CustomCandle
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This tool is designed for traders who want to visualize higher timeframe price action directly on a lower timeframe chart. It acts as a visual bridge, allowing you to see the structural "skeleton" of larger time periods (like a 1-hour bar) while you are actively trading on a much smaller scale (like a 1-minute or 5-minute chart).
Core Purpose
The primary logic of this script is Multi-Timeframe Synthesis. It takes data from a specific higher timeframe that you choose and draws it as distinct geometric objects on your current screen. Instead of switching back and forth between different tabs or windows, the tool overlays the "big picture" onto your current view so you can keep an eye on broader trends while executing precise entries.
How the Logic Works
The script follows a specific sequence to ensure the visual data is accurate and stays updated in real-time:
- Timeframe Synchronization: The script first checks if your chosen higher timeframe is compatible with your current chart (e.g., ensuring the higher timeframe is a perfect multiple of your current one). If the numbers don't align mathematically, it will notify you that the settings are unsupported.
- Dynamic Object Creation: As time moves forward, the script identifies when a new "Higher Timeframe" bar begins. When it detects this change, it generates a series of visual markers:
- The Body: It draws a rectangle representing the opening and closing prices of that larger bar.
- The Shadows (Wicks): It calculates the highest and lowest points reached during that period and draws lines to represent those "shadows."
- Real-Time Updates: The script doesn't just draw a static image and stop. It constantly monitors the "live" bar. As the price moves, the shadows and bodies of the objects stretch and move in real-time to reflect the current price action of the higher timeframe.
- Visual Coding (Color Logic): To make the data easy to read at a glance, the tool applies specific colors based on price movement:
- Green: Indicates an "Up" bar (where the price closed higher than it opened).
- Red: Indicates a "Down" bar (where the price closed lower than it opened).
- Blue: Identifies a "Doji" (where the opening and closing prices are almost identical, signifying market indecision).
- Automated Labeling: Every object created is automatically labeled with its specific price data (High, Low, Open, and Close). This allows you to see the exact numerical values of the higher timeframe without having to hover over the bars or look elsewhere.
Summary for the User
Essentially, this script acts like a "magnifying glass" for structure. It simplifies your trading environment by projecting the significant movements of a large timeframe onto your small timeframe chart, automatically coloring them by trend direction and providing you with a clear, visual map of where the price is heading on a broader scale.
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CustomCandle
#property link "mankurt@freemail.ru"
#property copyright "© 2006, mankurt"
#property indicator_chart_window
//+------------------------------------------------------------------------------------------------+
extern int TimeFrame=15;
extern color UpCandle=Lime;
extern color DnCandle=Red;
extern color DojiColor=Blue;
extern int Width=1;
extern bool BGCandle=false;
//+------------------------------------------------------------------------------------------------+
int Nbar,OpenBar,timer,i,timerTF,name,MidBar;
double HighPrevBar,LowPrevBar,ClosePrevBar;
double OpenNewBar,HighNewBar,LowNewBar,CloseNewBar;
double HighCurBar,LowCurBar,CloseCurBar;
double priceNewSH,priceNewSL,pricePrevSH,pricePrevSL,priceCurSH,priceCurSL;
string nameNewCandle,namePrevCandle;
