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Stochastic RSI Heat Candles Overlay

This script is based on the Stochastic RSI indicator.

Candles are dynamically colored with a customizable RGB shading directly generated from the average Stochastic RSI current value.
By default, colors represent the following status -> green is overgought & red is oversold.

Options:
  • Shading colors: Choose between Red/Green, Green/Blue, and Blue/Red shadings to represent the SRSI heat.
  • Invert colors: Switch colors of the selected shading.
  • Third color: Select a value from 0 to 255 for the third color which does not vary.
  • Transparency: Select the transparency value.
  • Overlay style : Choose to color the whole candle, or only borders and wick.
  • Show candle side: If you choose to fully fill candles with the SRSI heat color , enable this option to plot shapes representing the candles directions.
  • Candle marks colors: Select bull and bear colors for direction shapes.
  • Overbought and Oversold situations are also represented by colored shapes at the top of the chart.
  • Standards Stochastic RSI parameters.

Examples:


Notes:
  • Do not forget to bring the script to the front of your chart to avoid being covered by default candles.
  • Next improvements would probably be a better coloring algorithm, however, do not hesitate to suggest any modifications in comments.
  • Initially, I shared a Stochastic RSI Heat Bollinger Bands indicator which gave me the idea to develop this one, you can find it on my profile.
Release Notes: Useless lines removed
Open-source script

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.

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.

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