A trader once told me that top wicks equals sell interest and bottom wicks equals buy interest. If that's true then this indicator tries to organize and visualize this idea.
It uses transparent boxes to give the impression of a heat map. Due to limitations of my own skill and possibly pinescript it is not possible to render it in a useful manner using different...
In the world of data visualization, heatmaps are an invaluable tool for understanding complex datasets. They use color gradients to represent the values of individual data points, allowing users to quickly identify patterns, trends, and outliers in their data. In this post, we will delve into the history of heatmaps, and then discuss how its implemented.
What does this chart show? Take the highest high and lowest low of 200 bars. Divide that into 20 chunks. The more time the price spends in one of those 1/20th pockets, the brighter it is lit up on the chart. Number of bars back can be modified to around 500. It starts to chug beyond that. Brightness level of heat map can be adjusted. 0.5 is default. 1 = brighter,...
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.
Shading colors: Choose between Red/Green, Green/Blue, and Blue/Red...
This indicator is based on a combination of the famous Bollinger Bands and the Stochastic RSI indicator.
Bands are dynamically colored (and filled) with a RGB color composed by red and green values, directly generated from the average Stochastic RSI current value.
By default, colors represent the following status -> green zone is overgought & red zone is...
I don't expect to iterate any further on this script, unless any weird issue crops up.
Description and usage detailed in the comments at the top of the script. Cheers!
To repaint or not to repaint, all the relevant sources are exposed as inputs for customisation - so the choice is yours.
A little, yet hopefully useful update over my previous "Multi Bollinger Heat Bands". For those who like quick visual cue's.
In short: It's your Basic Bollinger Bands, but 3 of them, and some pointy things.
Three stacked SMA based Bollinger Bands designed just to give you a quick visual on the "heat" of movement.
Set inner band as you would expect,...