Description: This was a simple indicator to indicate the heatmap area of an asset price, in a relative given time period. In default the lookback period was set to 50 bars, indicating the current state of the price within the previous lookback period. The color scheme was using the rainbow palette, which set blue as the cooling-off area, and red as the heating area. The indicator doesn't take into account momentum strategy and thus doesn't consider the future direction of the asset price. Note: cooling-off area, can be considered to entry or adding position as a DCA strategy.
Data Normalize: norm = (x - min) / (max - min)
Feature:
Heatmap color condition
Weighted Moving average (Additional)
Informacje o Wersji
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Description: This was a simple indicator aimed to indicate the heatmap area of an asset price, in a relative given time period. In default the lookback period was set to 50 bars, indicating the current state of the price within the previous lookback period. The color scheme was using the rainbow palette, which set blue as the cooling-off area, while red as the heating area. The indicator doesn't take into account momentum strategy and thus doesn't consider the future direction of the asset price. Note: cooling-off area, can be considered to entry or adding more position as a Dollar Cost Averaging strategy.
Normalize Data: norm = (x - min) / (max - min)
Feature:
Heatmap color condition
Weighted Moving average (Additional)
Informacje o Wersji
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updated
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Informacje o Wersji
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adjusting the normalized data into a function, and adding a color scheme (use of rgb function)
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Additional switch between moving average type, adding an alert condition on both moving average and normalized threshold
Example of other color schemes
Informacje o Wersji
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group adjustment, optional asymmetrical alert condition
First of all, great tool. Thanks for making it. Is there a way, though, to set an alarm if the candles turn blue?
palitoj_endthen
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@nero_burn, hi, thanks for the feedback, really appreciate it.. for now, it doesn't have an alert on the indicator, but yeah I believe it is probable, will try to add the alert when I have the time, regards
nero_burn
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@palitoj_endthen, I just managed to put an alert on it every time it goes blue. I can send you the script if you want it
palitoj_endthen
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@nero_burn, sure, you could put it up in the comment tho, thus anyone who wants to add alert in the meantime can use it, and I'll edit the script afterwards, regards
nero_burn
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@palitoj_endthen, So I made a very basic alert on the darkest blue candle. Just copy paste the code below in your script buy = normalize < 0.05
@nero_burn, nice, thanks for the support, will look forwards to updating the script
PinoyTrader0929
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Sir, it does disappear. I have the indictor of yours on its own, it only appears when you highlight the indicator in the side panel or you click the indicator in the title bar at the upper left of the screen, wonderful script though.
palitoj_endthen
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@PinoyTrader0929, thank you very much, I appreciate it. really, I wonder how it can be, coz its works just fine on my end, with settings the indicator -> and bring to front (first row of the indicator being used, above the regular candle), can you please explain your settings, might I could find the answer? regards
The2amTrades
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@palitoj_endthen, this error happened for me also. It disappears when you click off, but bringing your indicator to the front resolved the issue. Thanks for creating it, it's fantastic
palitoj_endthen
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@StuartSpain85, thank you, appreciate it! glad to hear that it works on your end
Is there a way, though, to set an alarm if the candles turn blue?