In the spirit of freedom from oppression on this day of July 4th, 2021 in the United States, I hereby release this flagship indicator "MTF CandleLevels" into the wild for any subscribing TV member on the planet to utilize. It's now one my few great gifts to the souls of humankind within the realm of trading on TV. TradingView continues to bless Pine Script by releasing supplemental upgrades, enough for me to develop this indicator beyond it's experimental phase to full potential, as I had always wished to design it from theory. Educationally while using it, you will witness how OHLC/HA candles are actually formed for charts. I like to think of it as a candle formation microscope anyone can learn from.
It is intended for any style of trading or skill level from newcomer to advanced. There are no requirements/prerequisites for you use it. Which means you don't have to wear a mouth muzzle, get multiple doses of the life endangering FrankenJabs, subserviently bow down to authoritarian demands of obedience, or learn the ancient mystical art of deception "Fau Chi" in order to employ it's inherent power. A little sprinkle of satire helps with a dry technical read :). You have the absolute freedom to utilize it any way you see fit! That's right, it's even your choice whether you use it or not. The unshackled empowerment of choice always equates to FREEDOM. I can't program these precious gems without it...
One thing you will have noticed is it's specifically published on a Heikin Ashi(HA) chart, while having immunity to the Heikin Ashi candle charts unique open/close behavior. This has been believed to be an impossibility until now. For members who don't know, HA candle charts have a different `open` and `close` from the `open` and `close` of the other ordinary OHLC candle charts. Regardless of "CandleLevels Mode" chosen in Settings, the indicator will display identical on either bar chart type, excluding Renko, Line Break, Kagi, Point&Figure, and Range candle charts of course. It's abilities supersede the simpler "Multi-Time Period Charts" built-in TV indicator with a completely different architecture. For those of you extremely curious about how I accomplished this indicators level of code complexity, it was immensely difficult taking over a year of effort for this one functional unit, and I will leave it at that...
This novel MTF technology displays OHLC/HA support and resistance levels that mimic the functionality of larger duration candle formations in real time. Basically explained, while charting on a shorter duration timeframe candle chart, you can see open, high, low, and close levels fluctuate in the larger duration timeframe. This reduces the need to jump back and forth to view price action on different chart sampling intervals. You may even use multiple sets of CandleLevels indicators over a wide variety of chosen timeframe options, along with everything else in between.
The CandleLevels behavior is chosen within the indicator "Settings" using a selection mode of either the standard OHLC candlestick formations or Heikin Ashi candlestick formations. Each mode has a multitude of uses depending on the users trading style or timeframe.
Visbility of CandleLevels will ONLY occur when it is set to a larger duration timeframe interval than the current chart sampling rate. For example, you may be using the 5 minute interval sampling rate on the chart, yet you can easily see the open, high, low, close ranges with a chosen 120 minute timeframe setting. The multiple time frame(MTF) settings are highly adjustable having intervals of seconds, minutes, days, a multiple of the chart interval, or the common input(type=input.resolution) function provided by Pine.
CandleLevels come with multiple color schemes to reduce color interference with other indicators in the overlay pane, including the intended use of multiple sets of CandleLevels. My basic color scheme selections can be overridden to choose any imaginable color you desire for your visual acuity. Also, there are additional controls available to fine tune a visually pleasing appearance depending on your preferences and viewable area. One last new hidden fine tune capability, not only for this indicator but all TV indicators, is the agility to use up/down arrow keys on the keyboard when an indicator setting is in focus after mouse selection. For example, when choosing line thickness, you can modify values/options by key stroke. Try it out, I'm sure you will find this useful for any indictor for eternity.
NOTICE: There is only 500 line drawings available, in total to display, at this current release. This equates to 83 sets of CandleLevels maximum.
Features List Includes: Candle type selection MTF controls for seconds, minutes, days, multiple-of, and TV input Multiple color schemes with color overrides Color opacity selector Line thickness control Enable/disable capable MTF interval display with positioning
When available time provides itself, I will consider your inquiries, thoughts, and concepts presented below in the comments section, should you have any questions or comments regarding this indicator. When my indicators achieve more prevalent use by TV members, I may implement more ideas when they present themselves as worthy additions. Have a profitable future everyone!
