normalize_heatmap

Description:
This was a simple indicator to indicate the heatmap area of an asset price, in a relative given time period. In default the lookback period was set to 50 bars, indicating the current state of the price within the previous lookback period. The color scheme was using the rainbow palette, which set blue as the cooling-off area, and red as the heating area. The indicator doesn't take into account momentum strategy and thus doesn't consider the future direction of the asset price. Note: cooling-off area, can be considered to entry or adding position as a DCA strategy.

Data Normalize:
norm = (x - min) / (max - min)

Feature:

• Heatmap color condition
  
• Weighted Moving average (Additional)
  

Notas de prensa:

Description:
This was a simple indicator aimed to indicate the heatmap area of an asset price, in a relative given time period. In default the lookback period was set to 50 bars, indicating the current state of the price within the previous lookback period. The color scheme was using the rainbow palette, which set blue as the cooling-off area, while red as the heating area. The indicator doesn't take into account momentum strategy and thus doesn't consider the future direction of the asset price. Note: cooling-off area, can be considered to entry or adding more position as a Dollar Cost Averaging strategy.

Normalize Data:
norm = (x - min) / (max - min)

Feature:

• Heatmap color condition
  
• Weighted Moving average (Additional)
  

Notas de prensa:

updated

Notas de prensa:

.

Notas de prensa:

adjusting the normalized data into a function, and adding a color scheme (use of rgb function)

Notas de prensa:

.

Notas de prensa:

Additional switch between moving average type, adding an alert condition on both moving average and normalized threshold

Example of other color schemes

Notas de prensa:

group adjustment, optional asymmetrical alert condition