Bonfire 2021 by CaptBlackBeard
See original (balanced scale) chart here:
See a local price version squared to the start of this cycle.
Published chart is focusing on the squaring feature of Bonfire.
Updates to Pinescript have allowed some additional options that allow a better experience.
If you are unfamiliar with squaring price and time or finding 1:1 ratios, you should look into the subject along with the (45 degree) concept creator (W.D. Gann).
Squaring price/time is just the very first steps in setting up your Bonfire chart.
Once you have properly scaled the chart to your liking -> Right Click the scale on the left -> Click Lock Scale to preserve the price time squaring.
Here you see just how natural the price is to 45 degrees. Now adding additional drawings such as Gann and Fibonacci tools along with symmetry based geometry are a breeze.
Once you have your chart setup, there are endless possibilities in building your prediction models.
Again, this is just the first step and showing one feature of Bonfire. There's arguably more powerful and unique features included with the next layer of advanced indicators once zoomed in.
I'm working hard to build and release a website, forum, detailed information, guides and videos for all of Bonfire's features as well as my other indictors so stay tuned.
Just a few of the advantages of Bonfire squaring
Unique square offsets and settings capture common time pivots and price level ratios that help you to align price/time 1:1 (from major pivots or the event of your choice).
When the price is square you have a greater chance of being accurate with trend predictions, targets, price levels, Gann tools and geometry.
When the price and trends are truly square you have built-in confluence for your current system and indicators.
One factor not considered by most is the massive variable of scaling charts. Finding 45 degrees is just your opinion unless you scale a chart properly. Using a static square is not enough.
Many people find that having a structured and consistent method for visualizing an asset helps them understand the state of the asset faster but also provides a stable way to compare assets quickly.
Aside from finding the true 45 degree trends,90 degree pivots, 0 degree levels, you can use the corners, midlines, and tangents from any and all squares to add some very powerful trendlines and pivots.
This is the newest version of Bonfire with updates to make it easier to customize and adjust inputs/settings to your preference. The key is to allow adjustments while maintaining the core Bonfire parameters.
Some new features:
-Lightmode and Darkmode switch. * Recommend a plain white or black background.
-More Bonfire specific built-in sizing options
-Display options = Squares Only | Indicators Only | Both
-User preferances = Square line thickness
Published chart is focusing on the squaring feature of Bonfire.
Updates to Pinescript have allowed some additional options that allow a better experience.
If you are unfamiliar with squaring price and time or finding 1:1 ratios, you should look into the subject along with the (45 degree) concept creator (W.D. Gann).
Squaring price/time is just the very first steps in setting up your Bonfire chart.
Once you have properly scaled the chart to your liking -> Right Click the scale on the left -> Click Lock Scale to preserve the price time squaring.
Here you see just how natural the price is to 45 degrees. Now adding additional drawings such as Gann and Fibonacci tools along with symmetry based geometry are a breeze.
Once you have your chart setup, there are endless possibilities in building your prediction models.
Again, this is just the first step and showing one feature of Bonfire. There's arguably more powerful and unique features included with the next layer of advanced indicators once zoomed in.
I'm working hard to build and release a website, forum, detailed information, guides and videos for all of Bonfire's features as well as my other indictors so stay tuned.
Just a few of the advantages of Bonfire squaring
Unique square offsets and settings capture common time pivots and price level ratios that help you to align price/time 1:1 (from major pivots or the event of your choice).
When the price is square you have a greater chance of being accurate with trend predictions, targets, price levels, Gann tools and geometry.
When the price and trends are truly square you have built-in confluence for your current system and indicators.
One factor not considered by most is the massive variable of scaling charts. Finding 45 degrees is just your opinion unless you scale a chart properly. Using a static square is not enough.
Many people find that having a structured and consistent method for visualizing an asset helps them understand the state of the asset faster but also provides a stable way to compare assets quickly.
Aside from finding the true 45 degree trends,90 degree pivots, 0 degree levels, you can use the corners, midlines, and tangents from any and all squares to add some very powerful trendlines and pivots.
This is the newest version of Bonfire with updates to make it easier to customize and adjust inputs/settings to your preference. The key is to allow adjustments while maintaining the core Bonfire parameters.
Some new features:
-Lightmode and Darkmode switch. * Recommend a plain white or black background.
-More Bonfire specific built-in sizing options
-Display options = Squares Only | Indicators Only | Both
-User preferances = Square line thickness