CustomCandle6

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Author: � 2006, mankurt
CustomCandle6

This script is designed to transform how you view higher timeframes directly on your primary trading chart. Instead of forcing you to switch between different windows to see what is happening on larger intervals (like a 4-hour chart while you are looking at a 15-minute chart), this tool draws representative "higher timeframe" bars onto your current screen.

Core Functionality

The logic works by calculating the price action of a much larger time period and projecting it as visual objects (rectangles and trend lines) over your current smaller timeframe. It essentially creates a "multi-timeframe overlay" that allows you to see the big picture while maintaining the detail of your active chart.

How the Logic Works

  • Timeframe Synchronization: The script requires a specific relationship between your current chart and the timeframe you want to view. It ensures that the larger timeframe is perfectly divisible by your current chart period (for example, showing a 4-hour bar while trading on a 1-hour chart).

  • Dynamic Object Drawing: Rather than just moving the price line, the script creates actual visual shapes:

    • Body of the Bar: It draws a rectangle representing the "body" of the higher timeframe candle. This shows you where the price opened and closed during that larger period.
    • Shadows (Wicks): It calculates the highest and lowest prices reached during that time and draws vertical lines (shadows) to connect them to the body.

  • Automated Visual Styling: The script automatically adjusts colors based on price movement:

    • If the higher timeframe candle closed higher than it opened, the bar turns one color (typically Blue for "Up").
    • If it closed lower, it turns another (typically Red for "Down").
    • If there was no change in price (a Doji), it applies a specific neutral color.
    • It also automatically labels the bars with their specific Open and Close prices so you can see the data at a glance without clicking.

  • Real-Time Updates: The logic is designed to be "live." As each new candle forms on your small timeframe, the script constantly updates the current higher timeframe bar. It stretches the rectangle and adjusts the shadow lengths in real-time as the price moves, until that larger time period completes and a new one begins.

Summary for the User

Essentially, this tool acts like a "magnifying glass" for market structure. It allows you to see where the "big players" are moving on a higher timeframe without leaving your current chart, providing a clearer perspective on trend direction and major price boundaries.

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CustomCandle6 
#property link      "mankurt@freemail.ru"
#property copyright "© 2006, mankurt"
#property indicator_chart_window
//+------------------------------------------------------------------------------------------------+
extern int   TimeFrame=240;
extern color UpCandle=Blue;
extern color DnCandle=Red;
extern color DojiColor=Blue;
extern int   Width=2;
extern int   CustomCandleTimeShift=2;
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+CustomCandleTimeShift])-1)+60*TimeHour(Time[j+CustomCandleTimeShift])+TimeMinute(Time[j+CustomCandleTimeShift]),
t1=1440*(TimeDayOfWeek(Time[j+1+CustomCandleTimeShift])-1)+60*TimeHour(Time[j+1+CustomCandleTimeShift])+TimeMinute(Time[j+1+CustomCandleTimeShift]);
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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