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Crayons

RSI CrayonsThis simple script colors candles based on the Relative Strength Index. RSI Values > 50 are solid colors, RSI values < 50 are pastels, with additional colors/fills/alerts for overheated and oversold (both user adjustable thresholds) conditions. As an added bonus, RSI can be calculated by non-traditional methods (not using the running/smoothed moving average) using a variety of different moving averages, but you may have to adjust the time-frame for 'faster' moving averages. An option for plotting the moving average basis is also available. Value Added: This indicator can be used to chart RSI without adding an "oscillator frame" to your chart, since we don't normally care too much about RSI values between 30 and 70 under normal conditions.
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