OPEN-SOURCE SCRIPT
Xavier's indicator
This indicator uses the OHLC (Open-high-low-close) chart data to graph out a oversimplified probability of the trend changing from a bearish one to a bullish trend, indicated when the column is green. This indicator was inspired by ChrisMoody's CM_Williams_Vix_Fix Script, so huge thanks to him, and I also 'borrowed' some of his code for bollinger bands color implementation, so again huge thanks to him. An example on o to use this script would be by looking at when the general color of the columns changes, indicating a possible trend reversal, e.g. from green to gray. This script should not be used on its own, but should instead be added to your strategy as confirmation with other indicators. If you have any questions or suggestions, be sure to leave them in the comments, feedback is always appreciated.
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 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.