Candles2
Download script
This script is designed to provide a multi-timeframe visual overlay for your trading charts. Its primary goal is to allow traders to see the price action of higher timeframes (such as Daily, 4-Hour, or Hourly) directly on their current lower-timeframe chart without having to switch back and forth between different windows.
Core Functionality
The tool scans historical price data and identifies specific "anchor points" based on a timeframe you choose in the settings. For example, if you select the Daily (D1) timeframe, the script looks for the start of each new day; if you select the 4-Hour (H4) timeframe, it marks the beginning of every 4-hour block.
How it Works
Once the script identifies these significant time markers, it performs the following logic:
- Visual Reconstruction: It draws "synthetic" candles on your current screen. These represent the price movements of the higher timeframe, effectively "painting" a larger picture over your smaller price bars.
- Dynamic Color Coding: The script distinguishes between upward and downward momentum. It uses different colors (which can be customized) to represent "Bullish" (upward) and "Bearish" (downward) movements for those higher-timeframe periods.
- High and Low Highlights: To provide even more clarity, the script identifies the highest and lowest points reached during those specific periods. It then draws supplementary visual elements to highlight these extremes, helping you see the total range of price action over that time block at a glance.
- Automatic Scaling: The logic calculates how many smaller bars fit into one larger timeframe bar. It uses this math to ensure that the drawn candles are spaced correctly and appear proportional to the actual time elapsed on your chart.
Practical Use Case
By using this tool, you can maintain a "big picture" perspective. While you are looking at 15-minute or 30-minute price movements to find an entry, this script provides a constant visual reminder of where the larger daily or hourly trend is moving and what the boundaries of those major moves look like. It essentially gives you a dual-perspective view on a single screen.
Price Data Components
3
Views
0
Downloads
0
Favorites
Candles2
#property copyright "Copyright © 2010, Julien Loutre"
#property link "http://www.thetradingtheory.com"
#import "drawing.ex4"
void draw_bar(string uid, string i, int x, double y, int x2, double y2, color c);
void draw_line(string uid, string i, int x, double y, int x2, double y2, color c);
void draw_array_as_line(string uid, double& a[], color c);
void draw_erase(string uid);
void draw_erase_all();
int rgb2int(int r, int g, int b);
int colorGradient(int r, int g, int b, int r2, int g2, int b2, double min, double max, double pos);
double map(double x, double in_min, double in_max, double out_min, double out_max);
void draw_vline(string uid, string i, int x, double y, color c);
#import
#property indicator_chart_window
extern string timeframe = "D1";
extern color BullColor = SteelBlue;
extern color BearColor = White;
extern int CandleNumber = 10;
double extBuffer[],chart[];
double open,close,open1,close1,high,low;
int p;
int currentCandle = 0;
string uid="candles";
int init() {
IndicatorShortName("Candles["+timeframe+"]");
return(0);
}
int start() {
int i,j;
int c = 0;
int openTime,closeTime,openPos,currentPos;
double openValue,closeValue;
int p;
bool flag;
int HLpos;
int HLwidth;
if (timeframe == "D1") {
p = 1440;
} else if (timeframe == "H4") {
p = 240;
} else if (timeframe == "H1") {
p = 60;
} else if (timeframe == "M30") {
p = 30;
} else if (timeframe == "M15") {
p = 15;
}
int tbars = p/Period()*CandleNumber+p/Period();
int barPerCandle = p/Period();
double h,l;
for (i=tbars;i>=0;i--) {
if (timeframe == "D1") {
flag = TimeHour(iTime(NULL,0,i)) == 0 && TimeMinute(iTime(NULL,0,i)) == 0;
} else if (timeframe == "H4") {
flag = TimeMinute(iTime(NULL,0,i)) == 0 && (TimeHour(iTime(NULL,0,i)) == 0 || TimeHour(iTime(NULL,0,i)) == 4 || TimeHour(iTime(NULL,0,i)) == 8 || TimeHour(iTime(NULL,0,i)) == 12 || TimeHour(iTime(NULL,0,i)) == 16 || TimeHour(iTime(NULL,0,i)) == 20);
} else if (timeframe == "H1") {
flag = TimeMinute(iTime(NULL,0,i)) == 0;
} else if (timeframe == "M30") {
flag = TimeMinute(iTime(NULL,0,i)) == 30;
} else if (timeframe == "M15") {
flag = TimeMinute(iTime(NULL,0,i)) == 0 || TimeMinute(iTime(NULL,0,i)) == 15 || TimeMinute(iTime(NULL,0,i)) == 30 || TimeMinute(iTime(NULL,0,i)) == 45;
}
tbars = p/Period()*CandleNumber+p/Period();
barPerCandle = p/Period();
if (flag) {
c++;
openTime = Time[i];
openValue = Open[i];
openPos = i;
draw_bar(uid, c, openTime, openValue, openTime, openValue, BullColor);
h = 0;
l = 100000;
}
if (c>0) {
if (Low[i]<l) {l=Low[i];}
if (High[i]>h) {h=High[i];}
currentPos = i;
HLwidth = (openPos-currentPos)/8;
closeTime = Time[i];
closeValue = Close[i];
HLpos = openPos-((openPos-currentPos)/2)-(HLwidth/2);
if (openValue>closeValue) {
// Down
draw_bar(uid, c, openTime, openValue, closeTime, closeValue, BearColor);
if (HLwidth>2) {
draw_bar(uid+"_h", c, Time[HLpos], h, Time[HLpos+HLwidth], openValue, BearColor);
draw_bar(uid+"_l", c, Time[HLpos], closeValue, Time[HLpos+HLwidth], l, BearColor);
}
} else {
// Up
draw_bar(uid, c, openTime, openValue, closeTime, closeValue, BullColor);
if (HLwidth>1) {
draw_bar(uid+"_h", c, Time[HLpos], h, Time[HLpos+HLwidth], closeValue, BullColor);
draw_bar(uid+"_l", c, Time[HLpos], openValue, Time[HLpos+HLwidth], l, BullColor);
}
}
}
}
return(0);
}
int deinit() {
draw_erase_all();
return(0);
}
Comments