RISK DISCLAIMER:
My scripts, indicators, and studies are specifically intended for informational and educational use only. These use historical data points to perform calculations to derive real-time calculations. They do not infer, indicate, or guarantee future results or performance.
By utilizing this script/indicator/study or any portion of it, you agree to accept 100% responsibly and liability for your investment or financial decisions, and I will not be held liable for your subjective analytic interpretations incurring sustained monetary losses. The opinions and information visual or otherwise provided by this script/indicator is not investment advice, nor does it constitute recommendation.
It is very true that specific words are mightier than than any sword/instrument wielded, regardless of the language it is in. It's hard to elaborate on, but I try to choose my words wisely and effectively in order to invent fascinations such as this novelty, and in this instance, for anyone on TV to wield in their charts. Mathematics is the only universal language that very few can greatly understand. I hope you embrace it and realize my intent with realized growth in your endeavors.
CMFtest
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Hi there @midtownsk8rguy , actually i been working with H/L levels for while and adapted some script and adapted it to ``time` not bar_index to plot all historical levels. then when started to use HA, i noticed correct high and low cant be achieved on HA candle ploting, was hoping u managed to find a way around it, But i can see u have same issue. Can you advise if there has any way to plot correct high and low on HA chart? As u can see usually one of 2 high or low will be exact but another will float somewhere away from opposite pivot.Thanks
ImmortalFreedom
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@CMFtest, Very good question worthy of a prompt answer... Obtaining true close, open, high, and low on HA charts is a terrible burden beyond an average programmer's usual capabilities in Pine, but it's not impossible. Simply put, it's just too hard for everyone to be doing this. HA charts use close, open, high, and low variables names BUT... the actual calculation results are found here: investopedia.com/trading/heikin-ashi-better-candlestick/ I don't know why TV used close, open, etc for "HA values" in the first place. Every person new to Pine never understands this upon initial use, the "Pine HA chart pitfall paradox" and I mean EVERYONE. I wished TV logically provided ha.close, ha.open, ha.high, ha.low, etc... a decade ago on both HA charts and standard candle/bar charts. That way we wouldn't have to contend with the HA curse on every indicator ever created, resulting in erroneous indicator/strategy results in most cases. time vs bar_index will not solve your dilemma. If the decision was up to me, Pine would be altered by adding the ha.xxxx object namespace AND the HA charts would have to be reconfigured to make our lives easier. That's how I would have done it if Pine was my original creation. This may take a significant amount of members begging/complaining with demands with large member numbers to accomplish this modification request. I know it's feasible to accomplish. Maybe if we get a 1000 members commenting here for it with "***FIX IT!!!***" , TV might honor the numerous requests of modifying "HA charts to have expected Pine operation" AND by providing the following variables: ha.open ha.high ha.low ha.close ha.hl2 ha.hlc3 ha.ohlc4 ha.hlcc4
CMFtest
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@midtownsk8rguy, does it means it is impossible to get exact plots for highs and lows with HA candles?
sandyrindal
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I've seen your beautiful pine poetry in many of your studies such as lag less ribbon...but i admire you equally with your magic of words that too with a signature style of fearless and carefree demeanor !!!
MooreMuzik
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Amazing indicator!!!! Please never remove it
PaperChains
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Great read - blessed mind
haybooboo
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Thank you , i am a new to the trading game and working on an automated trading bot , I wanted to take a moment to express my heartfelt gratitude for the invaluable guidance and support you have provided me as I venture into the world of stock trading.
Your generosity in sharing one of your trading codes has not only been a tremendous help but also an inspiration. The code has been incredibly effective, and its positive impact on my trading activities has been nothing short of transformative. It has not only boosted my confidence but also provided me with a practical tool to navigate the complexities of the stock market.
Your mentorship has been a beacon of light in my journey, illuminating the path and making the learning curve much less daunting. Your expertise and insights have enriched my understanding, and your encouragement has been a constant source of motivation.
I am truly fortunate to have you as a mentor, and I cannot thank you enough for your kindness, wisdom, and the time you've invested in helping me grow. I am excited about the future and look forward to applying the skills and knowledge I have gained under your tutelage.
Once again, thank you for your invaluable mentorship. I am eager to continue learning from you and hope to make you proud as I apply what I've learned.