There is a function in Think Desktop called “AddCloud()”. This function shades the space between two plots. Assuming that you have previously defined two plots, plotA and plotB, here’s how you would use it:
AddCloud(plotA, plotB);
That’s it! The area between the two plots will be shaded–green if plotA is above plotB, and red if plotB is above plotA.
There are a lot of uses for this, but here’s one I threw together–a shaded opening range indicator:
You input the market open time, and the time that you want the opening range (OR) to finish. As time progresses through the OR, the peak high and low are constantly updated and revised backward, thanks to the declare fullrange; operator. With this indicator, you get a red shaded area when the OR is active, and it turns green once the OR is completed.
You can download the “OR_Shaded” indicator from my google site in the Thinkscript Studies section. This one is free. Thanks to all my readers, donors, and customers! Your support is appreciated. Comment if you have any thoughts or questions.
Tags: addcloud, opening_range, Thinkscript
June 9, 2009 at 11:30 am
Thanx Pro,
This is a nice useful feature. I just added this study to my existing OR study where as I have the shaded visual plotting various OR time frames sporting different shaded colors. Just a little mod to the color codings. The 5, 15, 30, 45, and 60 are shaded differently to indicate the time frame’s specific OR range. I can also hide any of the ranges I don’t wish to focus on at the time.
Helpful for entries, covering and keeping out of the binding ranges.
Peace-
July 28, 2009 at 10:03 am
[...] used a 133 tick chart of ES. You can see my Shaded Opening Range Indicator on there (set from 0930 to 0931), as well as my Volatility-Based Trailing Stop. I’ve also got [...]
February 4, 2012 at 3:55 pm
RappidFyre, how do you customize colors for each OR region?
March 22, 2013 at 7:16 pm
Thank you, Iwill try it..