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, just like the example where this was implemented.
The only two parameters it requires are the security symbol and the length of the analysis.
For those of us unfamiliar with the underlying study can you post it as a plotted chart study or provide links to learn more about what the heat map lines are actually measuring?
Madrid
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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 tradingview.com/stock-charts-support/index.php/Donchian_Channels_(DC)
Alphaoptions
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Fantastic description and illustration. And a great concept. Before I trust the heat map, I want to experiment with what you described as individual charts. Maybe when you have time you could save those of us like me who want to re-create the last post the ability to use a ready made script or "make it mine option". If not, I can try to build it on my own. It is a great concept and thank for sharing it with us!
Madrid
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The studies are available on the public library, just look for the keyworkd Donchian: