security_lower_tf() is a new function provided by TradingView yesterday. If you are a PineScript Programmer, I suggest you to read about it, as it is a very powerful function that can extremely improve your trading strategy.
How this indicator works:
This indicator checks data on lower TimeFrame Candles and Shows it's delta in the current Chart Timeframe. For example: If you open 4 hours chart, this indicator checks of 1 minute chart and separates Buying-Selling . Then it subtracts Candle's Selling from Candle's Buying , finally calculating the Delta .
This indicator also provides a Smooth Delta , which is moving average of Delta . As Delta changes a lot, Smooth Delta can be very helpful for identifying Trends. Goto settings and in "Show" section select "Smooth Delta Volume" to lay it on the chart.
Settings is the Key:
Settings are key to all of my indicators. Play around with it a bit. You can change what to show on the chart from settings. Smooth Delta moving average length can be changed from the settings. You can also select "Show as Percentage", which shows Delta as Percentage of Overall Candle's . If you use Weekly or , change increase lower timeframe from settings. Read the tooltips to understand what each settings mean. Tooltips are the (i) button in-front of each settings.
Q. Does the indicator Repaint ?
--- No. None of my indicators repaints. What you see now is what's drawn in real time.
Q. What TimeFrame is Best for this Indicator ?
--- It can be used on timeframes from 5 minutes to higher. But I would prefer to use it from timeframes higher than 30 minutes, as it gathers data from 1 minute TF.
Q. Indicator doesn't show anything ?
--- This indicator only works on security with data. Also use it from higher timeframe than specified in Settings, because Delta is calculated using Data from Lower TimeFrame.
Q. Delta is not provided by TradingView, So how exactly does this indicator work?
--- This indicator takes advantage of new pinescript function security_lower_tf(), and calculates for smaller timeframe data and calculates delta on higher timeframe.
Q. Does this indicator give financial advice?
--- No. Nope. Nein. Não. नहीं.
This indicator is very basic but if used correctly it can be very powerful. If you have any questions or suggestions feel free to comment below. I'd love to connect with you. Thank you.
Dans le véritable esprit de 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 le règlement. Vous pouvez le mettre en favori pour l'utiliser sur un graphique.
Les informations et les publications ne sont pas destinées à être, et ne constituent pas, des conseils ou des recommandations en matière de finance, d'investissement, de trading ou d'autres types de conseils fournis ou approuvés par TradingView. Pour en savoir plus, consultez les Conditions d'utilisation.