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OPEN-SOURCE SCRIPT
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Extreme Bars

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"Extreme Bars" is a simple but useful indicator that marks overbought and oversold candles. This indicator paints candles that fall far above the average red, and the candles that rise above the average green. Of course, they can change these colors if they want. "Extreme Bars" can be interpreted in many different ways. The starting points of colored candles can often be good support or resistance. In addition, it would be wise to close the positions opposite the colored candles and to maintain the positions compatible with the colored candles. It is also possible that the gaps formed by the colored candles will be closed in the future. The sensitivity of the indicator can be changed in the settings section.

Release Notes
it now draws a support or resistance line in the average of the bars behind the extreme bars.
example:snapshot
Release Notes
update: from now on the bars gain a certain transparency according to their volume and height. The more transparent a bar is, the less volume it has for its size, and the clearer it is, the more volume it has for its height. ie transparent bars represent low volume. Non-transparent bars are also strong support and resistance points.
Release Notes
extend and color input added.
Release Notes
max bars back added.

Open-source script

In true TradingView spirit, the creator of this script has made it open-source, so that traders can review and verify its functionality. Kudos to the author! While you can use it for free, remember that republishing the code is subject to our House Rules.

faytterro
BARScandlesCandlestick analysisfairvaluegapgapsorderblockorderblocksoverboughtoversoldpriceactionVolatility

Disclaimer

The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
BARScandlesCandlestick analysisfairvaluegapgapsorderblockorderblocksoverboughtoversoldpriceactionVolatility

Open-source script

In true TradingView spirit, the creator of this script has made it open-source, so that traders can review and verify its functionality. Kudos to the author! While you can use it for free, remember that republishing the code is subject to our House Rules.

faytterro

Disclaimer

The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.