePane( 40, false, true);		
			PlotSeries( paneCCI_LT, CCI_LT, Color.Black, LineStyle.Solid, 2);
			
			for(int bar = 10; bar < Bars.Count; bar++)
			{
				if( CCI_LT[bar] > 100 )
                                     SetSeriesBarColor( bar, CCI_LT, Color.Blue ); 
				else
                                     if ( CCI_LT[bar] < -100 ) 
                                            SetSeriesBarColor( bar, CCI_LT, Color.Red );
			}
		}
	}	
}
[/CODE]

Eugene

4/1/2009 2:56 AM

QUOTE:
tried using the PlotSeriesFillBand and PlotSeriesDualFillband
commands with no success

You should be using PlotSeriesOscillator:

CODE:
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As a side note, beware of starting the trading loop at bar 10 when your CCI indicator has a period of 55 (and can take values up to 200). Currently it won't hurt but can do when you add trading rules.

QUOTE:
it would be nice to have different
shades of colors in the Indicator Overbought/Oversold areas.
(e.g. light red = -100 < CCI < -200; dark red CCI < -200)

This was possible even in WL4 but is too tedious.

Cone

4/1/2009 4:40 AM

Just in case it's not obvious, you can do the shades of colors by plotting more than once, making sure that you plot the lighter colors first -

CODE:
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Eugene

4/1/2009 4:45 AM

Cute! Live and learn :)

johnwlab

4/1/2009 5:33 PM

Problem solved. PlotSeriesOscilltor command works like a
charm. Thanks for both reply posts with examples which were
very helpful. Nice to be able to develop Custom Indicators
and be able to control parameters via Strategy Parameters.
Thanks for help.