IT_ObOsCandles
The colored candles in the IT_ObOsCandles indicator help tell when price is becoming overbought, oversold or maybe ready to reverse. Can be used to help get early entries.
Description
ObOs Candles
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Updated!
The ObOsCandles indicator plots four colors of candles according to their current state. Dark red usually means a downward move and dark blue an upward move. Light red and light blue may mean the move is close to over and is either oversold or overbought. Yellow candles indicate a possible imminent reversal. Bear in mind, as with any overbought/oversold indicator, in a strong trend the color changes may only mean a weak pause or correction.
Indicator updated 11/9/09 to include optional identification of Outside bars and Bullish/Bearish Reversal Outside bars. Chart here.
Change Log
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6/23/10 - Now optimized and also available for NT7.
11/9/09 - Added optional identification of Outside bars and Bullish/Bearish Reversal Outside bars.
