green == candle but lower than average
lime == candle with above average
crimson == candle with below average
red == candle with above average
This indicator is very useful for spotting bottoms / tops (do a visual backtest and observe its behavior) as well as entry opportunities.
By default, the lookback period for average is 7, but I encourage you to change this value in order to find settings that work best for your particular market.
If you have any feedback or ideas for improvement, please comment.
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.