™TradeChartist Intensity

™TradeChartist Intensity is a visual indicator that comes with Intensity color candles and Auto-fibs feature that helps any trader with Entry/Exit and levels confirmation based on where the price is, in relation to the Orange Price Equilibrium line and the 5 zones of Bull/Bear limits that fade into the top or bottom outer space.

™TradeChartist Intensity itself doesn't plot BUY or SELL signals, but when used with ™TradeChartist Rubicon gives a better picture for trade confirmations. It can also be used as a standalone indicator and works equally effective with other traditional and non-traditional indicators.

The indicator comes with simple settings with useful features outlined below.

Intensity Color Candles

Intensity Color Candles when activated from settings paints the candles/bars with colors specific to the Bull/Bear limits or the outer space and is easy to identify the signal strength over time.

• Uptrend - The bars/candles move away from the Orange Price Equilibrium line towards the upper Bull limits with bar color fading slowly leading to outer space where the bar color turns neon green.

• Downtrend - The bars/candles move away from the Orange Price Equilibrium line towards the lower Bear limits with bar color fading slowly leading to outer space where the bar color turns neon red.

When the price candle wick or body touches the Orange Price Equilibrium line, distinct torchlight circle appears to signal the trader of a potential change in price direction which can be used as a signal confirmation in conjunction with another indicator before taking a trade position.

Show Auto Fib Levels

Auto Fib Levels plot automatic Fib levels based on significant Highs and Lows based on Intensity strategy which mostly are reference prices of recent highest high above Orange Equilibrium price line and recent lowest low below the Orange Equilibrium price line.

15m XBT chart with 'Show Auto Fib Levels' checked and 'Show Fibs from current High/Low' unchecked under indicator settings

These Auto Fib Levels change when the price movement/trend changes direction and will be based on trending price direction.


Show Fibs from current High/Low

When this option is chosen from indicator settings, the auto fib levels are drawn from the highest high of the trending price direction to lowest low of last trend for uptrend or vice-versa for downtrend.

15m XBT chart as above with 'Show Fibs from current High/Low' unchecked under indicator settings

Show Profit Candles

Activating this option from indicator settings will automatically plot $ labels above candle highs that hit important resistance levels during uptrend and candle lows that hit important support levels during downtrend. This will help traders take out profits during trades based on their personal profit goals and realistic trade targets based on momentum/RSI/volatility etc.

Example chart of XAUUSD 1hr Gold chart showing both Long and Short trade Profit candles

Give a thumbs up or leave a comment if you like the script.

Versionsinformation:

Updated - Logic to calculate levels quicker
Added - Option to hide/unhide Intensity Bands
Added - Highs/Lows plot for updated Auto-Fibs calculation

Versionsinformation:

Code Updated.
Removed AutoFibs as it is computation heavy and creates Memory usage limit error.