This script will color the background based upon whether it is positive or negative for the day. When looking at numerous charts, you can instantly see if they are up or down for the day. For me, I like to be going long on the stocks that are already moving up and short on the ones that are moving down. When using lower time frames, you can lose perspective of where it is on the daily chart.
On the example above, you can see a 5 minute chart of NFLX. It shows you when it dropped below the previous days close.
On the example above, you can see a 5 minute chart of NFLX. It shows you when it dropped below the previous days close.
//Created by Robert Nance 11/19/15 //This script simply colors the background when price is above or below the previous day close. //Works nice for seeing if the stock is up or down for the day. study(shorttitle="UP/DN", title="Background Up or Down", overlay=true) cdl = input(true, title="Previous Daily Closing") dclose = security(tickerid, 'D', close[1]) positive = close > dclose ? green : na negative = close < dclose ? red : na bgcolor(positive, transp=75) bgcolor(negative, transp=75)