This indicator consists of two parts.
Part I: Color Candles shows the main trend
Color candles is designed to identify the state of the market by the color of the candles.
As you can see in the screenshots, if the bar is colored blue, the market is in a state where you need to buy or close short positions. If the bars are colored red, it is time to sell or close long positions.
If the color changes, you should wait until it forms (until the current bar closes).
Part II: Stripes
The inner bands are considered a safe zone, and the outer bands are intended for closing orders.
The trading strategy is shown below:
- If the color of the bar is blue and the price is within the inner bands, open a buy order. When the price crosses the outer bands, it is time to close the order.
- If the color of the bar is red and the price is within the inner bands, open a sell order. When the price crosses the outer bands, it is time to close the order.
- ShowColorCandle – if true, the indicator will draw colored candlesticks.
- BullColor -Aqua. Color for bullish candlesticks.
- BearColor– Tomato. Color for bearish candlesticks.
- AlertColorChange – if true, pop-up alerts will be served after the color change is completed.
- EmailColorChange – if true, messages will be sent to the email address after the color change is completed.
- ShowBands-if true, the indicator will draw stripes.
- AlertCrossOuterBands – if true, pop-up alerts will be served when the price crosses the outer bands
- AlertCrossOuttrBands – if true, email messages will be sent when the price crosses the outer bands
Please note, I am not claiming that this is a perfect indicator.
The losses or winnings depend on how you use it.