This script helps with identifying certain conditions without cluttering too much of the candles.
Some use cases: It helps identify rsi low and high values. Directional price movement becoming difficult. low and high volume.
it uses a percent rank to distinguish low and high values.
It then uses a gradient to match the percentile rank to heatmap type colors. i.e. dark blue for lowest volume, white for highest volume.
Current options are: max bars to use. approximate color - This value will attempt to give an approximation of what the color might be for the candle close. e.g. If you're on the 1-hour chart, and only 30 minutes have past, it will multiple the current volume by 1.5. As time passes, if no volume comes in eventually, it will multiply current volume by 1. This approximate value is only set to work with volume-based options.
option - select the type of value you'd like to see the gradient for.
timeframe - get values from a different chart timeframe. on/off - turns the gradient on or off. Gradient type - color wheel or heatmap. Currently these are the only two gardient options. color wheel's colors for low to high values:
color wheel's current colors: dark blue purple pink red orange yellow green teal white
heatmap's current colors from low values to high values: dark blue purple pink red orange yellow white
reverse gradient - will reverse the colors so dark blue will be the high value and white will be the low value. Some charts based on previous data; you might need to switch the gradient colors.
moving average length while inside timeframe - an exponential moving average is applied to the values. At 1, there is no moving average applied. Use case for this is to smooth out the gradient. An example use case - if your currently on the 1-hour chart, you can set the timeframe to 1 minute and then the moving average length inside timeframe to 60. You will then be seeing the color sixty 1-minute bars.
current timeframe moving average length - an exponential moving average applied to current gradient (helps with smoothing gradient).
Smooth, further smooths values.
There is no set rule for what moving average lengths to use. Adjust timeframe, and moving average lengths to get an insight.
ملاحظات الأخبار
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added gaps, moneyflow, price range.
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corrected "time between candles" to work correctly.
ملاحظات الأخبار
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I didn't do much testing so hopefully it work.
I've made the color wheel gradient colors available for adjustments. The only way to turn off an individual color is to set it to transparent. If you increase the moving average or smoothing, it will blend the transparent color with neighbouring colors. The numbers next to the colors are the percent ranks. So the first color dark blue will fall between zero and 3.125.
*note: The time intervals between candle closes no longer work well. Previously, slow moving charts or candles might take 90 seconds until there a chart tick for the candle to be considered to be closed. It now rounds it up to the nearest minute instead of the actual seconds it took for the tick to happen. If you have a premium account, it might still work well if you set it to the seconds timeframe.
Nice tool, would be nice if I could select to display only certain colours of the gradient. i.e. I might care to be able to see visually only the extreme ones and ignore the rest if that makes sense
Dean_Crypto
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@crypto_juju, Hi there, I've updated the indicator. It's not perfect, but if you set the transparency to the colors you want to turn off, they won't show up as long as you don't increase the smoothing and or moving average length.