This script allows to HeikinAshize different commonly used centered oscillators. It plots them like Heikin Ashi candles. In this way, we can eliminate some of the noise and uncertainty that is inherent to applying only one calculation period to the oscillators. Applying Heikin Ashi to an oscillator might be advantageous compared to applying it directly to the chart, because you are not altering price readings. The obvious advantage is the clear visualization of the trend directions without noise.
INPUTS The oscillators included are:
Relative Strength Index (RSI)
Stochastic
Stochastic RSI
Fisher transform
Inverse Fisher Transform of RSI (IFTRSI)
Commodity Channel Index (CCI)
Money Flow Index (MFI)
Chande Momentum Oscillator (CMO)
Momentum (MOM)
True Strength Index (TSI)
Williams' Percent Range (WPR).
Apart from the choice of one of these indicators, only two more inputs are required:
the main (median) period and
the % of variability of this period.
RESULTS The script calculates 4 evenly spaced periods from that data (period and variability), e.g. for a period of 50 and a variability of 30%, the script calculates oscillator values for 4 different periods evenly spaced around 50, (35, 45, 55, 65) and uses these 4 values to draw the Heikin Ashi candle.
The script also plots the usual upper/lower (overbought/oversold) values, as well as the central line.
CREDITS The interesting concept of applying Heikin Ashi to an oscillator was recently introduced in Tradingview by @JayRogers . Many thanks for the idea. For Heikin Ashi calculations, the useful script by @allanster was taken as a reference. Any improvements, modifications or suggestions are welcome.
Thanks you, I like it but I need alert to change the color a candle ,please add alert thank you..
kamaal010
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This is a great script - A very clean trend/oscilaltor. I wonder if you can add alert for change of bar colour from red to green and vice versa ? - That would make it very useful
I use the Fisher input. Do you like any any particular input?
bw
K
javabgar
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@kamaal010, thanks! I find Fisher the most useful one.
Regarding alerts, I don't use any, and have no experience in coding them, but I believe that including this lines at the end of my script could work:
alertchngcol = barColor == #ef5350 and barColor == #26a69a
alertcondition(alertchngcol, title='Alert on Green Bar', message='Green Bar!')
if alertchngcol
alert('Green Bar!', alert.freq_once_per_bar)