In crypto, significant price moves can be a sign of continuation or reversal. This script measures if price move is greater than a certain number of standard deviations vs. previous periods, then alters bar colours and/or prints an emoji signal.
First time so idk what I'm doing lel
I use vervoot volatility bands, relative strength index, and volume to determine the color of the bar - that's it
I have candle colors inverted - you can change the regular and indicator bar colors in the settings
Meant to help identify risk on and risk off areas
This simple script colors candles based on the Relative Strength Index. RSI Values > 50 are solid colors, RSI values < 50 are pastels, with additional colors/fills/alerts for overheated and oversold (both user adjustable thresholds) conditions.
As an added bonus, RSI can be calculated by non-traditional methods (not using the running/smoothed moving average)...