OPEN-SOURCE SCRIPT
Heiken Ashi Color Change Alert- Medium Volitility
Heiken Ashi Color Change Alert with Dynamic Thresholds
This script alerts traders to color changes in Heiken Ashi candles with a dynamic threshold that adjusts based on market volatility. The script provides clear visual markers (triangle shapes) on the chart whenever the Heiken Ashi candles change from bullish to bearish (green to red) or bearish to bullish (red to green). The threshold can be customized to better fit different market conditions.
Key Features:
-Heiken Ashi Color Change Detection: Detects when Heiken Ashi candles shift from bullish to bearish (green to red) or bearish to bullish (red to green), helping traders identify potential trend reversals or market shifts.
-Dynamic Threshold: The threshold for detecting color changes is adjusted based on the current market volatility, measured by the Average True Range (ATR). This reduces false signals and filters out noise.
-Low Volatility Mode: For small-timeframe charts (e.g., 1-minute or 5-minute), with a 1% threshold.
-Medium Volatility Mode: For 1-hour to 4-hour charts, with a 5% threshold.
-High Volatility Mode: For daily or weekly charts, with an 8% threshold.
-Customizable Alerts: Built-in alerts for green-to-red and red-to-green color changes, so traders can be notified of potential market reversals or trend shifts.
-Volume Filtering: Volume conditions are applied to validate the signals, helping ensure that the alerts are backed by sufficient market interest.
-Cleaner Visuals: The script uses small triangle markers for the color change signals, keeping the chart clean and easy to read. You can also adjust the size of the triangles to your preference.
How to Use:
1. Choose Timeframe: Select the timeframe that fits your trading strategy (low or high timeframes).
2. Adjust Threshold: For highly volatile markets, use a higher threshold (e.g., 8% for daily/weekly charts). For low volatility (e.g., 1m/5m charts), use a lower threshold (e.g., 1%).
3. Enable Alerts: Set alerts for color changes to be notified when trend reversals occur.
4. Interpret Signals: A red triangle indicates a bearish reversal, while a green triangle indicates a bullish reversal.
5. This indicator is useful for traders using Heiken Ashi candles who want to automate the detection of trend changes with a dynamic approach to volatility. Adjust the threshold and volume filter to suit your trading style and market conditions.
Disclaimer: This script provides visual cues for trend reversals and should be used in conjunction with other tools or analysis methods. It is not financial advice.
This script alerts traders to color changes in Heiken Ashi candles with a dynamic threshold that adjusts based on market volatility. The script provides clear visual markers (triangle shapes) on the chart whenever the Heiken Ashi candles change from bullish to bearish (green to red) or bearish to bullish (red to green). The threshold can be customized to better fit different market conditions.
Key Features:
-Heiken Ashi Color Change Detection: Detects when Heiken Ashi candles shift from bullish to bearish (green to red) or bearish to bullish (red to green), helping traders identify potential trend reversals or market shifts.
-Dynamic Threshold: The threshold for detecting color changes is adjusted based on the current market volatility, measured by the Average True Range (ATR). This reduces false signals and filters out noise.
-Low Volatility Mode: For small-timeframe charts (e.g., 1-minute or 5-minute), with a 1% threshold.
-Medium Volatility Mode: For 1-hour to 4-hour charts, with a 5% threshold.
-High Volatility Mode: For daily or weekly charts, with an 8% threshold.
-Customizable Alerts: Built-in alerts for green-to-red and red-to-green color changes, so traders can be notified of potential market reversals or trend shifts.
-Volume Filtering: Volume conditions are applied to validate the signals, helping ensure that the alerts are backed by sufficient market interest.
-Cleaner Visuals: The script uses small triangle markers for the color change signals, keeping the chart clean and easy to read. You can also adjust the size of the triangles to your preference.
How to Use:
1. Choose Timeframe: Select the timeframe that fits your trading strategy (low or high timeframes).
2. Adjust Threshold: For highly volatile markets, use a higher threshold (e.g., 8% for daily/weekly charts). For low volatility (e.g., 1m/5m charts), use a lower threshold (e.g., 1%).
3. Enable Alerts: Set alerts for color changes to be notified when trend reversals occur.
4. Interpret Signals: A red triangle indicates a bearish reversal, while a green triangle indicates a bullish reversal.
5. This indicator is useful for traders using Heiken Ashi candles who want to automate the detection of trend changes with a dynamic approach to volatility. Adjust the threshold and volume filter to suit your trading style and market conditions.
Disclaimer: This script provides visual cues for trend reversals and should be used in conjunction with other tools or analysis methods. It is not financial advice.
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