This indicator, called "colorbox", is designed to identify and visualize bullish and bearish gaps on the chart through 3 successif candle . The indicator also calculates stop loss and take profit levels in percentage for these gaps and changes the rectangle color based on whether the stop loss or take profit level is reached if the entry point is on the 3 rd candle that create the gap
. Here is a summary of the indicator's functionality: Counts a specified number of bars (default is 1000) to identify gaps. Identifies bullish gaps where the low of the current bar is higher than the high of the second previous bar. Identifies bearish gaps where the high of the current bar is lower than the low of the second previous bar. Creates rectangles to visualize the bullish and bearish gaps on the chart. Sets custom colors for the bullish and bearish gap rectangles. Sets custom point thresholds and minimum rectangle areas for deleting rectangles. Calculates and sets stop loss and take profit levels in points for the identified gaps. Changes the rectangle color when the stop loss or take profit level is reached. Deletes all rectangles from the chart when the indicator is initialized or deinitialized. To have this indicator translated into a TradingView indicator, provide the following specifications to a freelance developer: Identify bullish and bearish gaps. Create rectangles to visualize gaps on the chart. Set custom colors for bullish and bearish gap rectangles. Set custom point thresholds and minimum rectangle areas for deleting rectangles. Calculate and set stop loss and take profit levels in points for the identified gaps. Change rectangle color when stop loss or take profit level is reached. Delete all rectangles from the chart when the indicator is initialized or deinitialized.
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