To identify your bias for a market at a glance, I have developed the Bias Determinator indicator. The indicator shows blue candles when the bias is bullish and red candles when the bias is bearish. When the bias is bullish, neutral candles (bearish candles in a bullish bias) are light gray. In opposit, when the bias is bearish, ( bullish candles in a bearish bias) are also light gray. The indicator is based on Raghee Horner’s GRaB indicator. For this example (attachement) I have used the (visible) MA200 to identify the bias. You can tweak this yourself to invisible or another moving average.
//Bias Determinator indicator
//24-10-2017
//Marcel van Vliet
//--- parameters
// mmTYPE=1 (mm type)
// ---
MA=average[200]
bodyhigh = max(open,close)
bodylow = min(open,close)
if(open<=close and close > MA) then
LongWickUp = high
LongCandleUp = bodyHigh
LongWickDown = low
LongCandleDown = bodyLow
elsif(open>=close and close > MA) then
LongWickUp = low
LongCandleUp = bodyLow
LongWickDown = high
LongCandleDown = bodyHigh
elsif(open<=close and close < MA) then
ShortWickUp = high
ShortCandleUp = bodyHigh
ShortWickDown = low
ShortCandleDown = bodyLow
elsif(open>=close and close < MA) then
ShortWickUp = low
ShortCandleUp = bodyLow
ShortWickDown = high
ShortCandleDown = bodyHigh
endif
//bullish candlesticks
if close>MA then
DRAWCANDLE(LongCandleDown,LongWickUp,LongWickDown,LongCandleUp) coloured(0,0,102)
Endif
//Neutral candlesticks above the MA
If close>MA and close<open then
DRAWCANDLE(LongCandleDown,LongWickUp,LongWickDown,LongCandleUp) coloured(150,150,150)
Endif
//bearish candlesticks
if close<MA then
DRAWCANDLE(ShortCandleDown,ShortWickUp,ShortWickDown,ShortCandleUp) coloured(200,0,0)
Endif
//Neutral candlesticks under the MA
If close<MA and close>open then
DRAWCANDLE(ShortCandleDown,ShortWickUp,ShortWickDown,ShortCandleUp) coloured(150,150,150)
Endif
RETURN