Red Candle = sell opportunities
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.
// Green Candle = buy opportunities // Red Candle = sell opportunities // By SimpleTrading Techniques study(title="RSI Chart Bars",overlay = true, shorttitle="STT Short Term Trend Bars") src = close, len = input(8, minval=1, title="Length") up = rma(max(change(src), 0), len) down = rma(-min(change(src), 0), len) rsi = down == 0 ? 100 : up == 0 ? 0 : 100 - (100 / (1 + up / down)) //coloring method below src1 = close, len1 = input(50, minval=1, title="UpLevel") src2 = close, len2 = input(50, minval=1, title="DownLevel") isup() => rsi > len1 isdown() => rsi < len2 barcolor(isup() ? green : isdown() ? red : na )