OPEN-SOURCE SCRIPT
Candle and BG Trend Identifier
This indicator simply changes the background and color of candle based on the previous candle's close. If a candle closes high than the previous candle's high it will be indicated via green coloring. If a candle closes lower than the previous candle's low it will be indicated in red coloring. Additionally, grey colored candles appear when neither occur - often signifying consolidation.
These candles can be used to identify previous small lasting and long ranging trends. Areas that are heavily saturated with one specific color will likely indicate a trend.
If you are not able to see the colored candles, disable your main candle overlay in the top left by clicking on the eye icon.
These candles can be used to identify previous small lasting and long ranging trends. Areas that are heavily saturated with one specific color will likely indicate a trend.
If you are not able to see the colored candles, disable your main candle overlay in the top left by clicking on the eye icon.
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.