The colored bars are then calculated in a similar way, which measures a combination of both price and action to determine bull & bear exhaustion levels, and possible entry/exit points for big players.
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In true TradingView spirit, the author of this script has published it open-source, so traders can understand and verify it. Cheers to the author! You may use it for free, but reuse of this code in a publication is governed by House Rules. You can favorite it to use it on a chart.