OPEN-SOURCE SCRIPT
The Flip Backgrounds - Weekly & Hourly
Description
This indicator creates vertical background bands of larger timeframes when viewing lower timeframes so the trader can keep track of the larger timeframes when they are zoomed in on lower timeframes. This script displays hourly and weekly backgrounds. When the timeframe is thirty minutes or lower, hourly backgrounds are displayed. When the timeframe is greater or equal to an hour, then weekly backgrounds are displayed. The weekly backgrounds are great for spotting price movement over a weeks span. Many times price will go up the first part of the week and then come right back down in the second half (or vice versa). The weekly background makes these trends easy to spot.
The Flip
When a new candle forms, on any timeframe, this is referred to as "the flip". The most prominent flip is the hourly timeframe because intraday price action can be clearly seen with the hour timeframe. This is where this script gets its name. Also, since the stock market opens on the bottom of the hour, the hourly background start on the bottom of the hour as well.
Style
The hourly and weekly backgrounds can be independently toggled on and off for ease of use. The hourly and weekly vertical backgrounds are split into alternating colors. Each of these colors can be individually chosen (along with transparency) to match the trader chart colors.
Note: the weekly backgrounds logic in this script keeps track of the weeks by looking for Monday's. If the market is closed on a Monday, the weekly background will span two weeks.
This indicator creates vertical background bands of larger timeframes when viewing lower timeframes so the trader can keep track of the larger timeframes when they are zoomed in on lower timeframes. This script displays hourly and weekly backgrounds. When the timeframe is thirty minutes or lower, hourly backgrounds are displayed. When the timeframe is greater or equal to an hour, then weekly backgrounds are displayed. The weekly backgrounds are great for spotting price movement over a weeks span. Many times price will go up the first part of the week and then come right back down in the second half (or vice versa). The weekly background makes these trends easy to spot.
The Flip
When a new candle forms, on any timeframe, this is referred to as "the flip". The most prominent flip is the hourly timeframe because intraday price action can be clearly seen with the hour timeframe. This is where this script gets its name. Also, since the stock market opens on the bottom of the hour, the hourly background start on the bottom of the hour as well.
Style
The hourly and weekly backgrounds can be independently toggled on and off for ease of use. The hourly and weekly vertical backgrounds are split into alternating colors. Each of these colors can be individually chosen (along with transparency) to match the trader chart colors.
Note: the weekly backgrounds logic in this script keeps track of the weeks by looking for Monday's. If the market is closed on a Monday, the weekly background will span two weeks.
Script open-source
In pieno spirito TradingView, il creatore di questo script lo ha reso open-source, in modo che i trader possano esaminarlo e verificarne la funzionalità. Complimenti all'autore! Sebbene sia possibile utilizzarlo gratuitamente, ricorda che la ripubblicazione del codice è soggetta al nostro Regolamento.
Declinazione di responsabilità
Le informazioni ed i contenuti pubblicati non costituiscono in alcun modo una sollecitazione ad investire o ad operare nei mercati finanziari. Non sono inoltre fornite o supportate da TradingView. Maggiori dettagli nelle Condizioni d'uso.
Script open-source
In pieno spirito TradingView, il creatore di questo script lo ha reso open-source, in modo che i trader possano esaminarlo e verificarne la funzionalità. Complimenti all'autore! Sebbene sia possibile utilizzarlo gratuitamente, ricorda che la ripubblicazione del codice è soggetta al nostro Regolamento.
Declinazione di responsabilità
Le informazioni ed i contenuti pubblicati non costituiscono in alcun modo una sollecitazione ad investire o ad operare nei mercati finanziari. Non sono inoltre fornite o supportate da TradingView. Maggiori dettagli nelle Condizioni d'uso.