OPEN-SOURCE SCRIPT
Volumetric colored candles with matching pivot point lines
Updated
Candles are split into 10 categories based on their volume, and can be changed in the options. By default and in the images, white is very high volume, reds are high volume, yellows are medium volume, greens are low and dark-grey is very low.
Adjustments for scale are included in the options. The Magnitude option is a 10x multiplier, so 1=10, 2=100, 3=1000, etc., up to 9. There is also a Multiplier selection option where 1=1, 2=2, 3=3, 4=4, etc.
To attenuate for a given chart, these multipliers will need to be changed. In general, all white means you need to increase the Magnitude and all dark-grey means you need to decrease the magnitude. Somewhere between those two, the Multiplier can be used for further calibration. All this color coating is relational, like a spectrum. As you adjust you will see them maintaining their proportions as the candles switch color (ex. green become yellow while yellow becomes red).
I have also included pivot lines that follow the same logic for color coding. Two options exist for adjusting the pivot high and pivot low points respectively. They do not always correspond to the exact color of the candle producing them, but they should be a rough average (ie. red and green bars making yellow lines). They make for good indicators of how much liquidity may be at a certain support/resistance level. The lines can also be turned off altogether.
If your candles aren't looking right, go to settings of both regular candles and heikin-ashi, and uncheck both border and wick.
I still have some code to clean up and I plan on expanding upon this study. If you like my work consider tipping!
Adjustments for scale are included in the options. The Magnitude option is a 10x multiplier, so 1=10, 2=100, 3=1000, etc., up to 9. There is also a Multiplier selection option where 1=1, 2=2, 3=3, 4=4, etc.
To attenuate for a given chart, these multipliers will need to be changed. In general, all white means you need to increase the Magnitude and all dark-grey means you need to decrease the magnitude. Somewhere between those two, the Multiplier can be used for further calibration. All this color coating is relational, like a spectrum. As you adjust you will see them maintaining their proportions as the candles switch color (ex. green become yellow while yellow becomes red).
I have also included pivot lines that follow the same logic for color coding. Two options exist for adjusting the pivot high and pivot low points respectively. They do not always correspond to the exact color of the candle producing them, but they should be a rough average (ie. red and green bars making yellow lines). They make for good indicators of how much liquidity may be at a certain support/resistance level. The lines can also be turned off altogether.
If your candles aren't looking right, go to settings of both regular candles and heikin-ashi, and uncheck both border and wick.
I still have some code to clean up and I plan on expanding upon this study. If you like my work consider tipping!
Release Notes
This release was intended to offer a primitive method for saving a set of defaults for a given ticker's chart. Until I find a work around, the user must comment and uncomment 4 blocks of code that they will configure for up to six different tickers. The sets of defaults are in the go() function. Change use_default to false and then comment out the first block of code in the go() function. Uncomment the next block of code and replace defval for each option and set the corresponding ticker in symb=="ticker".Removed option to select timeframe because it was jenky.
Release Notes
This release was intended to offer a primitive method for saving a set of defaults for a given ticker's chart. Until I find a work around, the user must comment and uncomment 4 blocks of code that they will configure for up to six different tickers. The sets of defaults are in the go() function. Change use_default to false and then comment out the first block of code in the go() function. Uncomment the next block of code and replace defval for each option and set the corresponding ticker in symb=="ticker".Removed option to select timeframe because it was jenky.
Release Notes
Restoration of original commit where default options is default and not ADAUSDRelease Notes
Added maxval to options.Release Notes
To clean up the pivot point lines, I disabled all lines that are less than 50% of the max volume, leaving only the high volume pivot point lines. This should save some chart space and help you adjust the High and Low Lengths to get the best pivot points.Release Notes
I added the option to use an exponential metric to help flesh out the steeper inclines, resulting in smoother gradations of color. All colored lines except for dark-grey have been brought back and instead maxLines was lowered to reduce cluttering with too many pivot points..Release Notes
Fixed issue where lines did not match the color of their corresponding pivot point candle.Release Notes
Fixed default options.Release Notes
- Removed option to change bar colors
- Added settings to change line styles
- Added labels showing the volume of the candle
Open-source script
In true TradingView spirit, the author of this script has published it open-source, so traders can understand and verify it. Cheers to the author! You may use it for free, but reuse of this code in publication is governed by House rules. You can favorite it to use it on a chart.
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