PROTECTED SOURCE SCRIPT

Bullyena's RSI BarColor Overlay

Updated
This script can identify the price trend by overlaying colors as based on an algorithm using RSI and MA.

Disclaimer: This should be effective on higher timeframes.
This also works best with my RSI + StochRSI indicator.

Red = short zone
Orange = chop zone
Blue = long zone

Strategy:
Blue = you can HODL until the trend changes
Orange = good for scalping ranges
Red = just for shorting and longing would be risky

How to enable indicator with the best settings:
A. If using candlestick chart type, make sure to disable the border color in the chart settings.
B. For optimal usage, use the bar chart type.
Release Notes
Changelog:
Updated the colors

How to use:
1. Install the indicator by clicking on favorites and adding it on your chart.
2. Go to your chart settings/properties by clicking on the background of your chart. Then make sure to DISABLE 'BORDER' if using candlesticks.
3. There you have it
Release Notes
Minor fixes
overlayRelative Strength Index (RSI)trendTrend Analysis

Protected script

This script is published closed-source and you may privately use it freely.

Want to use this script on a chart?


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Disclaimer