Shifted Lines Based on Hourly Candle

avant-hierOverview

The Shifted Lines Based on Hourly Candle indicator plots two dynamic horizontal lines on your chart, offset by a specified price amount above and below the closing price of the last completed hourly candle. These lines update every hour, providing real-time reference levels that can assist in identifying potential support and resistance zones.

How the Indicator Works

• Hourly Close Reference:
• The indicator uses the closing price of the most recent completed hourly candle as a reference point, regardless of your current chart timeframe.
• Price Offset Calculation:
• You can specify a Price Offset value, which determines how far above and below the hourly close the lines will be drawn.
• Upper Level: Calculated by adding the Price Offset to the hourly closing price.
• Lower Level: Calculated by subtracting the Price Offset from the hourly closing price.
• Dynamic Updates:
• The indicator automatically updates the positions of the lines at the start of each new hour, ensuring they always reflect the latest market data.

Settings and Parameters

Input Parameters

• Price Offset
• Description: The amount (in price units) by which the upper and lower lines are offset from the hourly closing price.
• Type: Numerical input (allows decimal values).
• Default Value: 10.0
• Usage: Adjust this value to set your desired offset distance. For instance, if you set it to 5, the upper line will be drawn 5 units above the hourly close, and the lower line will be 5 units below.

Style Settings

In the indicator’s Style tab, you’ll find the following options:

• Upper Level and Lower Level Lines:
• Color: Default is red. You can change it to any color that suits your preference.
• Line Width: Adjust the thickness of the lines for better visibility.
• Precision: Controls the number of decimal places displayed for the level values. It’s recommended to leave this at the default setting to match the instrument’s standard precision.
• Labels and Values:
• Labels on Price Scale: Enabled by default. This displays the current values of the upper and lower levels directly on the price scale, making them easily visible.
• Values in Status Line: Enabled by default. This shows the values of the levels in the status line at the top of the chart when you hover over the indicator.

Note: The default settings are optimized for general use. You don’t need to adjust them unless you have specific visualization preferences.

How to Use the Indicator

1. Adding the Indicator:
• Since the script is private, you can add it to your chart from the list of indicators you’ve been granted access to.
2. Configuring the Price Offset:
• Open the indicator settings by clicking the gear icon next to its name in the chart.
• In the Inputs tab, adjust the Price Offset to your desired value.
3. Interpreting the Lines:
• Upper Level Line:
• Represents a price level above the last hourly close, offset by your specified amount.
• Can act as a potential resistance level.
• Lower Level Line:
• Represents a price level below the last hourly close, offset by your specified amount.
• Can act as a potential support level.
4. Trading Applications:
• Support and Resistance:
• Use the lines to identify key support and resistance areas for potential entry and exit points.
• Breakout Strategies:
• Monitor price action around these levels to spot possible breakouts or reversals.
• Risk Management:
• Incorporate the levels into your stop-loss or take-profit strategies.

Practical Example

Suppose the last hourly candle closed at a price of 1,500, and your Price Offset is set to 10:

• Upper Level: 1,500 + 10 = 1,510
• Lower Level: 1,500 - 10 = 1,490

These levels will be plotted on your chart and will remain until the next hourly candle closes, at which point they will update based on the new closing price.

Notes and Tips

• Timeframe Flexibility:
• The indicator can be applied to any chart timeframe, but it always references the hourly close for consistency.
• No Need to Adjust Precision:
• The Precision setting in the Style tab is optimized for most instruments and typically doesn’t require changes.
• Visual Customization:
• Feel free to adjust the colors and line styles to integrate seamlessly with your chart’s appearance.
• Indicator Access:
• Since the script is private, only users with access can add it to their charts. The source code remains hidden to protect proprietary logic.

avant-hier

Notes de version

New Features:

Multiple Levels:
Now includes three customizable offset levels: Level1, Level2, and Level3, allowing for multiple dynamic horizontal lines based on different dollar values.

Custom Line Styles and Colors:
Users can now select the style (Solid, Dashed, Dotted) and color for each level line, providing greater customization.

Price Labels with Adjustable Offset:
Price labels for each line can now be positioned with an adjustable distance from the right side of the chart for improved clarity.

Updated Overview:

The "Shifted Lines Based on Hourly Candle" indicator plots up to three customizable horizontal lines based on the closing price of the last hourly candle. Each level is offset by a user-defined dollar amount and can be customized in terms of color, line style, and label positioning.

How it Works:

Uses the hourly candle close as a reference.
Plots three offset levels: Level1, Level2, and Level3.
Lines update dynamically at the start of each hour.

New Settings:

Offset Levels: Set custom dollar values for Level1, Level2, and Level3.
Line Style/Color: Customize the style and color for each level.
Label Offset: Adjust the position of the price labels on the price scale.

Use Cases:

Identify potential support and resistance levels.
Use multiple levels to track key price zones for trading strategies.

avant-hier

Notes de version

New Features:

Adjustable Line Thickness:
Users can now customize the thickness of each line for Level1, Level2, and Level3. The thickness can be adjusted between 1 and 5, giving better control over the visual prominence of the lines.

Price Label Size Selection:
A new option allows users to select the size of the price labels for the offset lines. Available sizes are Small, Normal, and Large, providing more flexibility in how price levels are displayed.

Refined Price Label Positioning:
The position of price labels has been fine-tuned, ensuring better readability and customizable distance from the right edge of the chart.