OPEN-SOURCE SCRIPT
已更新 Candle Color Overlay
Description:
The Candle Color Overlay (CCO) indicator is a powerful tool for visualizing price movements on a chart. It overlays the chart with customizable colors, highlighting bullish and bearish candles based on their open and close values. This indicator helps traders quickly identify the direction of price movements and assess market sentiment.
How it Works:
The Candle Color Overlay indicator performs the following steps:
1. Calculation of the OHLC (Open, High, Low, Close) values for each candle based on the selected timeframe.
2. Classification of each candle as bullish or bearish:
- A bullish candle is when the closing price is greater than or equal to the opening price.
- A bearish candle is when the closing price is lower than the opening price.
3. Overlaying colors on the chart:
- The indicator applies a bullish color to the background when candles are classified as bullish and a bearish color to the background when candles classified as bearish. This overlay provides a visual representation of price movements.
4. Optional display of price movement labels:
- If enabled, the indicator shows a text label at the bottom of the current candle, indicating the percentage increase or decrease in price during a bullish or bearish background period.
Usage:
To effectively use the Candle Color Overlay indicator, follow these steps:
1. Add the indicator to your chart from the list of available indicators.
2. Configure the indicator's inputs:
- Choose the desired color for bullish candles using the "Bullish Color" input.
- Select the preferred color for bearish candles using the "Bearish Color" input.
- Specify the timeframe for analysis using the "Time Frame" input (default is 1 hour).
- Optionally enable the "Show Background Price Movement" input to display the percentage increase or decrease in price during each background period.
3. Analyze the colored overlay:
- Bullish colors represent candles where the closing price is greater than or equal to the opening price, indicating bullish sentiment.
- Bearish colors represent candles where the closing price is lower than the opening price, indicating bearish sentiment.
4. If enabled, observe the price movement labels
5. Combine the insights from the colored overlay and the price movement labels with other technical analysis tools, such as trend lines, support and resistance levels, or candlestick patterns, to make well-informed trading decisions.
The Candle Color Overlay (CCO) indicator is a powerful tool for visualizing price movements on a chart. It overlays the chart with customizable colors, highlighting bullish and bearish candles based on their open and close values. This indicator helps traders quickly identify the direction of price movements and assess market sentiment.
How it Works:
The Candle Color Overlay indicator performs the following steps:
1. Calculation of the OHLC (Open, High, Low, Close) values for each candle based on the selected timeframe.
2. Classification of each candle as bullish or bearish:
- A bullish candle is when the closing price is greater than or equal to the opening price.
- A bearish candle is when the closing price is lower than the opening price.
3. Overlaying colors on the chart:
- The indicator applies a bullish color to the background when candles are classified as bullish and a bearish color to the background when candles classified as bearish. This overlay provides a visual representation of price movements.
4. Optional display of price movement labels:
- If enabled, the indicator shows a text label at the bottom of the current candle, indicating the percentage increase or decrease in price during a bullish or bearish background period.
Usage:
To effectively use the Candle Color Overlay indicator, follow these steps:
1. Add the indicator to your chart from the list of available indicators.
2. Configure the indicator's inputs:
- Choose the desired color for bullish candles using the "Bullish Color" input.
- Select the preferred color for bearish candles using the "Bearish Color" input.
- Specify the timeframe for analysis using the "Time Frame" input (default is 1 hour).
- Optionally enable the "Show Background Price Movement" input to display the percentage increase or decrease in price during each background period.
3. Analyze the colored overlay:
- Bullish colors represent candles where the closing price is greater than or equal to the opening price, indicating bullish sentiment.
- Bearish colors represent candles where the closing price is lower than the opening price, indicating bearish sentiment.
4. If enabled, observe the price movement labels
5. Combine the insights from the colored overlay and the price movement labels with other technical analysis tools, such as trend lines, support and resistance levels, or candlestick patterns, to make well-informed trading decisions.
發行說明
Pine Coders Required Changes發行說明
- The default timeframe has been adjusted to 5 minutes- The default background candle color transparency has been set to 20%
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秉持TradingView一貫精神，這個腳本的創作者將其設為開源，以便交易者檢視並驗證其功能。向作者致敬！您可以免費使用此腳本，但請注意，重新發佈代碼需遵守我們的社群規範。
免責聲明
這些資訊和出版物並非旨在提供，也不構成TradingView提供或認可的任何形式的財務、投資、交易或其他類型的建議或推薦。請閱讀使用條款以了解更多資訊。
開源腳本
秉持TradingView一貫精神，這個腳本的創作者將其設為開源，以便交易者檢視並驗證其功能。向作者致敬！您可以免費使用此腳本，但請注意，重新發佈代碼需遵守我們的社群規範。
免責聲明
這些資訊和出版物並非旨在提供，也不構成TradingView提供或認可的任何形式的財務、投資、交易或其他類型的建議或推薦。請閱讀使用條款以了解更多資訊。