Library
Magnifying Glass (LTF Candles) by SiddWolf█ OVERVIEW
This indicator displays The Lower TimeFrame Candles in current chart, Like Zooming in on the Candle to see it's Lower TimeFrame Structure. It plots intrabar OHLC data inside a Label along with the volume structure of LTF candle in an eloquent format.
█ QUICK GUIDE
Just apply it to the chart, Hover the mouse on the Label and ta-da you have a Lower Timeframe OHLC candles on your screen. Move the indicator to the top and shrink it all the way up, because all the useful data is inside the label.
Inside the label: The OHLC ltf candles are pretty straightforward. Volume strength of ltf candles is shown at bottom and Volume Profile on the left. Read the Details below for more information.
In the settings, you will find the option to change the UI and can play around with Lower TimeFrame Settings.
█ DETAILS
First of all, I would like to thank the @PulseWire team for providing the function to get access to the lower timeframe data. It is because of them that this magical indicator came into existence.
Magnifying Glass indicator displays a Candle's Lower TimeFrame data in Higher timeframe chart. It displays the LTF candles inside a label. It also shows the Volume structure of the lower timeframe candles. Range percentage shown at the bottom is the percentage change between high and low of the current timeframe candle. LTF candle's timeframe is also shown at the bottom on the label.
This indicator is gonna be most useful to the price action traders, which is like every profitable trader.
How this indicator works:
I didn't find any better way to display ltf candles other than labels. Labels are not build for such a complex behaviour, it's a workaround to display this important information.
It gets the lower timeframe information of the candle and uses emojis to display information. The area that is shown, is the range of the current timeframe candle. Range is a difference between high and low of the candle. Range percentage is also shown at the bottom in the label.
I've divided the range area into 20 parts because there are limitation to display data in the labels. Then the code checks out, in what area does the ltf candle body or wick lies, then displays the information using emojis.
The code uses matrix elements for each block and relies heavily on string manipulation. But what I've found most difficult, is managing to fit everything correctly and beautifully so that the view doesn't break.
Volume Structure:
Strength of the Lower TimeFrame Candles is shown at the bottom inside the label. The Higher Volume is shown with the dark shade color and Lower Volume is shown with the light shade. The volume of candles are also ranked, with 1 being the highest volume, so you can see which candle have the maximum to minimum volume. This is pretty important to make a price action analysis of the lower timeframe candles.
Inside the label on the left side you will see the volume profile. As the volume on the bottom shows the strength of each ltf candles, Volume profile on the left shows strength in a particular zone. The Darker the color, the higher the volume in the zone. The Highest volume on the left represents Point of Control (Volume Profile POC) of the candle.
Lower TimeFrame Settings:
There is a limitation for the lowest timeframe you can show for a chart, because there is only so much data you can fit inside a label. A label can show upto 20 blocks of emojis (candle blocks) per row. Magnifying Glass utilizes this behaviour of labels. 16 blocks are used to display ltf candles, 1 for volume profile and two for Open and Close Highlighter.
So for any chart timeframe, ltf candles can be 16th part of htf candle. So 4 hours chart can show as low as 15 minutes of ltf data. I didn't provide the open settings for changing the lower timeframe, as it would give errors in a lot of ways. You can change the timeframe for each chart time from the settings provided.
Limitations:
Like I mentioned earlier, this indicator is a workaround to display ltf candles inside a label. This indicator does not work well on smaller screens. So if you are not able to see the label, zoom out on your browser a bit. Move the indicator to either top or bottom of all indicators and shrink it's space because all details are inside the label.
█ How I use MAGNIFYING GLASS:
This indicator provides you an edge, on top of your existing trading strategy. How you use Magnifying Glass is entirely dependent on your strategy.
I use this indicator to get a broad picture, before getting into a trade. For example I see a Doji or Engulfing or any other famous candlestick pattern on important levels, I hover the mouse on Magnifying Glass, to look for the price action the ltf candles have been through, to make that pattern. I also use it with my "Wick Pressure" indicator, to check price action at wick zones. Whenever I see price touching important supply and demand zones, I check last few candles to read chart like a beautiful price action story.
Also volume is pretty important too. This is what makes Magnifying Glass even better than actual lower timeframe candles. The increasing volume along with up/down trend price shows upward/downward momentum. The sudden burst (peak) in the volume suggests volume climax.
Volume profile on the left can be interpreted as the strength/weakness zones inside a candle. The low volume in a price zone suggests weakness and High volume suggests strength. The Highest volume on the left act as POC for that candle.
Before making any trade, I read the structure of last three or four candles to get the complete price action picture.
