FTC (The Strat)

30 ott 2018

The FTC indicator is for detecting Full Timeframe Continuity on a 60 min chart.

The indicator checks the current candle color of the daily, weekly and monthly charts while on the 60 minute chart.

If all of the 60 minute, daily, weekly and monthly candles are of the same color then there is a Full Timeframe Continuity.
Thus a chart can have FTC Up, FTC Down or be neutral.

A neutral condition occurs when there is at least one candle color in opposition on the 60 minute, daily, weekly or monthly timeframes.

The FTC indicator is visible on the top of the chart above the current candle.

Colors have been selected to display as best as possible on both black as well as white backgrounds.

Green indicates FTC Up.
Red indicates FTC Down.
Yellow indicates FTC Neutral.
(defaults)

Colors, symbols and positions can be configured with a configuration menu.
Click the 'gear' on the indicator after it has been applied to access the configuration menu.

The indicator can be applied to any timeframe chart. However, nothing will be displayed unless the timeframe is 60 minutes.

This version is in open beta for testing. Please provide feedback.

Disclaimer: All scripts from this account are for informational purposes only and do not produce buy or sell recommendations.

© 2018 Crinklebine

31 ott 2018

Note di rilascio

Due to the way that TradingView processes scripts there maybe no data ticks outside of market hours. This resulted in some charts showing incorrect FTC status. The simplest fix for the short term was to introduce a "waiting" state. It should be possible to have FTC function during both market hours and outside market hours but it will require recoding. This should be a suitable fix to prevent incorrect FTC status from being shown.

31 ott 2018

Note di rilascio

Fixed the sample chart .

31 ott 2018

Note di rilascio

Labeled this as Version 1 on the indicator settings page (we are out of beta). Set colors to be non transparent and fixed a label typo.

Everything appears to be working well as I had no bug reports today.

2 nov 2018

Note di rilascio

I have added more logic to prevent incorrect values from being displayed. Please note that scripts are only called on price changes and bars can shift between having a status of real-time or historical due to a number of factors.

Generally, if there is a good stream of price data coming into the script the chance of incorrect values is very very low because there will always be a real-time bar.

I have added logic to prevent display of incorrect FTC signals if any historical bar has been detected. The script will advise the trader to "wait" which is the prudent action since we don't have data to make a proper decision.

I have also written an indicator tool called 'Barstate' that works to detect this issue. You are encouraged to read the description of the 'Barstate' script to know more about how the TradingView system delivers price data to scripts.

A link to the new 'Barstate' diagnostic tool is here. The code for 'Barstate' is public so Pine Scripters can see the variables that Tradingview has made available to deal with the two different types of bars.

https://www.tradingview.com/script/QhUy7NDC-Barstate/

Best Trading
Crinklebine
November 2018

7 lug 2021

Note di rilascio

Removed version label

7 lug 2021

Note di rilascio

Removed unused code.