string nameNewShadowH,nameNewShadowL,namePrevShadowH,namePrevShadowL;
string NameBar, NameHigh, NameLow;
datetime TimeOpenNewBar,TimeCloseNewBar,TimeClosePrevBar;
datetime timeNewShadow,timePrevShadow;
bool NewBar;
//+------------------------------------------------------------------------------------------------+
int init(){
IndicatorShortName("M"+TimeFrame+" íà M"+Period());
Nbar=TimeFrame/Period();
timer=Period()*60;
timerTF=TimeFrame*60;
name=0;
TimeOpenNewBar=Time[Bars-1];
OpenNewBar=Open[Bars-1];
NewBar=false;
NameBar="Bar M"+TimeFrame+"-";
NameHigh="High M"+TimeFrame+"-";
NameLow="Low M"+TimeFrame+"-";
return(0);}
//+------------------------------------------------------------------------------------------------+
int deinit(){
for(int DelOBJ=1; DelOBJ<=name; DelOBJ++){
ObjectDelete(NameBar+DelOBJ);
ObjectDelete(NameHigh+DelOBJ);
ObjectDelete(NameLow+DelOBJ);}
Comment("");
return(0);}
//+------------------------------------------------------------------------------------------------+
int start(){
if(TimeFrame>1440)
{Comment("\n"," TimeFrame more than D1 is not supporting!!!");return(0);}
if(Period()>240)
{Comment("\n"," Period more than H4 is not supporting!!!");return(0);}
if(TimeFrame<=Period()||MathMod(TimeFrame,Period())!=0)
{Comment("\n"," TimeFrame should be more or divisible by M",Period());return(0);}
i=Bars-IndicatorCounted();
while(i>0){i--;
while(i>=0) if(Time[i]==TimeOpenNewBar||BarNew(i,TimeFrame)==false)i--;
else{NewBar=true; name++; break;}
if(i<0) i=0;
if(NewBar==true){
//+-----------------------------------------Previos Bar--------------------------------------------+
OpenBar=iBarShift(0,0,TimeOpenNewBar,false);
TimeClosePrevBar=Time[i+1];
ClosePrevBar=Close[i+1];
HighPrevBar=High[Highest(0,0,MODE_HIGH,OpenBar-i,i+1)];
LowPrevBar=Low[Lowest(0,0,MODE_LOW,OpenBar-i,i+1)];
namePrevCandle=NameBar+(name-1);
MidBar=OpenBar-MathRound((OpenBar-i)/2);
timePrevShadow=Time[MidBar];
pricePrevSH=PriceShadow(OpenNewBar,ClosePrevBar,0);
pricePrevSL=PriceShadow(OpenNewBar,ClosePrevBar,1);
namePrevShadowH=NameHigh+(name-1);
namePrevShadowL=NameLow+(name-1);
//+----------------------------------Modifi Previos Bar & Shadow-----------------------------------+
if(ObjectFind(namePrevCandle)==0){
ObjectMove(namePrevCandle,1,TimeClosePrevBar,ClosePrevBar);
PropBar(OpenNewBar,ClosePrevBar,namePrevCandle);
if(OpenBar==i+1) ObjectSet(namePrevCandle,OBJPROP_WIDTH, Width*3);}
if(ObjectFind(namePrevShadowH)==0){
if(pricePrevSH==HighPrevBar) ObjectDelete(namePrevShadowH);
else{ObjectMove(namePrevShadowH,0,timePrevShadow,pricePrevSH);
ObjectMove(namePrevShadowH,1,timePrevShadow,HighPrevBar);
ColorShadow(OpenNewBar,ClosePrevBar,namePrevShadowH);
ObjectSetText(namePrevShadowH,"High="+DoubleToStr(HighPrevBar,Digits),7,"Tahoma");}}
if(ObjectFind(namePrevShadowL)==0){
if(pricePrevSL==LowPrevBar) ObjectDelete(namePrevShadowL);
else{ObjectMove(namePrevShadowL,0,timePrevShadow,pricePrevSL);
ObjectMove(namePrevShadowL,1,timePrevShadow,LowPrevBar);
ColorShadow(OpenNewBar,ClosePrevBar,namePrevShadowL);
ObjectSetText(namePrevShadowL,"Low="+DoubleToStr(LowPrevBar,Digits),7,"Tahoma");}}
//+-------------------------------------------New Bar----------------------------------------------+
OpenNewBar=Open[i];
TimeOpenNewBar=Time[i];
HighNewBar=High[i];
LowNewBar=Low[i];
CloseNewBar=Close[i];
TimeCloseNewBar=Time[i]+timerTF-timer;
nameNewCandle=NameBar+name;
timeNewShadow=Time[i]+MathRound(Nbar/2)*timer;
priceNewSH=PriceShadow(OpenNewBar,CloseNewBar,0);
priceNewSL=PriceShadow(OpenNewBar,CloseNewBar,1);
nameNewShadowH=NameHigh+name;
nameNewShadowL=NameLow+name;
NewBar=false;}
else{
//+------------------------------------------Current Bar-------------------------------------------+
OpenBar=iBarShift(0,0,TimeOpenNewBar,false);