█ Conclusion
Magnifying Glass is a well crafted indicator that can be used to track lower timeframe price action. This indicator gives you an edge with the Multi Timeframe Analysis, which I believe is the most important aspect of profitable trading.
~ @SiddWolf
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LabelsLibrary "Labels"
Functions to create labels, from simple to complex.
labelSimple()
Creates a label each time a condition is true. All label parameters can be customised.
_condition The condition which must evaluate true for the label to be printed.
_x The x location.
_y The y location.
_text The text to print on the label.
_color The colour of the label.
_textColor The colour of the text.
_style The style of the label.
_yloc The y location type.
Returns
An unnamed label object with the supplied characteristics. To give it a name, assign the output of the function to a label variable, as in the example below.
labelLast()
Creates a label each time a condition is true. All label parameters can be customised. + Option to keep only the most recent label. + Option to display the label a configurable number of bars ahead.
_offset How many bars ahead to draw the label.
_keepLast If true (the default), keeps only the most recent label. If false, prints labels up to the PulseWire limit.
_condition The condition which must evaluate true for the label to be printed.
_y The y location.
_text The text to print on the label.
_color The colour of the label.
_textColor The colour of the text.
_style The style of the label.
_yloc The y location type.
Returns A named label object with the supplied characteristics.
labelTextAndFloat()
Creates a label each time a condition is true. All label parameters can be customised. Option to keep only the most recent label. Option to display the label a configurable number of bars ahead; otherwise the x location is fixed at the bar time. + Prints (optional) text and a floating-point number on the next line.
_offset How many bars ahead to draw the label.
_float The floating-point number that you want to display on the label.
_keepLast If true (the default), keeps only the most recent label. If false, prints labels up to the PulseWire limit.
_condition The condition which must evaluate true for the label to be printed.
_y The y location.
_text The text to print on the label.
_color The colour of the label.
_textColor The colour of the text.
_style The style of the label.
_yloc The y location type.
Returns A named label object with the supplied characteristics.
labelTextAndFloatSigFig()
Creates a label each time a condition is true. All label parameters can be customised. Option to keep only the most recent label. Option to display the label a configurable number of bars ahead; otherwise the x location is fixed at the bar time. Prints (optional) text and a floating-point number on the next line + to a given number of significant figures.
_offset How many bars ahead to draw the label.
_sigNumFig The number of significant figures to display the floating-point number to.
_float The floating-point number that you want to display on the label.
_keepLast If true (the default), keeps only the most recent label. If false, prints labels up to the PulseWire limit.
_condition The condition which must evaluate true for the label to be printed.
_y The y location.
_text The text to print on the label.
_color The colour of the label.
_textColor The colour of the text.
_style The style of the label.
_yloc The y location type.
Returns A named label object with the supplied characteristics.
labelTextAndFloatDecimals()
Creates a label each time a condition is true. All label parameters can be customised. Option to keep only the most recent label. Option to display the label a configurable number of bars ahead. Prints (optional) text and a floating-point number on the next line + to a given number of decimal places.
_offset How many bars ahead to draw the label.
_decimals The number of decimal places to display the floating-point number to.
_float The floating-point number that you want to display on the label.
_keepLast If true (the default), keeps only the most recent label. If false, prints labels up to the PulseWire limit.
_condition The condition which must evaluate true for the label to be printed.
_y The y location.
_text The text to print on the label.
_color The colour of the label.
_textColor The colour of the text.
_style The style of the label.
_yloc The y location type.
Returns A named label object with the supplied characteristics. Library
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[Daveatt] BEST Quandl Federal Reserve Economic Dashboard 1.0Hello traders
I hope you're all doing well and the quarantine will soon be over in your respective countries.
We all have strong opinions on how it could have been handled by our respective governments but the facts cannot be contested.
And basically, they acted based on a lot of unknown data. Obviously, we can throw away some conspiracy theories but what's the point really?
Conspiracy theorists never ever ever ever made money - Permabulls did historically.
Fight only for what you can change, in other words, YOURSELF. Those 2 months were tremendous for me to adapt, learn, and pivot my different businesses.
I believe that humans are wired to one thing - transform themselves. You'll never be able to change our governments, the banks, the FED printing money (making it the dollar less and less valuable)
Transforming yourself and your life is the only (and the most powerful) hedge you have
Yes, you didn't ask for it, this is not fair. Life is not fair. Only YOU can make it fair for yourself
That's why I stopped listening to the media, social media and all the news related to COVID
Context
I wanted to play with the new Quandl utility function provided by PulseWire
With this dashboard, I tried to build a Quandl dashboard based on the Federal Reserve Economic Data data
I pulled out a few metrics from this Quandl page: www.quandl.com
"Federal Reserve Economic Data" or FRED is a project by the Economic Research Department of the Federal Reserve Bank of St Louis.
