In short, this indicator looks for patterns using Relative Directional Strength and plots potential Reversal Areas on the chart. Candlesticks are shaded by a Gradient. This gradient is based on whether or not the market is currently experiencing a positive or negative sentiment.
In the screenshot below you can see that the market is experiencing positive sentiment, but also shows areas of possible resistance and reversal. The example shows the 1 minute timeframe which is very volatile and can show inconsistent results due to inherent volatility. It is recommended to trade the 15min timeframe or higher.
In the screenshot below we see the candle colors are varied with regards to shading. As moves become "stronger" in a particular direction, the candle colors actually switch from standard red/green to Pink and Yellow. This usually indicates an Oversold or Overbought condition.
In the example below, you can see that if an overbought condition no longer exists and the direction of the movement changes, a plotted arrow and line appear on the chart. This indicates a "potential" resistance or support area and "possibly" a reversal in price. (during strong trends, these are usually simple pullback areas and not reversals).
As seen in the screenshot below, an option to extend the lines is included (disabled by default in the settings). Turning this option ON allows the trader to better visualize potential resistance / support areas on the chart by extending the lines to the right.
Used in conjunction with other indicators, this indicator becomes a powerful confirmation tool for your arsenal.
Many settings are fully customizable including gradient color, bar color, line width etc.
I hope you enjoy the indicator and... HAPPY TRADING!
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Fixed bug that was causing a scaling issue.
Extended Reversal Lines to 60 bars from 30 bars (doubled the length)
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Added Alerts to the script
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Added several user customization options under Inputs
Changed Max Lines shown on the chart from 4 to 8 (for the default)
Added the following Options 1. Option that allows the user to hide the bug RSI Label 2. Option to customize Line Colors 3. Option to hide either Bearish Lines, Bullish Lines, or both 4. Option to turn ON or OFF the custom color coded bars feature
Fixes include: 1. Fixed an error that said Bearish under some Bullish settings 2. Cleaned up Code 3. Turned off editability under the style section for items that were added to inputs
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Added Moving Averages to script to help identify trend
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Adjusted Alerts to work more accurately.
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Added additional Moving Average to chart (50ema) Adjusted line size and fill transparency