This indicator calculates a composite market strength value by combining multiple technical metrics: a manually-computed ADX, RSI, EMA crossover, MACD histogram, and Rate of Change (ROC).
The indicator then visualizes the strength by changing both the chart's background color and the candle (bar) colors based on several strength phases: - Very Strong Bullish (> 30): Green (background semi-transparent, candles opaque) - Moderately Strong Bullish (21 to 30): Lime - Mild Bullish (11 to 20): Teal - Neutral (-10 to 10): Gray - Mild Bearish (-20 to -11): Orange - Moderately Strong Bearish (-30 to -21): Red - Very Strong Bearish (< -30): Maroon
You can customize the indicator parameters (ADX, RSI, EMA, MACD, ROC) and use the toggles "Display Background Color" and "Display Candle Color" to enable or disable each color feature.