Created By User Request
Creates Red BackGround Highlight if Or are Above Upper Line (User Defined)
Creates Green BackGround Highlight if Or are Below Lower Line (User Defined)
Ability to Turn On/Off either or Highlights in Inputs Tab via Check Boxes.
Ability To Set All Parameters for and in Inputs Tab.
Ability to Set High/Low “Threshold” Lines for Both and in Inputs Tab.
***I was asked if you could plot Back Ground Highlights on Two Individual Indicators AND have it show if BOTH Indicators were Overbought and Oversold.
***The answer is Yes. On the Chart Above I have the same Shade of Red and Green for Both Indicators. However, you will notice when Both Indicators Show OverBought…Both Plot Red Back Ground Highlights Which = a Brighter Red. The same is True for Oversold Conditions. The Green Shows a Brighter Shade of Green.
***VERY IMPORTANT - It is difficult for a programmer to release Indicators with this feature because depending on what color background you use on your charts…THE COLORS LOOK COMPLETELY DIFFERENT. So If You Don’t Use The Black Back Ground Shown Above You Most Likely Will Need To Adjust The Transparency, and Possibly The Colors Themselves!!!!
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.
//Created by ChrisMoody on 10-17-2014 by user request. study(title="CM_Willams %R and CCI BackGround Highlight", shorttitle="CM_%R and CCI", overlay=true) length = input(21, minval=1, title="Williams %R Length") willTL = input(10, minval=5, maxval=95, title="Williams %R Trigger Lines, 20 Converts to -20,-80...10 = -10,-90 etc.") length2 = input(30, minval=1, title="CCI Length") cciT = input(200, minval=50, maxval=200, title="CCI Trigger Lines, Converts to +100,-100 - +200,-200 etc.") scci = input(true, title="Show CCI BackGround Highlight") swill = input(true, title="Show Williams %R BackGround Highlight") //CCI Code ma = sma(close, length2) cci = (close - ma) / (0.015 * dev(close, length2)) cciTA = 0 + cciT cciTB = 0 - cciT //CCI Criteria Definitions cciA = cci > cciTA ? 1 : 0 cciB = cci < cciTB ? 1 : 0 //CCI Color Plots condCCI = scci and cciA ? red : scci and cciB ? lime : na //Williams %R Definitions upper = highest(length) lower = lowest(length) //Williams %R Criteria willR = 100 * (close - upper) / (upper - lower) willRAbove = willR > (0 - willTL) ? 1 : 0 willRBelow = willR < (-100 + willTL) ? 1 : 0 //Williams %R Color Definitions condWill = swill and willRAbove ? red : swill and willRBelow ? lime : na //Background Highlights bgcolor(condCCI, transp=70) bgcolor(condWill, transp=70)