OPEN-SOURCE SCRIPT
Updated Candle Thermals
This indicator color candles based on their percentage price change, relative to the average, maximum, and minimum changes over the last 100 candles.
-It calculates the percentage change of all candles
-Calculates the minimum, maximum and average in the last 100 bars in percentage change
-Changes color of the candle based on the range between the current percent and min/max value
-The brightest candle provides the highest compound effect to you account if you act on it at the open.
-Candles that have a percentage close to the average then they are barely visible = lowest compound effect to your account
This indicator functions like a "heatmap" for candles, highlighting the relative volatility of price movements in both directions. Strong bullish candles are brighter green, and strong bearish candles are brighter red. It's particularly useful for traders wanting quick visual feedback on price volatility and strength trends within the last 100 bars.
-It calculates the percentage change of all candles
-Calculates the minimum, maximum and average in the last 100 bars in percentage change
-Changes color of the candle based on the range between the current percent and min/max value
-The brightest candle provides the highest compound effect to you account if you act on it at the open.
-Candles that have a percentage close to the average then they are barely visible = lowest compound effect to your account
This indicator functions like a "heatmap" for candles, highlighting the relative volatility of price movements in both directions. Strong bullish candles are brighter green, and strong bearish candles are brighter red. It's particularly useful for traders wanting quick visual feedback on price volatility and strength trends within the last 100 bars.
Release Notes
we have made the candles yellow if they reach maximum or minimum values in percentage change. meaning those are the candles which you will achieve the highest compound effect 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.
For quick access on a chart, add this script to your favorites — learn more here.
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.
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.
For quick access on a chart, add this script to your favorites — learn more here.
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.