🕯️Candle Coloring
EZ Algo™ offers advanced candle coloring options to enhance chart readability and visualize various market conditions.
⚙️ Settings
Candle Coloring: Toggle to enable/disable custom candle colors
Coloring Type: Choose the coloring methodology:
None: Default chart candles
Buy | Sell: Colors based on Buy/Sell signal conditions
Long | Short: Colors based on Long/Short signal conditions
EZ Wave: Colors based on EZ Wave indicator status
Nova Trend: Colors based on Nova Trend status
Trend Sniper: Colors based on Trend Sniper status
Phantom Cloud: Colors based on Phantom Cloud status
Momentum: Colors based on price momentum (RSI-derived)
Trend: Colors based on pivot-based trend identification
Reverse Colors: Option to invert the color scheme (green becomes red, red becomes green)
🎨 Candle Color Interpretations
Depending on the selected coloring mode, the candle colors indicate different market conditions:
Buy | Sell Mode
Green: Bullish conditions with all selected filters confirmed
Red: Bearish conditions with all selected filters confirmed
Neutral: Conditions are not clearly bullish or bearish
Long | Short Mode
Green: Long signal conditions met
Red: Short signal conditions met
Neutral: No clear signal direction
Indicator-Based Modes
Green: Indicator shows bullish conditions
Red: Indicator shows bearish conditions
Neutral: Indicator shows neutral or transitioning conditions
Momentum Mode
Green: Strong bullish momentum
Red: Strong bearish momentum
Neutral: Weak or neutral momentum
Trend Mode
Green: Price in established uptrend
Red: Price in established downtrend
Blue: Price in transition between trends
📌 Using Candle Colors Effectively
Candle coloring can be used in several ways to enhance your trading:
Trend Identification: Consecutive candles of the same color often indicate a stable trend
Entry Confirmation: Enter only when candle color aligns with your intended direction
Exit Signals: Consider exiting when candle color changes against your position
Strength Assessment: More vibrant colors often indicate stronger conditions
Filter Integration: Use candle colors as an additional filter for your signals
⚠️ To enhance visibility, disable "Candle Borders" in your TradingView chart settings when using candle coloring.
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