The indicator allows users to customize the color of the background as well as the transparency level. It can be applied to any chart type and time frame. Additionally, the indicator can be overlaid on top of other technical indicators or chart patterns to provide an extra layer of analysis.
Overall, the "Latest Candle Background" indicator is a simple but effective way to highlight the most recent price action and enhance your trading strategy.
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.