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Lilu - 1. trend bgcolor
Lilu - 1. Trend Background Color
Lilu - 1. Trend Background Color is a TradingView indicator designed to visually represent market trends by changing the chart's background color based on simple moving average (SMA) analysis. This tool enhances chart readability, allowing traders to quickly identify prevailing market conditions at a glance.
Features:
Trend Identification: Utilizes short-term and long-term SMAs to determine the current market trend.
Dynamic Background Coloring: Changes the chart background color to indicate uptrends and downtrends, providing immediate visual cues.
Customizable Parameters: Although default periods are set, the script can be modified to adjust SMA lengths as needed.
How It Works:
Simple Moving Averages Calculation:
Short-Term SMA : Calculates the average closing price over the last periods.
Long-Term SMA : Calculates the average closing price over the last periods.
Trend Determination:
Uptrend: Identified when both the current closing price and the average of Open, High, Low, Close (OHLC4) are above the short-term SMA.
Downtrend: Identified when both the current closing price and OHLC4 are below the short-term SMA.
Background Color Application:
Uptrend: Sets the background color to a semi-transparent green (#28c275) with 90% transparency, signaling bullish market conditions.
Downtrend: Sets the background color to a semi-transparent red (#B34D4B) with 90% transparency, signaling bearish market conditions.
Neutral/No Clear Trend: No background color is applied (na), maintaining the default chart appearance.
Lilu - 1. Trend Background Color is a TradingView indicator designed to visually represent market trends by changing the chart's background color based on simple moving average (SMA) analysis. This tool enhances chart readability, allowing traders to quickly identify prevailing market conditions at a glance.
Features:
Trend Identification: Utilizes short-term and long-term SMAs to determine the current market trend.
Dynamic Background Coloring: Changes the chart background color to indicate uptrends and downtrends, providing immediate visual cues.
Customizable Parameters: Although default periods are set, the script can be modified to adjust SMA lengths as needed.
How It Works:
Simple Moving Averages Calculation:
Short-Term SMA : Calculates the average closing price over the last periods.
Long-Term SMA : Calculates the average closing price over the last periods.
Trend Determination:
Uptrend: Identified when both the current closing price and the average of Open, High, Low, Close (OHLC4) are above the short-term SMA.
Downtrend: Identified when both the current closing price and OHLC4 are below the short-term SMA.
Background Color Application:
Uptrend: Sets the background color to a semi-transparent green (#28c275) with 90% transparency, signaling bullish market conditions.
Downtrend: Sets the background color to a semi-transparent red (#B34D4B) with 90% transparency, signaling bearish market conditions.
Neutral/No Clear Trend: No background color is applied (na), maintaining the default chart appearance.
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