If price is above the basis, candles will be colored green, and if price is below the basis, candles will be colored red.
If price is outside of the bands on either side, the candles will be colored a darker shade of either color depending on if it is above or below.
I created this indicator because I like that at a glance I can have an idea of the bullishness or bearishness of price action based on the , without actually having the Bands overlayed on my charts.
It's also quite nice because I find that the areas where there is a shift in candle color (especially from green to red and vice versa) aid in identifying levels of , and shifts in market structure.
I have another indicator that is a huge modification of the , which includes the candle coloring (and MAs), but this frees up space on my chart while still providing me with the primary information I'm looking for.
In true TradingView spirit, the author of this script has published it open-source, so traders can understand and verify it. Cheers to the author! You may use it for free, but reuse of this code in a publication is governed by House Rules. You can favorite it to use it on a chart.