Custom 4-Hour Candle Colors with Opening Price Lines

11 ore faDescription:

This indicator enhances the visual clarity of 4-hour candles by allowing users to assign custom colors to each 4-hour time block on their chart. It also provides the option to plot horizontal lines at the opening price of each 4-hour candle, with the lines extending for a customizable duration (up to 36 hours), making it easy to track the opening price levels over time.

Features:
Custom 4-Hour Candle Colors: Define unique colors for each 4-hour candle block on the chart. You can configure the colors for six different 4-hour periods, making it easier to visually differentiate between different parts of the trading day.

Opening Price Lines: The indicator plots horizontal lines at the opening price of each 4-hour candle, with the option to extend the lines for up to 36 hours into the future. The lines can also have different colors, which you can configure separately for each time block.

Flexible Time Configuration: Set custom open times for each 4-hour candle block, allowing you to adjust the indicator to match specific market sessions or time zones.

Fully Customizable: Choose both the candle colors and the opening price line colors independently for each 4-hour period. This allows for a highly personalized chart setup.

Use Cases:
Session Tracking: Easily track different trading sessions by assigning specific colors to different time periods.

Key Price Levels: Keep an eye on important opening price levels throughout the day by extending opening price lines into the future.

Visual Organization: For traders who prefer color-coded charts for improved readability, this indicator helps to organize trading days visually by color-blocking each time segment.

Important Notes:
Due to TradingView’s limitations, the opening price lines can only extend up to 500 bars into the future. The indicator automatically limits the duration of the lines to this maximum.

The script is designed to be flexible and user-friendly, allowing for easy adjustments to suit different trading styles and market conditions.