Sideways / Colored Candles RSI based for ThinkorSwim

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horserider

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Since people requested color candles. One of many color candles indicators. Play with settings to adjust to your preference or time frame. Shown is 5 min. Length 12.



Code:
## RSI Modified for Charlie Baker, by Waylock on June 19, 2016
## Color Price Chart based on 40 -60 Level

Input Length = 16;
Input AverageType = AverageType.WILDERS;

Def Price = (High + Low + Close) / 3;
Def NetChgAvg = MovingAverage(AverageType, Price - Price[1], Length);
Def TotChgAvg = MovingAverage(AverageType, AbsValue(Price - Price[1]), Length);
Def ChgRatio = if TotChgAvg != 0 then NetChgAvg / TotChgAvg else 0;
Def RSI = 50 * (ChgRatio + 1);
Def AvgExp = ExpAverage(RSI, 3);

AssignPriceColor(if AvgExp > 58 then Color.GREEN else if AvgExp < 38 then Color.RED else Color.YELLOW);
 
mc01439

mc01439

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Very Nice Job! Thanks for sharing.
 
markos

markos

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@horserider Thanks for keeping the header intact. I appreciate it.

Colored Candles, Colored Bars, Colored Heiniken Ashley Bars, wow, I'm thirsty! 😜🤪🙃 Sometimes I amused myself!!
 
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