Stochastic RSI Heat Candles Overlay

Nov 3, 2021

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.

Options:

• Shading colors: Choose between Red/Green, Green/Blue, and Blue/Red shadings to represent the SRSI heat.
  
• Invert colors: Switch colors of the selected shading.
  
• Third color: Select a value from 0 to 255 for the third color which does not vary.
  
• Transparency: Select the transparency value.
  
• Overlay style : Choose to color the whole candle, or only borders and wick.
  
• Show candle side: If you choose to fully fill candles with the SRSI heat color , enable this option to plot shapes representing the candles directions.
  
• Candle marks colors: Select bull and bear colors for direction shapes.
  
• Overbought and Oversold situations are also represented by colored shapes at the top of the chart.
• Standards Stochastic RSI parameters.

Examples:




Notes:

• Do not forget to bring the script to the front of your chart to avoid being covered by default candles.
  
• Next improvements would probably be a better coloring algorithm, however, do not hesitate to suggest any modifications in comments.
  
• Initially, I shared a Stochastic RSI Heat Bollinger Bands indicator which gave me the idea to develop this one, you can find it on my profile.
  

Nov 3, 2021

Release Notes

Useless lines removed