This indicator uses Heiken Ashi candle data to plot trend strength signals to your chart.
Bright Green: Heiken Ashi candle data is still putting in higher lows and higher highs, and the price closed above the previous low. Dark Green: Heiken Ashi candle closed green, but had a lower low or lower high (trend weakening). Bright Red: Heiken Ashi candle data is still putting in lower lows and lower highs, and the price closed below the previous high. Dark Red: Heiken Ashi candle closed red, but had a higher low or higher high (trend weakening).
Optional: I included a setting for allowing high RSI values to overrule Heiken Ashi values (disabled by default).
This kind of indicator is best used for managing open positions rather than entering trades. It works on all timeframes and instruments.
Feel free to contact me if you have any questions :)
Regards, - Matt
PS. Here's a snapshot of it against a Heiken Ashi chart for reference:
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Added -1 offset value to trend strength bars so that they align properly with candles.
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- Turned RSI override on by default to improve trend strength signal accuracy.
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Added ability to reference higher timeframe
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Removed HTF functionality as repainting issues were creating problems.
Indicator no longer repaints, and only uses the current timeframe data for signals.
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- - Converted to Pine Script version 4 - Several minor code improvements & optimizations - Added candle offset (0 = use current bar data, 1 = use previous bar data)
Great indicator, thank you. Would love to see some alerts added to it.
tomsey28
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Great work!!! 👍
I totally get the green & red color bars from your explanation... but I cant seem to figure-out the pattern for the tan/brown bar.... I noticed it appears near a reversal area.... 🤔
Additionally, sometimes the dark red and dark green bars don't follow the explanation... (ie. A dark green bar will sometimes appear when the HA closes red.)...
Again... great indicator, THANK YOU!!!..... it really helps to quickly identify the developing candle pattern... 👍
tomsey28
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@tomsey28 Welp.... I took a look at the code and noticed this explanation for the "orange" bar..... "Check if momentum is shifting to the upside after having bearish momentum".. and vice-versa.... So, it is indicating a possible reversal area... 👍