- Length: Determine the number of histogram bars to be plotted
- Src: Determine the scale of the indicator
- Relative Position: Determine how the bars are plotted
- Unicolor: If TRUE, the histogram bars will have the same color, else the color is a gradient.
The relative position setting determines how the histogram bars are plotted, by default "Lowest", this set the base of the plot at the lowest src value over length periods.
If "Highest" is selected, the base become the highest src value over length periods.
Finally "Moving Average" set the base value equal to the price moving average with period length, however this mod work differently, as it allows the bars to have a "negative" value.
Negative bars indicates that the at that precise point is lower than the mean of the last length observations.
The gradient tells you how close the is to the maximum value of the last length observations, with bluer colors indicating a closer to its maximum value.
The indicator gives you information on the , but you can use it more creatively since it can be really close to the price. For example, you can make support and resistances from the indicator:
Here we make a resistance from the highest bars displayed by the indicator. If you have other ideas feel free to share.
Rescaling is nice, and line.new allows you to plot pretty much everything you want, in the order you want, this is how this script was achieved.
Neko emojis are cutes, if you see one, try including it to your scripts, don't overdo it tho, as they can be quite intrusive. They won't mess up with your code as long as you give them a //
Become a Patreon and get access to exclusive technical indicators!
You can also check out some of the indicators I made for luxalgo : https://www.tradingview.com/u/LuxAlgo/#published-scripts