Mateus Matucuma Teixeira / Profil

Volume Colored Candlestick with Bollinger Bands as the Standard Deviation

Colored Candlestick exemplifying a gradient. It was somewhat hard to find a good working example of DRAW_COLOR_CANDLES that was understandable, most of the comments were useless, and the documentation lacks to even specify the plot limitations (PLOT_COLOR_INDEXES being limited to 64 in length, [0; 63]) or which order the functions should be called.

This Indicator will show the Amplitude [Minimum; Maximum] of a given period and can act as a substitute of the ATR indicator. The indicator can be used to observe volatility and the force of past swings, useful to determine excesses that will possibly be reversed or repeated, given that the user has knowledge to complement with volume or standard-deviation strategies. It is suggested a period of 55200 at M1 or 2400 at H1 (meaning 40 sessions of 23hs each), or any period that complements your strategy.

This simple indicator is just a statistical label showing Last and Current Candle Amplitude (MinMax), Last and Current Day Amplitude, Current Tick Amplitude and Time Remaining for next Candle. It also shows Server Time (Market Watch) and Local PC Time so you can focus more on the graph and adapt to market hours.