CloseCurBar=Close[i];
HighCurBar=High[Highest(0,0,MODE_HIGH,OpenBar+1,i)];
LowCurBar=Low[Lowest(0,0,MODE_LOW,OpenBar+1,i)];
priceCurSH=PriceShadow(OpenNewBar,CloseCurBar,0);
priceCurSL=PriceShadow(OpenNewBar,CloseCurBar,1);}
//+------------------------------Create New Object & Modifi Current--------------------------------+
if(ObjectFind(nameNewCandle)!=0){
ObjectCreate(nameNewCandle,OBJ_RECTANGLE,0,TimeOpenNewBar,OpenNewBar,TimeCloseNewBar,CloseNewBar);
ObjectSet(nameNewCandle,OBJPROP_STYLE, STYLE_SOLID);
PropBar(OpenNewBar,CloseNewBar,nameNewCandle);}
else{
ObjectMove(nameNewCandle,1,TimeCloseNewBar,CloseCurBar);
PropBar(OpenNewBar,CloseCurBar,nameNewCandle);}
if(ObjectFind(nameNewShadowH)!=0){
ObjectCreate(nameNewShadowH,OBJ_TREND,0,timeNewShadow,priceNewSH,timeNewShadow,HighNewBar);
ObjectSet(nameNewShadowH,OBJPROP_STYLE, STYLE_SOLID);
ObjectSet(nameNewShadowH,OBJPROP_WIDTH, Width);
ObjectSet(nameNewShadowH,OBJPROP_RAY, false);
ColorShadow(OpenNewBar,CloseNewBar,nameNewShadowH);}
else{
ObjectMove(nameNewShadowH,0,timeNewShadow,priceCurSH);
ObjectMove(nameNewShadowH,1,timeNewShadow,HighCurBar);
ColorShadow(OpenNewBar,CloseCurBar,nameNewShadowH);}
if(ObjectFind(nameNewShadowL)!=0){
ObjectCreate(nameNewShadowL,OBJ_TREND,0,timeNewShadow,priceNewSL,timeNewShadow,LowNewBar);
ObjectSet(nameNewShadowL,OBJPROP_STYLE, STYLE_SOLID);
ObjectSet(nameNewShadowL,OBJPROP_WIDTH, Width);
ObjectSet(nameNewShadowL,OBJPROP_RAY, false);
ColorShadow(OpenNewBar,CloseNewBar,nameNewShadowL);}
else{
ObjectMove(nameNewShadowL,0,timeNewShadow,priceCurSL);
ObjectMove(nameNewShadowL,1,timeNewShadow,LowCurBar);
ColorShadow(OpenNewBar,CloseCurBar,nameNewShadowL);}}
//+-------------------------------------Comment OHLC-----------------------------------------------+
Comment(Symbol(),",M",TimeFrame," O=",OpenNewBar,", H=",HighCurBar,
", L=",LowCurBar,", C=",CloseCurBar,"\n");
return(0);}
//+---------------------Main Function "New Bar or Old Bar"-----------------------------------------+
bool BarNew (int j, int tmf)
{int t0=1440*(TimeDayOfWeek(Time[j])-1)+60*TimeHour(Time[j])+TimeMinute(Time[j]),
t1=1440*(TimeDayOfWeek(Time[j+1])-1)+60*TimeHour(Time[j+1])+TimeMinute(Time[j+1]);
if(MathMod(t0,tmf)-MathMod(t1,tmf)==t0-t1)return(false);
else return(true);}
//+---------------------Function "Price Shadow"----------------------------------------------------+
double PriceShadow (double OpnB, double ClsB, int swt)
{double prH, prL;
if(OpnB<ClsB){prH=ClsB; prL=OpnB;}
if(OpnB>ClsB){prH=OpnB; prL=ClsB;}
if(OpnB==ClsB){prH=ClsB; prL=ClsB;}
switch(swt){case 0:return(prH);break;
case 1:return(prL);break;}}
//+---------------------Function "Properti Bars"---------------------------------------------------+
void PropBar (double OpPr, double ClPr, string NmOBJ)
{string Cl=" Close="+DoubleToStr(ClPr,Digits);
string Op=" Open="+DoubleToStr(OpPr,Digits);
if(OpPr==ClPr){ObjectSet(NmOBJ,OBJPROP_BACK, false);
ObjectSet(NmOBJ,OBJPROP_COLOR,DojiColor);
ObjectSetText(NmOBJ,"Doji "+Op+Cl,7,"Tahoma");}
if(OpPr<ClPr){ObjectSet(NmOBJ,OBJPROP_COLOR,UpCandle);
ObjectSet(NmOBJ,OBJPROP_BACK, BGCandle);
ObjectSetText(NmOBJ,"UpBar "+Op+Cl,7,"Tahoma");}
if (OpPr>ClPr){ObjectSet(NmOBJ,OBJPROP_COLOR,DnCandle);
ObjectSet(NmOBJ,OBJPROP_BACK, BGCandle);
ObjectSetText(NmOBJ,"DnBar "+Op+Cl,7,"Tahoma");}
ObjectSet(NmOBJ,OBJPROP_WIDTH, Width);}
//+----------------------Function "Color Shadow"---------------------------------------------------+
void ColorShadow (double OP, double CP, string NOBJ)
{if(OP==CP)ObjectSet(NOBJ,OBJPROP_COLOR,DojiColor);
if(OP<CP)ObjectSet(NOBJ,OBJPROP_COLOR,UpCandle);
if (OP>CP)ObjectSet(NOBJ,OBJPROP_COLOR,DnCandle);}
//+----------------------------------------------END-----------------------------------------------+
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