This is the baseline and range candles part of a larger algorithm called the "BERLIN Renegade". It is based on the NNFX way of trading, with some modifications.
The baseline is used for price crossover signals, and consists of the LSMA. When price is below the baseline, the background turns red, and when it is above the baseline, the background turns green.
It also includes a modified version of the Range Identifier by LazyBear. This version calculates the same, but draws differently. It remove the baseline signal color if the Range Identifier signals there is a possible trading range forming.
The main way of identifying ranges is using the BERLIN Range Index. A panel version of this indicator is included in another part of the algorithm, but the bar color version is included here, to make the ranges even more visible and easier to avoid.
I'm just curious, do you have an explanation anywhere as to how all three BERLIN renegade indicators are to be used in conjunction?
shbierling
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Its not clear to me weather this is a script? A indicator. Or a template? Is it compatible with MT4. Could you please explain?! Thanks!!!
lejmer
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@shbierling, All indicators in TradingView are scripts. This is an indicator. It only works in TradingView, as it is written in Pine Script. Metatrader indicators are written in another languages called MQL4 or MQL5. You can unfortunately not use indicators written for TradingView in Metatrader, or vice versa.
Skashoon
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To clarify, I meant do I need to add the Entry and Exit piece or is it included in Berlin Renegade?
lejmer
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@Skashoon, Sorry for the late reply. Missed your comment. They are meant to be used in conjunction with each other, and not alone. So you need both indicators, yes. Technically, there are three indicators. You also have Action Locator V2, which is the volatility indicator in the Berlin renegade system.
Skashoon
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Question: How do I get this into Trading view or MT4/5? Would I need both pieces, Berlin Renegade and the other, or just Berlin Renegade? thanks, as you can guess I'm computer illiterate.
I think this is what I was trying to find.