EM_RSI Gradient Candles

EffyewMoney Atualizado   

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!

Notas de Lançamento:
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

Notas de Lançamento:
Removed drawings from top screenshot that overwrote original in last update.

Script de código aberto

Dentro do verdadeiro espírito TradingView, o autor deste script publicou ele como um script de código aberto, para que os traders possam compreender e checar ele. Um viva ao autor! Você pode usá-lo gratuitamente, mas a reutilização deste código em uma publicação é regida pelas Regras da Casa. Você pode favoritá-lo para usá-lo em um gráfico.

Aviso legal

As informações e publicações não devem ser e não constituem conselhos ou recomendações financeiras, de investimento, de negociação ou de qualquer outro tipo, fornecidas ou endossadas pela TradingView. Leia mais em Termos de uso.

Quer usar esse script no gráfico?