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Candle Color Generator

Candle Color Generator:

This indicator is designed to highlight the candle colors based on the combinations of Parabolic SAR (PSAR) and 2 Hull Moving Averages ( HMA ).

Colors:

Yellow, Red, and Green colors are used to describe the candle colors depends on its position to PSAR and 2 HMAs.

PSAR:

PSAR position above or below candle position is differentiated by Red and Green colors

HMAs:

As default settings 20 HMA is considered as lower period and 50 HMA is considered period for the calculation

Trade What You See:

This indicator will help to see how the setup of particular instrument coming up. Users/Traders can use and trade based on what they see and interpret from it.

Disclaimer:

Idea of publishing this script is to identify the strength of the instrument using multiple confirmation.
Using this indicator, changing inputs (show/hide/change period), and trading decisions are up to the users/traders.

Courtesy:

Thanks to inventors of HMA (Alan Hull), PSAR(Welles Wilder) as these inputs are used to make some calculations
Open-source script

In true TradingView spirit, the author of this script has published it open-source, so traders can understand and verify it. Cheers to the author! You may use it for free, but reuse of this code in a publication is governed by House Rules. You can favorite it to use it on a chart.

Want to use this script on a chart?

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