OPEN-SOURCE SCRIPT
Composite Strength Indicator
Composite Strength Indicator (CSI)
The Composite Strength Indicator (CSI) combines several technical measures—including ADX, RSI, EMA crossovers, MACD Histogram, and Rate of Change (ROC)—to create a single composite “strength” value. This value is then used to dynamically color both the chart background and the candlesticks, offering you an at-a-glance view of market momentum.
How It Works:
Composite Calculation:
The indicator computes separate components (RSI, EMA difference, MACD Histogram, and ROC) and averages them together. This average is then multiplied by the ADX (a measure of trend strength) to produce the final composite strength.
Smooth Gradient Coloring:
The indicator applies a smooth gradient that transitions between different colors based on the strength value:
Very Strong Bearish: (default: maroon)
Moderately Strong Bearish: (default: red)
Mild Bearish: (default: orange)
Neutral: (default: gray)
Mild Bullish: (default: teal)
Moderately Strong Bullish: (default: green)
Very Strong Bullish: (default: lime)
These colors are interpolated smoothly so that even slight shifts in strength are visually noticeable. You can customize these colors directly from the indicator’s settings to match your personal preferences or trading theme.
Transparency Settings:
You can adjust the transparency for both the background and the candles, allowing you to balance visual clarity with your chart’s overall design.
Additional Fine-Tuning:
Besides color and transparency options, there are settings to fine-tune parameters for ADX, RSI, EMA, MACD, and ROC, giving you complete control over the sensitivity of the indicator.
This indicator provides an intuitive visual cue for market conditions—making it easier to spot when strength shifts from bearish to bullish (and vice versa) at a glance.
The Composite Strength Indicator (CSI) combines several technical measures—including ADX, RSI, EMA crossovers, MACD Histogram, and Rate of Change (ROC)—to create a single composite “strength” value. This value is then used to dynamically color both the chart background and the candlesticks, offering you an at-a-glance view of market momentum.
How It Works:
Composite Calculation:
The indicator computes separate components (RSI, EMA difference, MACD Histogram, and ROC) and averages them together. This average is then multiplied by the ADX (a measure of trend strength) to produce the final composite strength.
Smooth Gradient Coloring:
The indicator applies a smooth gradient that transitions between different colors based on the strength value:
Very Strong Bearish: (default: maroon)
Moderately Strong Bearish: (default: red)
Mild Bearish: (default: orange)
Neutral: (default: gray)
Mild Bullish: (default: teal)
Moderately Strong Bullish: (default: green)
Very Strong Bullish: (default: lime)
These colors are interpolated smoothly so that even slight shifts in strength are visually noticeable. You can customize these colors directly from the indicator’s settings to match your personal preferences or trading theme.
Transparency Settings:
You can adjust the transparency for both the background and the candles, allowing you to balance visual clarity with your chart’s overall design.
Additional Fine-Tuning:
Besides color and transparency options, there are settings to fine-tune parameters for ADX, RSI, EMA, MACD, and ROC, giving you complete control over the sensitivity of the indicator.
This indicator provides an intuitive visual cue for market conditions—making it easier to spot when strength shifts from bearish to bullish (and vice versa) at a glance.
CJ
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 publications is governed by House rules. You can favorite it to use it on a chart.
Want to use this script on a chart?
CJ
Disclaimer
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