OPEN-SOURCE SCRIPT
drkhashix Candle Power Comparison with RSI
This indicator, named "drkhashix Candle Power Comparison with RSI" or "RSI+CPC", first calculates the strength of green and red candles based on the average of two periods. The number one indicates a normal average. The higher the lines move, the stronger the candle powers become, and conversely, the lower they move, the weaker the powers become.
We have four types of power: the power of bullish candles, the power of bearish candles, the total power of both, and the average power. The power of bullish candles is determined based on the height of bullish candles over two specified periods, and the power of bearish candles is determined based on the height of bearish candles over the same periods.
We also have Total Power (the sum of bullish and bearish candle powers) and Average Power (the sum of bullish and bearish candle powers divided by two). These are auxiliary tools that can be disabled in the settings.
The indicator's color zones consist of three levels: lightly colored, strongly colored, and very strongly colored. The more intense the colors, the greater the power they represent. These zones are as follows:
Lightly Colored Zone: If the power of bullish candles is greater than the power of bearish candles, and vice versa.
Strongly Colored Zone: If the power of bullish candles is greater than a specified value for Static Line 1, and the power of bearish candles is less than that value, and vice versa.
Very Strongly Colored Zone: If the power of bullish candles is greater than Static Line 2, and the power of bearish candles is less than Static Line 1, and vice versa.
Additionally, we have added the RSI indicator to allow you to receive trading signals using only the color zones and RSI.
Show the power of green candles
Show the power of red candles
Display the average power of the candles
Display the total power of Candle Power
Display the amount of RSI
Showing colored shadows based on the power of the candles
A suggested strategy based on this indicator can be:
Whenever the RSI, which is the white line, reaches the overbought area and the strength of the bearish candles, indicated by the red lines, is greater than the strength of the bullish candles, indicated by the green lines, you can open a sell trade. Conversely, whenever the RSI, which is the white line, reaches the oversold area and the strength of the bullish candles, indicated by the green lines, is greater than the strength of the bearish candles, indicated by the red lines, you can open a buy trade.
I don't have any more explanations for this indicator, the only thing I know is that this is a useful indicator and I use this indicator in building my robots and I have gotten good results from this indicator in trading robots, I hope PineCoders should not delete this indicator because I have tried to publish this indicator four times, each time it told me that the description is insufficient. What more should I explain about a simple indicator?
We have four types of power: the power of bullish candles, the power of bearish candles, the total power of both, and the average power. The power of bullish candles is determined based on the height of bullish candles over two specified periods, and the power of bearish candles is determined based on the height of bearish candles over the same periods.
We also have Total Power (the sum of bullish and bearish candle powers) and Average Power (the sum of bullish and bearish candle powers divided by two). These are auxiliary tools that can be disabled in the settings.
The indicator's color zones consist of three levels: lightly colored, strongly colored, and very strongly colored. The more intense the colors, the greater the power they represent. These zones are as follows:
Lightly Colored Zone: If the power of bullish candles is greater than the power of bearish candles, and vice versa.
Strongly Colored Zone: If the power of bullish candles is greater than a specified value for Static Line 1, and the power of bearish candles is less than that value, and vice versa.
Very Strongly Colored Zone: If the power of bullish candles is greater than Static Line 2, and the power of bearish candles is less than Static Line 1, and vice versa.
Additionally, we have added the RSI indicator to allow you to receive trading signals using only the color zones and RSI.
Show the power of green candles
Show the power of red candles
Display the average power of the candles
Display the total power of Candle Power
Display the amount of RSI
Showing colored shadows based on the power of the candles
A suggested strategy based on this indicator can be:
Whenever the RSI, which is the white line, reaches the overbought area and the strength of the bearish candles, indicated by the red lines, is greater than the strength of the bullish candles, indicated by the green lines, you can open a sell trade. Conversely, whenever the RSI, which is the white line, reaches the oversold area and the strength of the bullish candles, indicated by the green lines, is greater than the strength of the bearish candles, indicated by the red lines, you can open a buy trade.
I don't have any more explanations for this indicator, the only thing I know is that this is a useful indicator and I use this indicator in building my robots and I have gotten good results from this indicator in trading robots, I hope PineCoders should not delete this indicator because I have tried to publish this indicator four times, each time it told me that the description is insufficient. What more should I explain about a simple indicator?
Open-source Skript
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