Color Bars: Ask/Bid Volume Flutes

The Ask/Bid Volume bars and the Volume bars can be colored independently of the chart price bars. Click the Color Bars button [1] to show the Color Bars panel. The procedure is to select a location bullet [2], and then the study [3]. The example shows the Dunnigan color bar study being applied to the chart price bars.

The Ask/Bid Volume bars (middle window) were colored by selecting the Ask/Bid bullet, and the Normal color bar study.

The Volume bars (bottom window) were colored by selecting the Volume bullet, and the Volume Increase color bar study.

Note the presence of two new color bars studies on the list. Ask/Bid Volume study will use one color when the Ask Volume exceeds the Bid Volume and a different color when Ask Volume is less than the Bid Volume. Buy/Sell Pressure study will use one color when Buy Pressure exceeds Sell Pressure, and a 2nd color when Sell Pressure exceeds the Buy Pressure.

Buy Pressure and Sell Pressure are similar to Ask Volume and Bid Volume. However, the Pressure values are derived from bar prices using proprietary formulas. When either of these color bar studies are used with the Ensign Flutes bar style, the coloring of the flute body will be split to show the Ask Volume and Bid Volume ratio. The top of the flute shows the Ask Volume and the bottom of the flute shows the Bid Volume.