OPEN-SOURCE SCRIPT
Candle Color Generator
Candle Color Generator:
This indicator is designed to highlight the candle colors based on the combinations of Parabolic SAR (PSAR) and 2 Hull Moving Averages (HMA).
Colors:
Yellow, Red, and Green colors are used to describe the candle colors depends on its position to PSAR and 2 HMAs.
PSAR:
PSAR position above or below candle position is differentiated by Red and Green colors
HMAs:
As default settings 20 HMA is considered as lower period and 50 HMA is considered period for the calculation
Trade What You See:
This indicator will help to see how the setup of particular instrument coming up. Users/Traders can use and trade based on what they see and interpret from it.
Disclaimer:
Idea of publishing this script is to identify the strength of the instrument using multiple confirmation.
Using this indicator, changing inputs (show/hide/change period), and trading decisions are up to the users/traders.
Courtesy:
Thanks to inventors of HMA (Alan Hull), PSAR(Welles Wilder) as these inputs are used to make some calculations
This indicator is designed to highlight the candle colors based on the combinations of Parabolic SAR (PSAR) and 2 Hull Moving Averages (HMA).
Colors:
Yellow, Red, and Green colors are used to describe the candle colors depends on its position to PSAR and 2 HMAs.
PSAR:
PSAR position above or below candle position is differentiated by Red and Green colors
HMAs:
As default settings 20 HMA is considered as lower period and 50 HMA is considered period for the calculation
Trade What You See:
This indicator will help to see how the setup of particular instrument coming up. Users/Traders can use and trade based on what they see and interpret from it.
Disclaimer:
Idea of publishing this script is to identify the strength of the instrument using multiple confirmation.
Using this indicator, changing inputs (show/hide/change period), and trading decisions are up to the users/traders.
Courtesy:
Thanks to inventors of HMA (Alan Hull), PSAR(Welles Wilder) as these inputs are used to make some calculations
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.
For quick access on a chart, add this script to your favorites — learn more here.
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.
For quick access on a chart, add this script to your favorites — learn more here.
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.