highlighter panel provides insights to identify gradual increase or drop in or sudden urge that exceeds daily threshold.
It helps to determine the price behavior of the underlying Index/stock to make informed decisions while trading.
a) Displays Live (20) with color code. Cells turns green if consecutive bar increases.
b) Live Cell in table turns green if the is above average and turns red vice versa.
c) Threshold label appears when crosses the daily threshold limit.
Differences with the built-in version
This variation displays panel with additional insights for quick entry/exits.
• Highlight Panel a) Configure Daily Threshold b) configure Market session time c) Toggle highlighter on/Off d) Toggle Time on/Off (off) displays for whole period
• Panel a) Configure b) configure bar criteria c) configure Panel Display Location d) Toggle Panel on/Off
Price always moves from trending to trading phase. in Trending phase is generally high compared to in sideways phase. You need to identify the right threshold in each of the trading phases and change the settings accordingly.
█ BANKNIFTY / NIFTY SETTINGS
BANKNIFTY - 3 MIN -50K
NIFTY - 3 MIN 125 K
Thanks to OSPL Siva for Nifty /Bank Nifty volumes. These volumes differ from trending phase & consolidation phase so adjust the threshold settings accordingly.
Thanks a lot to Pine Team for this new great feature table & ‘format. Volume’ ! Thanks to @author=LucF, for the 'volume' logic.
Indicator is built for educational purposes. Please test it thoroughly before you start using it.
You are free to use the code, please share the credit for reuse.
Hope - All these features help you get quick insights of the price movement to take the informed trades.
Happy Trading !!
RSI background Color Coding
RSI >80 Overbought (light green)
RSI > 60 Bullish. (green)
RSI Between 40 to 50 , Neutral (gray)
RSI <40 Bearish (red)
RSI<20 Oversold(light red)
█ Volume Analysis Icons - Rising Volume, Falling Volume
Volume plays significant role in trend analysis.
1) Volume Rising , Price Rising - Bullish Trend
2) Volume Rising , Price Falling - Bearish Trend
3) Volume Falling, Price Rising - Momentum Exhaustion, Possible Bearish or Sideways Trend
4) Volume Falling, Price Falling- Momentum Exhaustion, Possible Bullish or Sideways Trend
Note: Use Volume Analysis as additional confirmation along with other trend analysis. Avoid low volume trades.
Happy Trading !!
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 a publication is governed by House Rules. You can favorite it to use it on a chart.