FRED collects over 200,000 US and international economic time series, from 69 different sources, on a single website. Data coverage includes all major areas of macroeconomic analysis: growth, inflation, employment, interest rates, exchange rates, production and consumption, income and expenditure, savings and investment, and more.
What can you do with the indicator
First, kudos to Pinecoders . I used his color scale and f_print functions to display those labels at the right.
Script Reference:
You can change from the indicator settings:
- Labels horizontal position
- Labels size (tiny, normal, big, huge)
- Labels colors
Final words
Tough times are ahead as we can see from those numbers.
For those having an online business, it's a fantastic period despite the terrible events. Use it at your advantage to learn and share your vibes and knowledge with your audience
Stay brave,
Dave Indicator
ApopheniaPays Crossing detector & 2-field date/time entryYou specify a horizontal line by value, start date/time, and end date/time, and choose a data source (bar close is the default) and it will label count how many times that source crosses that line between those dates/times.
Enter the start and end dates for your horizontal line as MMDDYY and HHMM (24 hour time).
: Jan 17, 2020 would be 11720 (properly it would be 011720, but Pine inputs delete leading 0s).
: November 17, 2020 would be 110720.
: 8:30 AM would be 0830.
: 8:30 PM would be 2030.
Remember to enter the right time zone.
I believe nobody else has published a 2-input date/time picker on TV, at least the last time I checked they hadn't, they all make you input M,D,Y,H,M as separate fields. Ugh!
If you use any parts of this code, please credit me. If somehow you happen to make a lot of money using this code, please think about what a fair share would be to pay me for my help, then give that amount to a worthwhile charity.
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Grover Llorens Activator [alexgrover & Lucía Llorens] Trailing stops play a key role in technical analysis and are extremely popular trend following indicators. Their main strength lie in their ability to minimize whipsaws while conserving a decent reactivity, the most popular ones include the Supertrend, Parabolic SAR and Gann Hilo activator. However, and like many indicators, most trailing stops assume an infinitely long trend, which penalize their ability to provide early exit points, this isn't the case of the parabolic SAR who take this into account and thus converge toward the price at an increasing speed the longer a trend last.
Today a similar indicator is proposed. From an original idea of alexgrover & Lucía Llorens who wanted to revisit the classic parabolic SAR indicator, the Llorens activator aim to converge toward the price the longer a trend persist, thus allowing for potential early and accurate exit points. The code make use of the idea behind the price curve channel that you can find here :
I tried to make the code as concise as possible.
The Indicator
The indicator posses 2 user settings, length and mult , length control the rate of convergence of the indicator, with higher values of length making the indicator output converge more slowly toward the price. Mult is also related with the rate of convergence, basically once the price cross the trailing stop its value will become equal to the previous trailing stop value plus/minus mult*atr depending on the previous trailing stop value, therefore higher values of mult will require more time for the trailing stop to reach the closing price, use higher values of mult if you want to avoid potential whipsaws.
Above the indicator with slow convergence time (high length) and low mult.
Points with early exit points are highlighted.
Usage For Oscillators
The difference between the closing price and an overlay indicator can provide an oscillator with characteristics depending on the indicators used for differencing, Lucía Llorens stated that we should find indicators for differencing that highlight the cycles in the price, in other terms : Price - Signal , where we want to find Signal such that we maximize the visibility of the cycles, it can be demonstrated that in the case where the closing price is an additive model : Trend + Cycles + Noise , the zero lag estimation of the Trend component can allow for the conservation of the cycle and noise component, that is : Price - Estimate(Trend) , for example the difference between the price and moving average isn't optimal because of the moving average lag, instead the use of zero lag moving averages is more suitable, however the proposed indicator allow for a surprisingly good representation of the cycles when using differencing.
The normalization of this oscillator (via the RSI) allow to make the peak amplitude of the cycles more constant. Note however that such method can return an output with a sign inverse to the one of the original cycle component.
Conclusion
We proposed an indicator which share the logic of the SAR indicator, that is using convergence toward the price in order to provide early exit points detection. We have seen that this indicator can be used to highlight cycles when used for differencing and i don't exclude publishing more indicators based on this method.
Lucía Llorens has been a great person to work with, and provided enormous feedback and support while i was coding the indicator, this is why i include her in the indicator name as well as copyright notice. I hope we can make more indicators togethers in the future.
(altho i was against using buy/sells labels xD !)
Thanks for reading !
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