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 .
In true TradingView spirit, the author of this script has published it open-source, so traders can understand and verify it. Cheers to the author! You may use it for free, but reuse of this code in a publication is governed by House Rules. You can favorite it to use it on a chart.
//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="Column Up or Down", overlay=false) cdl = input(true, title="Previous Daily Closing") dclose = security(tickerid, 'D', close) positive = close > dclose negative = close < dclose plot(positive, style=columns, color=lime) plot(negative, style=columns, color=red)