Generic Two Indicator Distance Overlay

[Apprentice]

Based on the request.
https://fxcodebase.com/code/viewtopic.php?f=17&t=72546

Find the difference between any two indicators and color the candle one color when the difference exceeds a user-defined threshold and another color when it falls below the threshold.

Generic Two Indicator Distance Overlay.lua

(10.5 KiB) Downloaded 133 times

[Sheera123]

Hi Apprentice,

Thanks for creating the indicator. But it doesn't seem to be detecting when the difference is above or below the threshold. See attached pic for an example of what I want it to show. I am assuming, "Candle Color Level" is the threshold value and when I set it higher that 0, all the candles are colored with the same color.

I think you will have to add a 3rd color for when the difference is below the threshold. So the logic would be like this:

Up/Down trend:
1 - If 1st indicator is above 2nd indicator and difference is greater than threshold, color 1.
2 - If 1st indicator is below 2nd indicator and difference is greater than threshold, color 2.

Range:
3 - If 1st indicator is above 2nd indicator and difference is less than threshold, color 3.
4 - If 1st indicator is below 2nd indicator and difference is less than threshold, color 3.

The difference between the 1st and 2nd indicator is measured in pips.

Hope this makes it a bit clearer.

Thanks again,
Shawn H.

[Apprentice]

Try it now.

[Sheera123]

Works as expected now. Now I just have to play around with it to see which combination of TF and indicators gives the best results.

Thank you very much.

Shawn H.

[Apprentice]

Make sure to share the info...