MTF Kagi Indicator v1.0

Apr 27, 2022

Introduction

The indicator attempts to implement a time-based, multi-timeframe, non-repainting Kagi lines as an overlay to your chart using traditional candlesticks.


How is it original and useful?

This indicator is unique in that it allows you to choose from among three different methods to define the reversal amount. They are:

• ATR (Average True Range): After each Kagi line is drawn, the latest ATR value from the selected timeframe will be used until a new vertical Kagi line is drawn. At this point, the latest ATR value will be used for the reversal amount until it changes again. This means that the reversal amount will adjust as price action volatility changes.
  
• Fixed Amount: This method will be useful if you desire to fix the reversal amount, like the normal Kagi Chart. Thus, use this option if you desire to mimic the same Kagi Chart on TradingView.
  
• Percent of Price: This method, like the ATR, will produce the reversal amount using the latest close price against the given percentage value.
  

In addition, the indicator will allow you to define the Up and Down line colors and width. You can even elect to have a Kagi line drawn on the real-time bar or not.


How does it compare to other scripts in the Public Library?

This indicator makes use of the security() function and applies the best-practices as provided by the PineCoders' script called "`security()` revisited [PineCoders]" so that the indicator will not repaint when you refresh the chart or re-open it at a later date. In addition, the indicator provides three possible alerts for Alert Conditions or Any Alert() Function Call. They are:

• "Break Shoulder" - this alert will trigger (Once Per Bar) when the close price crosses above the shoulder (higher) of the previous Kagi line.
  
• "Break Waist" - this alert will trigger (Once Per Bar) when the close price crosses below the waist (lower) of the previous Kagi line.
  
• "New Kagi Line" - this alert will trigger (Once Per Bar) when the indicator draws a new vertical Kagi line and continues to monitor the next trend change.
  

When using the "Any alert() function call" option in creating alerts, the following placeholders are supported in the alert message: {{shoulder_price}}, {{waist_price}}, and {{kagi_close_price}}


What does it do and how does it do it?

When applied to the chart for the first time, the default settings will work to produce Kagi lines from the beginning of the chart history up to the real-time bar. The Kagi line width will have a width of 1 pixel and the colors will match the normal color schemes that TradingView charts have for rising and falling colors. The reversal method will default to ATR with a period length of 14 so that it can provide a visually appealing Kagi lines where the reversal amount will be adaptive for all price charts. The default timeframe will be the chart's timeframe, but it can be changed to any higher timeframe. Using a timeframe that is lower than the current chart will not disable the indicator, but the lines will not be accurate since lower timeframe prices are being grouped to fit the current timeframe.


Enjoy! 😊👍

Nov 12, 2022

Release Notes

v1.0.1 - Patch Release

New feature in this release:

• Converted the alert message text inputs to text areas to support multi-line messages.