Higher Timeframe Price Action Scanner

9 ديسمبر 2022

This is a higher timeframe scanner that detects the price action trend on multiple timeframes and displays them all as red or green dots. You’ll be able to see the real time and historical price action trends so you can trade in the same direction of the overall trend on higher timeframes. You can also set it to scan a different ticker if you choose. If you find pairs that correlate very well, you can use two scanners and look at both of them for extra trend confluence.

CALCULATIONS
This scanner uses the same price action formula from our other indicator titled 1 Minute Scalping Indicator which can be found on our profile. It has Scalp Mode and Swing Mode. Both modes use the exact same price action parameters for signals, but Swing Mode will only give signals when the price action parameters are met AND the close is higher than the previous high for bull signals or when the close is lower than the previous low for bear signals.

HOW TO USE
The top line of the scanner shows the price action trend for the current chart timeframe and the rest are using the higher timeframe that you set in the input settings. They start with higher timeframe #1 as the second line from the top and go down from there.

When most or all of the dots are green, you should be looking for long positions and when most or all of the dots are red, you should be looking for short positions.

Since this scanner is using pure price action to identify trends, it’s a reliable way to see what multiple timeframes are doing.

PAIRINGS
Use this with the 1 Minute Scalping Indicator so you can get the signals and candles colored per the price action on your chart as well as see the higher timeframe price action trend from the scanner. Using both together will help you make better trading decisions.

MARKETS
You can use this scanner on any market.

TIMEFRAMES
This scanner will scan the current chart timeframe and display the result on the top line, then the lines below that will display the results from the higher timeframes you choose in the settings. It has timeframes from 1 minute all the way up to 1 year.

2 أبريل 2024

ملاحظات الأخبار

The signal generating algorithm has gotten a major upgrade, with the addition of 3 new trade modes based on price action concepts we have been working on for a long time. For those of you that prefer the old versions, scalp mode and swing mode have been left as normal so you can use that version if you prefer.

The new algorithms that we incorporated can be used in 3 ways: Super Scalp Mode, Super Swing Mode and Super Long Swing Mode. Super Scalp Mode is designed to get you in and out early, while still holding positions well. Super Swing Mode will get you in slightly later sometimes, but will hold positions even longer than Super Scalp Mode. Super Long Swing Mode is meant to hold positions until the trend is exhausted, but it will have later entries than the other modes. Make sure to try each one of them out and look at them on your charts to see which one you think best fits your unique trading style.

The new algo has rejection parameters built into it for when candle size is small when giving a signal. Many times false signals come in on small candles that are breaking market structure, so using the candle size rejection parameters will help avoid those situations, but in some situations, it can make it hold positions too long, so beware of that if you decide to turn the rejection parameters on.

You can turn the candle size rejections parameters on or off in the settings.

We also added a Threshold For Multiple Up/Down Signals setting that allows you to specify a number of timeframes that are all in the same signal direction at the same time. The signals will show a circle in light blue on top or orange on bottom. The default setting is 5, so when 5 different timeframes are in a bull signal or bear signal at the same time, then the circle will appear. This helps to notify you of strong trends across multiple timeframes.

ملاحظات الأخبار

Updated to pine script v6 and improved the code so it loads much faster now.

We also added a checkbox that you can click in the indicator settings panel if you do get a loading error which will reload the indicator for you instead of removing and reapplying it to the chart.

Updated signal parameters with various new signal conditions so it reacts much faster than before.

Changed the available trade modes. The old Scalp Mode is now called Fast, the old Swing Mode is now called Medium and the old Super Scalp Mode, Super Swing Mode and Super Long Swing Mode have been replaced with Smooth But Fast mode. The default is Smooth But Fast and it is the recommended setting to use as it can be customized.

A new customization option has been added called Number Of Previous Candles To Analyze For Signals. This is adjustable and allows you to specify how many previous candles should be analyzed when calculating new signals. The lower the number, the faster it will react and the higher the number, the slower it will react but hold positions longer. This option only affects the Smooth But Fast trade mode and only affects some signal calculations, so it will still catch major moves early.

We removed the top line of dots showing the current timeframe’s signal direction as it seemed unnecessary.

We added options to be able to turn on or off each timeframe used so you can adjust it to only show the timeframes that are useful for your setup. When you turn a timeframe off, it will no longer show in the bottom panel, so only the timeframes that are on will show up. The on/off settings will also affect the external trend parameters we have included in the new update.

We added an external trend direction output that allows you to send the trend direction of this indicator to other external indicators which is useful for filtering out signals from other indicators that are not in the direction of the higher timeframe trend. This works by using the timeframes that are turned on and sending a value of 1 if all timeframes that are on are in a buy signal or a value of -1 if all timeframes that are turned on are in a sell signal. If all timeframes are not in a buy or sell signal together, it will give a value of 0 for neutral.

This external output will not be shown on the chart, but is available to use as a source by external indicators by setting the external indicator's source to Higher Timeframe Price Action Scanner: Trend Direction To Send To External Indicators.

ملاحظات الأخبار

• Added the ability to turn on or off the all timeframes bullish/bearish signals.
  
• Added an option to choose whether the indicator can show changes in signal directions before the higher timeframe candle closes or not. You can choose between "Confirmed Only" and "Unconfirmed Is Ok". Unconfirmed signals from higher timeframes means that the current higher timeframe candle has not closed yet, but is showing a different signal direction. Since this can still change while the higher timeframe candle is open, that signal may end up repainting which isn't ideal, but in some situations, it will show you the change of trend early which can be useful. This option gives you the ability to pick what you want.