Change Bar Color based on Ease of Movement Indicator

I made this within the strategy builder, and what it does is change the color of the bars based on the ease of movement indicator. The bars are colored white, light green or dark green as we get more bullish and white, red, and dark red as we get more bearish. Also it changes the candle outline to yellow if the ease of movement doesn't appear to match what the candle should be, for instance if we have what should be a bull candle because the current bid price is above the open, but the ease of movement indicator is below 0, it doesn't change the candle color body but outlines yellow around it. The idea is that the candle has a high probability of reversing, since we don't seem to have the momentum to sustain whatever direction the candle originally started as. You can change the volume divizor and the levels at which you want to color the candles which is a good idea to tune the indicator to current conditions. The default settings of the indicator if you load it up in ninjatrader is a 14 period and 10000 volume divizor but I am using it with only a smoothing of 1 and the average volume of most current bars, since I am only really interested in the momentum of the current candle. So far I am liking this quite a bit for fine tuning entries and avoiding entries where the candle color isnt really matching what I hoped would be a good setup. I made a second indicator for if you are dealing with smaller volumes and percentages like you want to color the candle if the Ease of Movement is coming up less than 1 percent, which happens on certain securities.

Created By terminatorT1000
NinjaTrader Version 7
File Size .130
Create Date 06/04/2021
# of Downloads 113

Importing to NinjaTrader 7 is Easy!

To import your 3rd party app or add-on to NinjaTrader, simply follow these 3 steps:

  1. Download the app or add-on file to your desktop
  2. From the NinjaTrader Control Center window, select the menu File > Utilities > Import NinjaScript
  3. Select the downloaded file from your desktop

Questions?

Visit the NinjaScript File Sharing discussion in the NinjaTrader user forum to interact with fellow traders and the NinjaTrader support team.