candlesmart

Rolling OHLC Candles

█  OVERVIEW

This indicator displays a Rolling OHLC Bars for a given timeframe Multiplier. Contrary to OHLC Charts, if the timeframe Multiplier is "5", this indicator plot OHLC of the last 5 Candles.

█  WHAT IS THE NEED FOR IT

Let's see if we want to use a Higher timeframe OHLC Data using security function or resolution options. The indicator repaints until the higher timeframe OHLC Candle closes, leading to a repainting strategy or indicator using higher-timeframe data. So we can use Rolling OHLC Candles in these cases.

█  USES

  • To Pull out higher timeframe OHLC Data to build a non-repainting strategy or indicator.
  • Prominently, traders use Heikin Ashi Candles to locate trends or trading opportunities easier than traditional candlesticks . But the OHLC in those Heikin Ashi candles doesn't match with conventional candlesticks . We can use these Rolling OHLC Candles as an alternative for Heikin Ashi Candles because Here we can locate trends or trading opportunities easier than traditional candlesticks , and also close of these candles matches the close of the standard candlesticks , which can help us to take trades based on the close of the candles.

█  WHY I AM BUILDING THIS SIMPLE INDICATOR

There is no doubt higher timeframe analysis is a critical study to mastering the markets.
I found a necessity for an indicator that analyses multiple higher timeframes and gives us a cumulative or average trend direction. I already built the indicator; I will release it soon. The Indicator I am building is wholly based on my understanding and perspective of Market Structure. Please use this indicator idea to remove the repainting issue when you make an indicator that utilises higher timeframe data.

I am using this in my upcoming indicators. Felt to share before head.

Stay Tuned...

If you have any recommendations or alternative ideas, then please drop a comment under the script ;)
Script de código abierto

Siguiendo el verdadero espíritu de TradingView, el autor de este script lo ha publicado en código abierto, para que los traders puedan entenderlo y verificarlo. ¡Un hurra por el autor! Puede utilizarlo de forma gratuita, aunque si vuelve a utilizar este código en una publicación, debe cumplir con lo establecido en las Normas internas. Puede añadir este script a sus favoritos y usarlo en un gráfico.

Exención de responsabilidad

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¿Quiere utilizar este script en un gráfico?