This tool is designed for traders looking to spot areas of consolidation on their charts across various time frames. It highlights these consolidation areas using visually appealing boxes, making it easier to identify potential breakout or breakdown zones.
How To Use:
Spotting Consolidation: When you see a box form on your chart, this represents a consolidation zone. Within this zone, the price is moving sideways without a strong upward or downward trend.
Anticipating Breakouts & Breakdowns: Watch the price as it approaches the edges of the box. A movement outside the box can signal a potential breakout (if above the box) or a breakdown (if below the box). This is where momentum shifts can happen.
Momentum Confirmation: Once the price clearly moves out of the box, it indicates a momentum shift. If the price moves upwards out of the box, this can be seen as bullish momentum. Conversely, if the price moves downwards out of the box, this can be seen as bearish momentum.
To use the tool effectively, adjust the settings to suit your trading style, choose your preferred visual theme, and watch as the script highlights key consolidation areas on your chart.
Tip: To visualize fractals, consider using multiple instances of the "Consolidation Spotter" indicator, each set to a different timeframe. This approach allows you to observe consolidations nested within larger consolidations, offering deeper insights into market structures. 😉
What mode do I need to set so that I can simultaneously display a lower time frame and a higher time frame than the current time frame? (eg: The current frame I'm viewing is 1D, and I want to view 4H and W frames simultaneously)
Note: I have selected frame TF_3 ( W) and selected frame TF0 ( 60') However, I did not see the 4 o'clock display for the daily chart I was viewing
What do I need to change in the conditions below, so that I can watch both the lower timeframe and the higher timeframe simultaneously as I described above? // ---- Check TFs ---- var float currentResMinutes = f_resInMinutes() var float tf0Mins = timeframe.in_seconds(TF_0) / 60 var float tf1Mins = timeframe.in_seconds(TF_1) / 60 var float tf2Mins = timeframe.in_seconds(TF_2) / 60 var float tf3Mins = timeframe.in_seconds(TF_3) / 60 var bool isHTF_0 = currentResMinutes < tf0Mins var bool isHTF_1 = currentResMinutes < tf1Mins var bool isHTF_2 = currentResMinutes < tf2Mins var bool isHTF_3 = currentResMinutes < tf3Mins useHTF_0 := useHTF_0 and currentResMinutes <= tf0Mins and (not disableIfCurrentTF or isHTF_0) useHTF_1 := useHTF_1 and currentResMinutes <= tf1Mins and (not disableIfCurrentTF or isHTF_1) useHTF_2 := useHTF_2 and currentResMinutes <= tf2Mins and (not disableIfCurrentTF or isHTF_2) useHTF_3 := useHTF_3 and currentResMinutes <= tf3Mins and (not disableIfCurrentTF or isHTF_3)
farkasszilard
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@QFSCrypto, There are limitations with the current implementation. It can show only higher timeframe data, not lower timeframe. While you can display 4h EMA's on a 1h chart you wont be able to do the reverse show 1h on a 4h chart.
QFSCrypto
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@farkasszilard, Anyway, thank you for the idea. I just added additional code to display the lowtimeframe data in the chart at the same time, and truncated the 2 current hightimeframes, so at any timeframe position, I can You can observe the 2 lower time frames and at the same time you can check the 2 higher time frames at the same time.
I am duplicating this strategy for many different indicator systems
farkasszilard
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@QFSCrypto, Just make sure you use request.security_lower_tf() for the lower timeframe because the normal one will not work correctly.
ukmpits
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@farkasszillard Sir, would you like to add alarm alert function?where the condition met..if touch..or break..God Bless
ukmpits
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@farkasszillard Is there any future update Sir? Thanks mate
(eg: The current frame I'm viewing is 1D, and I want to view 4H and W frames simultaneously)
Note: I have selected frame TF_3 ( W) and selected frame TF0 ( 60')
However, I did not see the 4 o'clock display for the daily chart I was viewing
What do I need to change in the conditions below, so that I can watch both the lower timeframe and the higher timeframe simultaneously as I described above?
// ---- Check TFs ----
var float currentResMinutes = f_resInMinutes()
var float tf0Mins = timeframe.in_seconds(TF_0) / 60
var float tf1Mins = timeframe.in_seconds(TF_1) / 60
var float tf2Mins = timeframe.in_seconds(TF_2) / 60
var float tf3Mins = timeframe.in_seconds(TF_3) / 60
var bool isHTF_0 = currentResMinutes < tf0Mins
var bool isHTF_1 = currentResMinutes < tf1Mins
var bool isHTF_2 = currentResMinutes < tf2Mins
var bool isHTF_3 = currentResMinutes < tf3Mins
useHTF_0 := useHTF_0 and currentResMinutes <= tf0Mins and (not disableIfCurrentTF or isHTF_0)
useHTF_1 := useHTF_1 and currentResMinutes <= tf1Mins and (not disableIfCurrentTF or isHTF_1)
useHTF_2 := useHTF_2 and currentResMinutes <= tf2Mins and (not disableIfCurrentTF or isHTF_2)
useHTF_3 := useHTF_3 and currentResMinutes <= tf3Mins and (not disableIfCurrentTF or isHTF_3)