T3 Color Indicator

[Randwulf]

Need a source for a T3 indicator that colors the line differently whether the slope is up or down.
I've found a couple but, they only use 2 inputs and don't match my original NT indicator that allows for Period, TCount & VFactor.
Any help would be appreciated.
Thank you in advance....

[NinjaTrader_PatrickH]

Hello Ranwulf,

Thank you for your post.

This would actually be an indicator that you could develop fairly easily in NinjaScript. We actually have an example of a multi-colored plot based on Rising and Falling at the following link: http://www.ninjatrader.com/support/f...ead.php?t=3227

If you have limited time or programming capabilities, you can discuss your requirements with any of our certified NinjaScript consultants.
Click here for a list of certified NinjaScript Consultants: http://www.ninjatrader.com/Ecosystem/NonBroker.php#81

Please let me know if I may be of further assistance.

[Harry]

For the Tillson T3, there are different versions available. The most widely used formula is the one that has been implemented by NinjaTrader. An alternative formula introduced by Fulks and Matulich uses a different definition of the period (comparable to the difference between Wilder's EMA and the standard EMA)

I have published a version of the original NinjaTrader indicator with colors based on slope about two years ago. This is the download link:

https://www.bigmiketrading.com/ninjatrader/12205-t3paintbar-repaint.html#post136088

In case that you want to use the indicator with a displacement, I would need to add a minor modification.

The indicator is also attached below.

[Albertus]

Is it updated for Ninjatrader 8?
Thanks

[NinjaTrader_Kate]

Hello Albertus,

Thank you for your reply.

While there is a built in T3 indicator in NinjaTrader 8, it is not the Colored version. I'm unaware of any version for 8, however, that in no way means one does not exist. You may want to do a quick online search for "T3 Colored NinjaTrader 8" to see if it might be available from a third party.

Please let us know if we may be of further assistance to you.

[Harry]

Is it updated for Ninjatrader 8?
Thanks

There are different colored versions of the Tillson T3 available for NinjaTrader 8. However, these versions have T count and V factor preset (T count = 3, V factor = 0.7). The parameter that can be changed is the lookback period. The algorithm used for calculating the Tillson T3 is faster than the algorithm of the NinjaTrader in-built T3 indicator.


Color according to slope

You may use the amaMultiBollinger indicator to display the Tillson T3 colored according to slope. These are the features of the indicator

- the midband may be chosen from 33 different moving averages (including Tillson T3)
- the midband period may be selected
- the channel is obtained by adding/subtracting a multiple of the standard deviation
- midband and standard deviation period may selected separately
- the midband may be colored according to slope (upslope, downslope and neutral slope)
- the degree of flatness for qualifying a neutral slope can be adjusted
- when the of flatness is set to 0, the midband will be either qualified as upsloping or downsloping with no flat section
- instead of coloring the indicator plot, you may also use paint bars to display the slope

I understand that you do not look for generalized Bollinger Band, but just for the T3 colored according to slope.
This can be achieved by simply unselecting the channel in the indicator dialogue box.

Alternatively, you may also use the amaMultiDevationBands, the amaMultiKeltner or the amaResidualDeviationBands indicators to display the T3 colored according to slope.
The first chart attached shows the amaMultiBollinger colored according to the slope of the midband, which is a 14-period T3 (T count = 3, V factor = 0.7) indicator.


Color according to the bar close

An alternative way of coloring an indicator would be according to the bar close. The basic indicator which is used for this purpose is a wave indicator called amaMultiMAWave.
It plots a wave on the chart which is composed of 3 lines.

- the upper line is a moving average of the bar highs
- the lower line is a moving average of the bar lows
- the midband sits just in the middle between the upper line and lower line
- the indicator plot is colored according to the bar close (close above the wave, close inside the wave, close below the wave)

Again I understand that you only wish to display the T3 indicator. In this case you will simply set the width of the wave to zero.
As a result the amaMultiMAWave indicator will only display the T3 indicator in two colors (close above or below the moving average).
With this approach you will get faster signals compared to coloring a moving average according to slope, but you will also get false signals more frequently.
The second chart shows the amaMultiMAWave indicator colored according to the location of the bar close relative to the wave.
Please compare the two charts. You will notice that they show identical midbands.

Availability of the indicators: amaMultiBollinger and amaMultiMAWave are just two indicators of our indicator library for NinjaTrader 8. The library currently has 140 indicators.
All downloads are free for members. The lifetime membership is available for a low one-time fee. For more information see www.lizardindicators.com.