Indicators: Trend power and direction indicator
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Trend power and direction indicator:
This indicator paints the candlesticks in different colors depending on a trend power and direction.
The indicator is based on five symmetrical Bollinger Bands with different deviation input parameters values. Breakout of the channel with a big deviation value results in a brighter color of a candlestick. Spring green color shades are used for the rising market, while maroon color shades are intended for the falling market.
Five deviation levels and ten colors for trend display are used. In case the weakest deviation level is not passed, the candlesticks are not colored and have a common coloring.
Author: Nikolay Kositsin