Price Heat Meter [ChartPrime]

⯁ OVERVIEW
Price Heat Meter [ChartPrime] visualizes where price sits inside its recent range and turns that into an intuitive “temperature” read. Using rolling extremes, candles fade from ❄️ aqua (cold) near the lower bound to 🔥 red (hot) near the upper bound. The tool also trails recent extreme levels, tags unusually persistent extremes with a % “heat” label, and shows a bottom gauge (0–100%) with a live arrow so you can read market heat at a glance.

⯁ KEY FEATURES

• Rolling Heat Map (0–100%):
  The script measures where the close sits between the current Lowest Low and Highest High over the chosen Length (default 50).
  
  Candles use a two-stage gradient: aqua → yellow (0–50%), then yellow → red (50–100%). This makes “how stretched are we?” instantly visible.
  
• Dynamic Extremes with Time Decay:
  When a new rolling High or Low is set, the script starts a faint horizontal trail at that price. Each bar that passes without a new extreme increases a counter; the line’s color gradually fades over time and fully disappears after ~100 bars, keeping the chart clean.
  
• Persistent-Extreme Tags (Reversal Hints):
  If an extreme persists for 40 bars (i.e., price hasn’t reclaimed or surpassed it), the tool stamps the original extreme pivot with its recorded Heat% at the moment the extreme formed.
  • Upper extremes print a red % label (possible exhaustion/resistance context).
  • Lower extremes print an aqua % label (possible exhaustion/support context).
  
• Bottom Heat Gauge (0–100% Scale):
  A compact, gradient bar renders at the bottom center showing the current Heat% with an arrow/label. ❄️ anchors the left (0%), 🔥 anchors the right (100%). The arrow adopts the same candle heat color for consistency.
  
• Minimal Inputs, Clear Theme:
  • Length (lookback window for H/L)
  • Heat Color set (Cold / Mid / Hot)
  The defaults give a balanced, legible gradient on most assets/timeframes.
  
  
• Signal Hygiene by Design:
  The meter doesn’t “call” reversals. Instead, it contextualizes price within its range and highlights the aging of extremes. That keeps it robust across regimes and assets, and ideal as a confluence layer with your existing triggers.
  

⯁ HOW IT WORKS (UNDER THE HOOD)

• Range Model:
  H = Highest(High, Length), L = Lowest(Low, Length). Heat% = 100 × (Close − L) / (H − L).
  
  
• Extreme Tracking & Fade:
  When High == H, we record/update the current upper extreme; same for Low == L on the lower side. If the extreme doesn’t change on the next bar, a counter increments and the plotted line’s opacity shifts along a 0→100 fade scale (visual decay).
  
  
• 40-Bar Persistence Labels:
  On the bar after the extreme forms, the code stores the bar_index and the contemporaneous Heat%. If the extreme survives 40 bars, it places a % label at the original pivot price and index—flagging levels that were meaningfully “tested by time.”
  
  
• Unified Color Logic:
  Both candles and the gauge use the same two-stage gradient (Cold→Mid, then Mid→Hot), so your eye reads “heat” consistently across all elements.
  

⯁ USAGE

• Treat >80% as “hot” and <20% as “cold” context; combine with your trigger (e.g., structure, OB, div, breakouts) instead of acting on heat alone.
  
• Watch persistent extreme labels (40-bar marks) as reference zones for reaction or liquidity grabs.
  
• Use the fading extreme lines as a memory map of where price last stretched—levels that slowly matter less as they decay.
  
• Tighten Length for intraday sensitivity or increase it for swing stability.
  

⯁ WHY IT’S UNIQUE
Rather than another oscillator, Price Heat Meter translates simple market geometry (rolling extremes) into a readable temperature layer with time-aware extremes and a synchronized gauge. You get a continuously updated sense of stretch, persistence, and potential reversal context—without clutter or overfitting.