PROTECTED SOURCE SCRIPT
LTP indicator
It's designed to help traders identify potential entry and exit points by combining several analysis techniques: Multi-Timeframe (MTF) analysis, Renko charts, and Heikin Ashi candles. The script generates buy and sell signals based on the relationship between two custom-calculated moving averages and filters them with a Heikin Ashi trend.
Here's a breakdown of the key components and what they do:
Key Components
Multi-Timeframe (MTF) Analysis: The core of the script calculates two custom price averages, Avg1 and Avg2, by pulling data from multiple timeframes simultaneously. A user can select a "MTF Group" (e.g., "1-12," "2-24," etc.) which determines the specific timeframes used in the calculation. These averages are then plotted on the chart.
Renko Integration: The script is designed to work with Renko charts, which are a type of chart that focuses on price movements rather than time. It allows the user to choose between different Renko styles (Traditional, ATR, LTP) and to either automatically or manually set the box size, which determines the sensitivity of the chart.
Heikin Ashi Candles: The indicator plots Heikin Ashi candles on the main chart, which smooth out price action and make trends easier to spot. The color of these candles (and the background of the chart) changes to reflect bullish or bearish trends.
Signal Generation: The script generates buy and sell signals based on a crossover of the Avg1 and Avg2 lines.
A buy signal is triggered when Avg1 crosses below Avg2.
A sell signal is triggered when Avg1 crosses above Avg2.
Signal Filtering: An advanced "Signal Filter" option allows the user to filter the buy and sell signals. When the "Heikin-Ashi trend" option is selected, a buy signal is only generated if Avg1 is below Avg2 AND the Heikin Ashi candle is bullish. Similarly, a sell signal is only generated if Avg1 is above Avg2 AND the Heikin Ashi candle is bearish.
User Inputs: The script is highly customizable through a variety of user inputs, allowing traders to adjust settings like:
The date range for analysis.
The price source for the MTF calculations (Open, Close, HL2, etc.).
Whether to show or hide the plot lines (Avg1, Avg2, Avg3).
The visibility and style of the Heikin Ashi candles and the signal labels.
Here's a breakdown of the key components and what they do:
Key Components
Multi-Timeframe (MTF) Analysis: The core of the script calculates two custom price averages, Avg1 and Avg2, by pulling data from multiple timeframes simultaneously. A user can select a "MTF Group" (e.g., "1-12," "2-24," etc.) which determines the specific timeframes used in the calculation. These averages are then plotted on the chart.
Renko Integration: The script is designed to work with Renko charts, which are a type of chart that focuses on price movements rather than time. It allows the user to choose between different Renko styles (Traditional, ATR, LTP) and to either automatically or manually set the box size, which determines the sensitivity of the chart.
Heikin Ashi Candles: The indicator plots Heikin Ashi candles on the main chart, which smooth out price action and make trends easier to spot. The color of these candles (and the background of the chart) changes to reflect bullish or bearish trends.
Signal Generation: The script generates buy and sell signals based on a crossover of the Avg1 and Avg2 lines.
A buy signal is triggered when Avg1 crosses below Avg2.
A sell signal is triggered when Avg1 crosses above Avg2.
Signal Filtering: An advanced "Signal Filter" option allows the user to filter the buy and sell signals. When the "Heikin-Ashi trend" option is selected, a buy signal is only generated if Avg1 is below Avg2 AND the Heikin Ashi candle is bullish. Similarly, a sell signal is only generated if Avg1 is above Avg2 AND the Heikin Ashi candle is bearish.
User Inputs: The script is highly customizable through a variety of user inputs, allowing traders to adjust settings like:
The date range for analysis.
The price source for the MTF calculations (Open, Close, HL2, etc.).
Whether to show or hide the plot lines (Avg1, Avg2, Avg3).
The visibility and style of the Heikin Ashi candles and the signal labels.
Script protetto
Questo script è pubblicato come codice protetto. Tuttavia, è possibile utilizzarlo liberamente e senza alcuna limitazione – per saperne di più clicca qui.
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 protetto
Questo script è pubblicato come codice protetto. Tuttavia, è possibile utilizzarlo liberamente e senza alcuna limitazione – per saperne di più clicca qui.
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.