The only two parameters it requires are the security symbol and the length of the analysis.
// Hector R. Madrid : 30/AUG/2014 13:15 : 2.0 : Donchian Channel Bar // This study is based on the Donchain Channel Bar indicator but this adds security // as a parameter. This allows several instances of this indicator to be used // in the same page to create a heat map to take look at a glance at several securities. // study("Madrid Donchian SEC bar", shorttitle="MDonchianSECBar") len = input(13) sec = input("SPY", title="Security") closeSEC= security(sec, period, close) highSEC = security(sec, period, high) lowSEC = security(sec, period, low) src = closeSEC highestBar=highest(highSEC, len) lowestBar=lowest(lowSEC, len) midBar=(highestBar+lowestBar)/2 // Donchian Indicator mdcb = (src-midBar)/(highestBar-lowestBar) ceilFloor = mdcb<-0.25 ? -0.5 : mdcb<0 ? -0.25 : mdcb<0.25 ? 0.25 : 0.5 ceilFloorColor = ceilFloor==-0.50 ? red : ceilFloor==-0.25 ? maroon : ceilFloor==0.25 ? green : ceilFloor==0.50 ? lime : yellow // output plot(1, linewidth=3, style=columns, color=ceilFloorColor, transp=30)
Sure, this study is based on the Donchian Channels. Donchian Channels are divided in two bands only, I divided the study in four bands, being the uppermost band the most bullish and the lowermost band the most bearish band. Depending on which band the price closes it will take a color, red for the most bearish and lime for the most bullish.
Instead of displaying the band I created a bar that shows with a color where the price is closing. This is the Donchian Bar. Next I extended the study to accept a parameter, a security symbol (Donchian Channel SEC), so it is not limited to the security on the display, but you can see any symbol. Stacking several DC-SEC bars you can see how a group of securities behave at the same time on the same page.
Ref. This is the description of the basic donchian Channels study https://www.tradingview.com/stock-charts-support/index.php/Donchian_Channels_(DC)