EM_RSI Gradient Candles

EffyewMoney Premium Updated   

I've missed the beautiful trend visualization of Heiken Ashi candles ever since I first learned they don't play well with other indicators largely due to the method with which they're plotted.

I wanted to color code a gradient onto candles to help visualize trend strength, and the Relative Strength Index was the first thing to come to mind. For coloring, it's possible the new color.from_gradient function would have worked, but I couldn't guarantee a highly customizable indicator with a single gradient so I took a more classic approach.

First, RSI was calculated using Tradingview's built-in RSI code.

Then I broke down the RSI's range of 1-100 into 10 tiers and assigned each a color option with the ability to turn any particular tier off if desired.

I found it to be extremely modular and helpful in visualizing both trend strength and identifying potential trend reversals due to a reduction in strength.

You can use it on every candle to help inform decisions, or keep all but <10 and >90 turned off so that it only changes candle color during the most extreme trends.

Or anything in between!

This is my first self-coded indicator so I'm already proud .
Please let me know what you think, and feel free to suggest improvements for future versions in the comments!

Release Notes:
Reorganized code so user color options have high RSI at the top and low RSI at the bottom.

Tweaked range definitions for more precise shading.

Added RSI EMA with customizable length

Added labels signaling when RSI crosses over or under EMA

Added an option to turn labels off

Added an option to hide historic labels only

Added options to change label colors

Added color-matching wicks and borders (commented out because there's only one way to do it and it doesn't play well with others, but still an option if you enable the code)

Tweaked hues so that certain changes in tiers were more distinguishable

Release Notes:
Removed drawings from top screenshot that overwrote original in last update.

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.


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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