Created By User Request
Creates Red BackGround Highlight if Or are Above Upper Line (User Defined)
Creates Green BackGround Highlight if Or are Below Lower Line (User Defined)
Ability to Turn On/Off either or Highlights in Inputs Tab via Check Boxes.
Ability To Set All Parameters for and in Inputs Tab.
Ability to Set High/Low “Threshold” Lines for Both and in Inputs Tab.
***I was asked if you could plot Back Ground Highlights on Two Individual Indicators AND have it show if BOTH Indicators were Overbought and Oversold.
***The answer is Yes. On the Chart Above I have the same Shade of Red and Green for Both Indicators. However, you will notice when Both Indicators Show OverBought…Both Plot Red Back Ground Highlights Which = a Brighter Red. The same is True for Oversold Conditions. The Green Shows a Brighter Shade of Green.
***VERY IMPORTANT - It is difficult for a programmer to release Indicators with this feature because depending on what color background you use on your charts…THE COLORS LOOK COMPLETELY DIFFERENT. So If You Don’t Use The Black Back Ground Shown Above You Most Likely Will Need To Adjust The Transparency, and Possibly The Colors Themselves!!!!
Indicator and Reference Page In Related Links Below
Adding more indicators like the RSI or the Ultimate Oscillator (UO) (https://www.tradingview.com/stock-charts-support/index.php/Ultimate_Oscillator_(UO)) would make this new tool even more brilliant.
Finally: Also helpful for this new power tool would be new selective conditions:
- 2 of all indicators show overbought / oversold prices
- 3 of all indicators show overbought / oversold prices
- 4 of all indicators show overbought / oversold prices
- all indicators have overbought / oversold values
Since my mentor is good friends with Larry Williams and I purchase Larry's annual webinar package I will throw in the UO and your CMO.
I'll also take you up on your last request regarding all indicators having overbought/oversold conditions etc. I've been wanting to create that anyway and have never gotten around to it.
Since I would never be able to code this by myself the only way to thank you is to share with everyone a better setting: Use 100 as period in the daily and make it fully transparent (therefore remove it) when only one of the two indicators is overbought / oversold. You get a better signal doing those two steps: