EffyewMoney

EM_RSI Gradient Candles

EffyewMoney Mis à jour   

I've missed the beautiful trend visualization of Heiken Ashi candles ever since I first learned they don't play well with other indicators largely due to the method with which they're plotted.

I wanted to color code a gradient onto candles to help visualize trend strength, and the Relative Strength Index was the first thing to come to mind. For coloring, it's possible the new color.from_gradient function would have worked, but I couldn't guarantee a highly customizable indicator with a single gradient so I took a more classic approach.

First, RSI was calculated using Tradingview's built-in RSI code.

Then I broke down the RSI's range of 1-100 into 10 tiers and assigned each a color option with the ability to turn any particular tier off if desired.

I found it to be extremely modular and helpful in visualizing both trend strength and identifying potential trend reversals due to a reduction in strength.

You can use it on every candle to help inform decisions, or keep all but <10 and >90 turned off so that it only changes candle color during the most extreme trends.


Or anything in between!


This is my first self-coded indicator so I'm already proud.
Please let me know what you think, and feel free to suggest improvements for future versions in the comments!

Notes de version:
Reorganized code so user color options have high RSI at the top and low RSI at the bottom.

Tweaked range definitions for more precise shading.

Added RSI EMA with customizable length

Added labels signaling when RSI crosses over or under EMA

Added an option to turn labels off

Added an option to hide historic labels only

Added options to change label colors

Added color-matching wicks and borders (commented out because there's only one way to do it and it doesn't play well with others, but still an option if you enable the code)

Tweaked hues so that certain changes in tiers were more distinguishable


Notes de version:
Removed drawings from top screenshot that overwrote original in last update.

Script open-source

Dans le véritable esprit de TradingView, l'auteur de ce script l'a publié en open-source, afin que les traders puissent le comprendre et le vérifier. Bravo à l'auteur! Vous pouvez l'utiliser gratuitement, mais la réutilisation de ce code dans une publication est régie par le règlement. Vous pouvez le mettre en favori pour l'utiliser sur un graphique.

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Les informations et les publications ne sont pas destinées à être, et ne constituent pas, des conseils ou des recommandations en matière de finance, d'investissement, de trading ou d'autres types de conseils fournis ou approuvés par TradingView. Pour en savoir plus, consultez les Conditions d'utilisation.

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