OPEN-SOURCE SCRIPT
+4-4 Chart
This overlay indicator provides a visual representation of momentum and price direction within each bar (or candlestick). It does this by comparing the current bar's open, high, low, and close to the previous bar's values, highlighting the following conditions:
Strong Up (Green): All four components (open, high, low, close) are higher than the previous bar.
Weak Up (Light Green): Three out of four components are higher than the previous bar.
Strong Down (Red): All four components are lower than the previous bar.
Weak Down (Light Red): Three out of four components are lower than the previous bar.
White: None of the strong or weak conditions are met, suggesting possible consolidation or indecision.
How to Use: The +4-4 Chart Indicator can be helpful in identifying potential trend continuation patterns, reversals, or periods of consolidation. Traders might use the predominance of green or red to gauge overall market sentiment. It is most useful to visualise long term daily, weekly, monthly market trends for SPY and QQQ etc.
Strong Up (Green): All four components (open, high, low, close) are higher than the previous bar.
Weak Up (Light Green): Three out of four components are higher than the previous bar.
Strong Down (Red): All four components are lower than the previous bar.
Weak Down (Light Red): Three out of four components are lower than the previous bar.
White: None of the strong or weak conditions are met, suggesting possible consolidation or indecision.
How to Use: The +4-4 Chart Indicator can be helpful in identifying potential trend continuation patterns, reversals, or periods of consolidation. Traders might use the predominance of green or red to gauge overall market sentiment. It is most useful to visualise long term daily, weekly, monthly market trends for SPY and QQQ etc.
Script open-source
Dans le plus pur esprit TradingView, l'auteur de ce script l'a publié en open-source, afin que les traders puissent le comprendre et le vérifier. Bravo à l'auteur! Vous pouvez l'utiliser gratuitement, mais la réutilisation de ce code dans une publication est régie par nos Règles. Vous pouvez le mettre en favori pour l'utiliser sur un graphique.
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