How to create watch list columns that outputs phrases based on stock indicators

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AddLabel() Method

How to dynamically set the label in a watchlist column. The very same method of adding a label to a chart is the same as we use for the text of a watchlist column. It is named: “AddLabel()”.

We have two prior posts that demonstrate how to dynamically set the text of the AddLabel() method.

One of these is used in a watchlist, but the logic is exactly the same as would be applied to a chart: https://www.hahn-tech.com/ans/trailing-stop-alert-column/

This is one that is applied to a chart: https://www.hahn-tech.com/ans/conditionally-set-color-text-of-chart-label/

RVI Watchlist Column

You have previously posted a request for the RVI changing background colors of a custom watchlist: https://www.hahn-tech.com/ans/relative-volatility-index-rvi-custom-watch-list/

The Solution

So we’ll be using most of that code in the solution for this one.

You did not provide your own code so I will take that to mean you don’t care to learn how to do this and are only looking for the solution. So I will only present the code.

Here is the full code. Screenshot below shows what it looks like.

#---------- RVI Section
input stDevLength = 10;
input averageLength = 14;
input averageType = AverageType.EXPONENTIAL;
def stDevHi = stDev(high, stDevLength);
def stDevLo = stDev(low, stDevLength);
def avgStDevHiUp = MovingAverage(averageType, if high > high[1] then stDevHi else 0, averageLength);
def avgStDevHiDown = MovingAverage(averageType, if high < high[1] then stDevHi else 0, averageLength); def avgStDevLoUp = MovingAverage(averageType, if low > low[1] then stDevLo else 0, averageLength);
def avgStDevLoDown = MovingAverage(averageType, if low < low[1] then stDevLo else 0, averageLength); def rviHi = if avgStDevHiUp + avgStDevHiDown == 0 then 50 else 100 * avgStDevHiUp / (avgStDevHiUp + avgStDevHiDown); def rviLo = if avgStDevLoUp + avgStDevLoDown == 0 then 50 else 100 * avgStDevLoUp / (avgStDevLoUp + avgStDevLoDown); def RVI = (rviHi + rviLo) / 2;
#---------- RelativeVolumeStDev Section
input length = 60;
input numDev = 2.0;
input allowNegativeValues = no;
def rawRelVol = (volume - Average(volume, length)) / StDev(volume, length);
def RelVol = if allowNegativeValues then rawRelVol else Max(0, rawRelVol);
#---------- Percent Change Section
def percentChange = 100 * (close[1] / close - 1);
#---------- Conditions
def up = RVI >= 55.0 and RelVol >= 2 and AbsValue(percentChange) <= 9.0;
def down = RVI <= 55.0 and RelVol >= 2 and AbsValue(percentChange) <= 9.0;
def halt = RVI <= 55.0 and RelVol >= 2 and AbsValue(percentChange) > 9.0;
#---------- Display Text
AddLabel(yes, if up then "Massive volume surging up" else if down then "Massive volume surging down" else if halt then "HALT WARNING" else "None", if up or down or halt then Color.BLACK else Color.CURRENT);
AssignBackgroundColor(if up then Color.GREEN else if down then Color.RED else if halt then Color.YELLOW else Color.CURRENT);


Sorry to post here, but I did not know another way to post attachments outside of the main post