OPEN-SOURCE SCRIPT
Xavier's indicator

This indicator uses the OHLC (Open-high-low-close) chart data to graph out a oversimplified probability of the trend changing from a bearish one to a bullish trend, indicated when the column is green. This indicator was inspired by ChrisMoody's CM_Williams_Vix_Fix Script, so huge thanks to him, and I also 'borrowed' some of his code for bollinger bands color implementation, so again huge thanks to him. An example on o to use this script would be by looking at when the general color of the columns changes, indicating a possible trend reversal, e.g. from green to gray. This script should not be used on its own, but should instead be added to your strategy as confirmation with other indicators. If you have any questions or suggestions, be sure to leave them in the comments, feedback is always appreciated.
Open-source script
In true TradingView spirit, the creator of this script has made it open-source, so that traders can review and verify its functionality. Kudos to the author! While you can use it for free, remember that republishing the code is subject to our House Rules.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Open-source script
In true TradingView spirit, the creator of this script has made it open-source, so that traders can review and verify its functionality. Kudos to the author! While you can use it for free, remember that republishing the code is subject to our House Rules.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.