The name Candilator comes from blending the words "candlestick" and "oscillator". And as the name suggests, this indicator is a good old RSI plotted as a candlestick chart. To produce a candlestick chart, Candilator RSI calculates four RSI's based on the open, high, low, and close time series. It also has a candlestick patterns detection feature.
HOW TO USE
You can use Candilator RSI as a normal RSI to analyze momentum, detect overbought and oversold markets, and find the oscillator's divergences with the price. You can also get creative and apply all sorts of technical analysis to the RSI candlestick chart, including candlestick patterns analysis. Candilator RSI can automatically scan the price for some candlestick patterns in the overbought and oversold zones. This feature can help detect price reversals early.
SETTINGS
The indicator settings are divided into two groups: Main Settings and Pattern Detection. In the Main Settings, you can find standard RSI settings. In the Pattern Detection part, you can turn on and off the automatic search for a particular candlestick pattern.
Just drugged this occurred to me, I search and find your script, Awesome... congratulations!!
AstrideUnicorn
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@Smart_Trading_Ipda_Cl, Thank you so much! It's so great to hear that. Your comment inspires us to keep working!
Indicator-Jones
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The GREAT thing about this indicator is, Candilator makes it possible to spot engulfing candles **on the RSI** which can mark trend confirmation or trend reversal. Very cool 😎👍 I used the "Engulfing Candles Detector" script by Daveatt and applied it on the Candilator RSI to make them visual. Thank you 🙏
AstrideUnicorn
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@Indicator-Jones, that's a very creative idea. Thanks for sharing it!
Indicator-Jones
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Hey @AstrideUnicorn, I created a Candilator version with Bollinger bands, highlights of BB breakouts, moving average, engulfing candle highlights, and optional standard RSI. Are you OK with me publishing it, or would you prefer a private script?