a simple study introducing new pine function box.new
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Inspired by TradingView's Watermark publication, added my logo :)
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a tweak
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added some performance statistics please note, values presented reflects the value from the beginning of the month, week, year etc, not for a month, a week etc long duration
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update
made htf candle color and transparency adjustable, thanks to new pine update
added optional fixed moving average display for both current time frame and selected higher time frame
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typo correction
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update
* enchanced statistical panel with multi time frame price distance to its MA (convergance/divergence) statistical info
* new color function made style coloring disappeared, so added them into the script options
* time frame selection for htf candle and ma's are now separated
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Added ability to display Heikin-Ashi Candles
The Heikin-Ashi technique averages price data to construct the chart where the formula for calculating each bar is different than standard candlestick charts. Heikin-Ashi chart is smoother (market noise filtered out) and easier to spot trends and reversals
Basics of how to interpret Heikin-Ashi candles • Green candles signify an uptrend and if no lower "shadows" then a strong uptrend • Candles with a small body surrounded by upper and lower shadows indicate a trend change • Red candles indicate a downtrend and if no higher shadows then a strong downtrend
Day traders who need to exploit quick price moves may find Heikin-Ashi charts are not responsive enough to be useful
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quick update - added 15 Min TimeFrame option both for HTF Candle and Moving Average
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typo fix
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update
* added ability to plot second higher timeframe candle
* added ability to set alerts whenever new high/low detected on higher timeframe (both 1st and 2nd htf candle)
* added volume and volume average stats to info panel
option added to enable/disable of current and higher time frame moving averages independently
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Update
Mini Charts - are now available for all markets (due to Pine limitations it used to be only properly applicable on 7/24 open markets, thanks to Pine Team for the recent update that allow us to apply the concept on all markets) - ability to specify number of bars (min 1, max 9) - each bar includes OHLC info, Range and ATR Value (just hover over the each bar’s top). Additionally when high volatility is detected “⚡” sing will appear on top of the bar. - Ability to display assistant lines either displaying the Range or including the range as Fibonacci levels
special thanks to @berkusacoin for his valuable suggestion
Alerts - Extended to include Moving Average crosses (Previously only HTF HIGH and LOW detection was available)
added 5-period simple moving average for mini charts, @Prakarti31 thanks alot for the suggestion
added ability to change test size of labels of assistant lines
htf selection extended, now 3m, 5m and 10m are availabe
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New indicator aditions - Volume Weighted Colored Bars - Mini Overlay RSI Indicator, including higher timeframe mini charts. Thnaks to @Prakarti31 valuable suggestion - Forex Market Sessions
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bug correction thanks to @Prakarti31 valuable analysis - mini overlay RSI indicator display, updates correctly in real-time for htf candles as well
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feature update - hard coded sma(close, 5) for htf mini charts replaced with fully customizable version. users may specify type of the moving average ("SMA", "EMA", "RMA", "WMA", "VWMA"), source and length according to their needs
assitance lines - reverse fib levels are added as another option
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update * refactored mini charts code, enhanced and extended htf mini charts * new : candlestick pattern detection, please check here for chart version with trend options * improved statistical panel * extended alerts * removed Forex Market Sessions display
Thanks for this indicator. You have did a fantastic job. I have just different approach. I would like to suggest, rather than using two higher timeframe, you can provide candles from lower timeframe as well as one from candles from higher timeframe. It will be helpful to see what's happening in market in lower as well as higher timeframe in single window.
Also bound the RSI shown up to the candles displayed only.
Thanks in advance for "LTF + HTF Candles" Indicator. Waiting for release...
dgtrd
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@dotradingwithtrend, thanks for your valuable comment, the functionality to get lower time frame data was released after this script publication so yes now can be tested to have it as "LTF + HTF Candles". added to my todo list
dotradingwithtrend
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@dgtrd, Thanks for reply. Also thanks for adding my suggestion to your todo list.
dgtrd
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@dotradingwithtrend, is something like this would add value to trading? PS: removing HTF mini charts and replacing them with LTF mini charts (covering only the last chart bar). Maybe this should be a new script, there are too many features dedicated to the htf mini-charts :
dotradingwithtrend
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@dgtrd, Thanks for giving your valuable time for my suggestion. Yes this will add some value to trading because if we trade comparing both ltf & htf, right now we plot say 15 min chart, it will make more noise. But if I plot 1 hr timeframe as main tmf & 15 min as ltf(only few ltf candles on chart ), we can see both. Trend is defined by htf while after retracement when ltf starts trading in the direction of trend it will be helpful getting early entry in trade keeping small stop loss with good R:R . it is up to a user, how to use such a script. Would definitely like to try out this one. waiting for release... thanks once again..!!