PaintBar™ Studies are designed to highlight potential market patterns, historically and on a real-time basis.They are generally made up of one or more bar plots that display the results of technical-analysis-based transformation(s) of securities data. PaintBars™ are typically used to paint over the bars of a chart in a different color while a relatively stable "setup" condition persists. In other words, it is best used to highlight an event that happens for a number of consecutive bars.
The following functionality can be incorporated when creating PaintBar™ Studies:
ALERTS:
PaintBars™ can include user-defined rules to issue real-time desktop alerts and pager alerts. A PaintBar™ is usually programmed to issue an alert at the time the painting of the bars starts or stops.
PLOT ATTRIBUTES:
The attributes of each of the plots of a PaintBar™ can be controlled independently and include:
Conditional Coloring:
With conditional coloring, the color of the bars can be set to change when a particular condition is met.
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 EasyLanguage Example:
This example shows the bars of a chart changing in color depending on the value of two moving averages. In this case, when the Fast Average is greater than the Slow Average the bars are painted blue. When the Fast Average is less than the Slow Average the bars are painted red.
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| The bars of a chart changing in color depending on the value of two moving averages. |
Width:
The width of each PaintBar can also be varied, though it is usually set at a fixed value via the study’s property settings.
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