OPEN-SOURCE SCRIPT
RSI Candle Colorer
WHAT IT DOES
Paints the candle itself when a classic reversal pattern fires with confirmation. Seven patterns are watched — bullish and bearish engulfing, hammer, shooting star, piercing line, dark cloud cover, harami, and harami cross — and a raw pattern alone is never enough. It must also agree with momentum (RSI position), participation (volume against its own average), and location (price versus a short trend EMA). All three must line up, or the candle stays unpainted. Most candles stay unpainted. That is the point.
HOW IT WORKS
- Bullish patterns only qualify when RSI is at or below your bullish threshold (default 40), volume is at least the 20-bar average, and the prior bar closed below the trend EMA — you are buying a dip, not chasing a top.
- Bearish patterns mirror it: RSI at or above 60, real volume, prior bar above the EMA.
- A confirmed pattern paints the bar green or red, prints a small label naming the pattern, and can fire an alert.
- Signals confirm on bar close by default — no repaint. A minimum-spacing setting stops clusters from stacking labels on top of each other.
HOW TO USE IT
Works on any symbol and any timeframe. Treat it as a bias and timing lens: when a painted candle appears at a level you already care about, you have pattern, momentum, and volume agreeing at the same moment. It pairs naturally with support and resistance or higher-timeframe structure.
WHAT IT CAN'T DO
It reads candles and momentum, not context. It does not know news is coming, and it will occasionally paint a perfect-looking candle right before the market disagrees. It is a filter for your eyes, not an autopilot.
SETTINGS
Pattern toggles for all seven, EMA length (9), RSI length (14) with bull/bear thresholds (40/60), volume lookback (20) and multiplier (1.0), minimum bars between signals (5), confirm-on-close (on).
Open source. Free. If it helps you read the tape faster, that's the job.
Paints the candle itself when a classic reversal pattern fires with confirmation. Seven patterns are watched — bullish and bearish engulfing, hammer, shooting star, piercing line, dark cloud cover, harami, and harami cross — and a raw pattern alone is never enough. It must also agree with momentum (RSI position), participation (volume against its own average), and location (price versus a short trend EMA). All three must line up, or the candle stays unpainted. Most candles stay unpainted. That is the point.
HOW IT WORKS
- Bullish patterns only qualify when RSI is at or below your bullish threshold (default 40), volume is at least the 20-bar average, and the prior bar closed below the trend EMA — you are buying a dip, not chasing a top.
- Bearish patterns mirror it: RSI at or above 60, real volume, prior bar above the EMA.
- A confirmed pattern paints the bar green or red, prints a small label naming the pattern, and can fire an alert.
- Signals confirm on bar close by default — no repaint. A minimum-spacing setting stops clusters from stacking labels on top of each other.
HOW TO USE IT
Works on any symbol and any timeframe. Treat it as a bias and timing lens: when a painted candle appears at a level you already care about, you have pattern, momentum, and volume agreeing at the same moment. It pairs naturally with support and resistance or higher-timeframe structure.
WHAT IT CAN'T DO
It reads candles and momentum, not context. It does not know news is coming, and it will occasionally paint a perfect-looking candle right before the market disagrees. It is a filter for your eyes, not an autopilot.
SETTINGS
Pattern toggles for all seven, EMA length (9), RSI length (14) with bull/bear thresholds (40/60), volume lookback (20) and multiplier (1.0), minimum bars between signals (5), confirm-on-close (on).
Open source. Free. If it helps you read the tape faster, that's the job.
Скрипт с открытым кодом
В истинном духе TradingView, создатель этого скрипта сделал его открытым исходным кодом, чтобы трейдеры могли проверить и убедиться в его функциональности. Браво автору! Вы можете использовать его бесплатно, но помните, что перепубликация кода подчиняется нашим Правилам поведения.
Отказ от ответственности
Информация и публикации не предназначены для предоставления и не являются финансовыми, инвестиционными, торговыми или другими видами советов или рекомендаций, предоставленных или одобренных TradingView. Подробнее читайте в Условиях использования.
Скрипт с открытым кодом
В истинном духе TradingView, создатель этого скрипта сделал его открытым исходным кодом, чтобы трейдеры могли проверить и убедиться в его функциональности. Браво автору! Вы можете использовать его бесплатно, но помните, что перепубликация кода подчиняется нашим Правилам поведения.
Отказ от ответственности
Информация и публикации не предназначены для предоставления и не являются финансовыми, инвестиционными, торговыми или другими видами советов или рекомендаций, предоставленных или одобренных TradingView. Подробнее читайте в Условиях использования.