HTF Overlay

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The "HTF Overlay" indicator provides a fully customizable higher timeframe (HTF) candle overlay on your current chart, designed to enhance your analysis and trading strategies. This tool is particularly useful for traders utilizing ICT's AMD power of three strategies, focusing on key candle OHLC/OLHC expansions, or those who need a quick reference to a higher timeframe without switching charts.

Originality and Usefulness:
The "HTF Overlay" script stands out due to its seamless integration of HTF candles onto lower timeframe charts. It ensures the current developing candle is left untouched, preserving the clarity of ongoing market activity. This feature is crucial for traders who need to analyze market structure on a smaller timeframe within the context of a larger timeframe candle.

Functionality:

Dynamic HTF Candle Display:

The script overlays HTF candles, updating them in real-time as new HTF candles form. This allows traders to see historical price behavior and trends alongside the current price action.
Visual Customization:

Users can adjust various aspects of the HTF candles, including the number of candles displayed, body colors, wick colors, wick thickness, and transparency levels for both body and wick. This ensures the overlay fits seamlessly with any chart setup.
Real-time Updates:

The indicator updates dynamically, ensuring that the HTF candles remain relevant to the current market conditions without affecting the developing candle.
How It Works:

Data Retrieval: The script uses the request.security function to fetch HTF data, including open, high, low, close, time, and time close values.
Candle Overlay: It calculates the visual parameters for the HTF candles (body and wick positions, colors, and transparency) and overlays them on the chart.
Update Mechanism: The script differentiates between new and ongoing candles, updating the current candle in real-time without disrupting its development.
How to Use:

Setup:

Select the higher timeframe you want to overlay (e.g., 240 minutes for 4-hour candles).
Specify the number of HTF candles to display.
Customize the appearance of the HTF candles, including colors and transparency settings for both the body and wicks.
Interpretation:

Use the HTF overlay to validate trading decisions by analyzing price action from a broader perspective.
Identify key support and resistance levels, trend directions, and potential reversal points by comparing current price action with HTF structures.
Integration:

Combine this indicator with other tools your strategy may use for a more comprehensive analysis.
Use it in conjunction with the first and last candle highlight feature to quickly identify key reference points and enhance your trading strategy.
Conclusion:
The "HTF Overlay" indicator is a versatile and essential tool for traders who need to incorporate higher timeframe analysis into their trading strategies. Its customizable features and real-time updates provide a deeper insight into market dynamics, helping traders make more informed decisions. Whether used for trend confirmation, breakout identification, or support/resistance analysis, this indicator enhances your ability to navigate the markets effectively.

10 thg 7

Phát hành các Ghi chú

updated default color and lookback parameters

10 thg 7

Phát hành các Ghi chú

Color bug fixed

10 thg 7

Phát hành các Ghi chú

Slight color shading adjustment

14 thg 7

Phát hành các Ghi chú

Updated bug fix affecting lower time frames below 1 hour that caused wick to be uncentered And too ticl

Can now be used accurately set on lower time frames.

3 thg 8

Phát hành các Ghi chú

update method of calculating wick more precisely
Added candles outline settings
high, low, mid points optional in the settings
other minor bug fixes

3 thg 8

Phát hành các Ghi chú

Fixed bug related to wick plotting

5 thg 10

Phát hành các Ghi chú

Added OHLC/OLHC Bars to depict Bar chart candles

Added HTF as well as LTF that can be displayed simultaneously

Dual timeframes can be selected and overlaid in a variety of ways

12 thg 10

Phát hành các Ghi chú

fixed color box artifact when chart was set to higher timeframe

12 thg 10

Phát hành các Ghi chú

Fixed floating indicator on chart automatically being pinned to scale B
Now pinned to Scale A automatically and plotting properly