IBD Style Candles [tradeviZion]

IBD Style Candles [tradeviZion] - Visualize Price Bars Like the Pros

Transform your chart with institutional-grade IBD-style bars and customizable moving averages for both daily and weekly timeframes. This indicator helps you visualize price action the way professionals at Investors Business Daily do.

What This Indicator Offers:

• IBD-style bar visualization (clean, professional appearance)
  
• Customizable coloring based on price movement or previous close
  
• Automatic timeframe detection for appropriate moving averages
  
• Four customizable moving averages for daily timeframes (10, 21, 50, 200)
  
• Four customizable moving averages for weekly timeframes (10, 20, 30, 40)
  
• Options to use SMAs or EMAs with adjustable colors and line widths
  

"The IBD-style bars provide a cleaner view of price action, allowing you to focus on market structure without the visual noise of traditional candles."

How to Apply the IBD-Style Bars:

1. On your TradingView chart, select "Bars" as the chart type from the main chart type selection menu (next to the time interval options).
   
2. Right-click on the chart and select "Settings".
   
3. Go to the "Symbol" tab.
   
4. Uncheck the "Thin Bars" option to display thicker bars.
   
5. Set the "Up Color" and "Down Color" opacity to 0 for a clean IBD-style appearance.
   
6. Enable "IBD-style Candles" from the script's settings.
   
7. To revert to the original chart style, repeat the above steps and restore the default settings.
   

Moving Average Configuration:

The indicator automatically detects your timeframe and displays the appropriate moving averages:

Daily Timeframe Moving Averages:

• 10-day moving average (SMA/EMA)
  
• 21-day moving average (SMA/EMA)
  
• 50-day moving average (SMA/EMA)
  
• 200-day moving average (SMA/EMA)
  

Weekly Timeframe Moving Averages:

• 10-week moving average (SMA/EMA)
  
• 20-week moving average (SMA/EMA)
  
• 30-week moving average (SMA/EMA)
  
• 40-week moving average (SMA/EMA)
  

Usage Tips:

• Enable "Color bars based on previous close" to identify momentum shifts based on prior candle closes
  
• Customize colors to match your chart theme or preference
  
• Enable only the moving averages relevant to your trading strategy
  
• For cleaner charts, reduce the number of visible moving averages
  
• For stock trading, the 10/21/50/200 daily and 10/40 weekly MAs are most commonly used by institutions
  

// Example configuration for different timeframes
if timeframe.isweekly
    // Weekly configuration
    showSMA1_Weekly = true  // 10-week MA
    showSMA4_Weekly = true  // 40-week MA
else
    // Daily configuration
    showMA2_Daily = true   // 21-day MA
    showMA3_Daily = true   // 50-day MA 
    showMA4_Daily = true   // 200-day MA

While the IBD style provides clarity, remember that no visualization method guarantees trading success. Always combine with proper analysis and risk management.

If you found this indicator helpful, please consider leaving a comment or suggestion for future improvements. Happy trading!