The Day Trade Highlight option will draw faint yellow between 9:15-9:25, red between 9:25-9:45, yellow between 9:45-10:05. There will be one white background at 9:30am to show the opening of the market. while the market is open there will be a very faint blue background. For the end of the day there will be yellow between 15:45-15:50, red between 15:50-16:00, and yellow between 16:00-16:05. During the night hours, there is no coloring. The purpose of this highlight is to show the opening / closing times of the market and the hot times for large moves.
The indicators can also be colored in the following ways:
1. Simple = Makes all colors for the indicator Gray
2. Trend = Will use the to get the short-trend direction and by default will color the short-term direction as Blue or Red. Unless using Super Trend, the Channel is used to find short-term trend direction.
3. Trend Adv = Will use the to get the short-trend direction and by default will color the short-term direction as Blue or Red. Unless using Super Trend, the Channel is used to find short-term trend direction. If there is a short-term up-trend during a long-term down-trend, the Blue will become Navy. If short-term down-trend during long-term up-trend, the Red will be Brown.
4. Squeeze = Compares the to the width and will color based on relative squeeze of the market: Teal = no squeeze. Yellow = little squeeze. Red = decent squeeze. White = huge squeeze. if you do not understand this one, try drawing the while using the Squeeze color option and it should become more apparent how this works. I also recommend leaving the length and multiplier to the default 20 and 2 if using this setting and only changing the timeframe to get longer/shorter lengths as I've seen that changing the length or multiplier can more or less make it not work at all.
Along with the indicator settings are options to draw lines/labels/fills for the indicator. I enjoy having only fills for a cleaner look.
The Labels option will show Buy/Sell signals when the short-term trend flips to agree with the long-term trend.
The Trend Bars option will do the same as the Labels option but instead will color the bars white when a Buy/Sell option is given.
The Range Bars option shows will color a bar white when the Close of a candle is outside of a respective ranging indicator option ( or ).
The Trend Bars will draw white candles no matter which indicator selection you make (even "Off"). However, Range Bars will only draw white when either or are selected.
The and Super Trend are trending indicators and should be used during trending markets. I like to use the in conjunction with these indicators for possibly earlier entries.
The and Channel are ranging indicators and should be used during ranging markets. I like to use the in conjunction with these indicators and will use 60/ 40 for overbought and oversold areas rather than 70/30. During a range, I wait for an overbought or oversold indication and will buy/sell when it crosses back into the middle area and close my position when it touches the opposite band.
I have a / combination indicator if you'd like that as well :D
As always, trade at your own risk. This is not some secret indicator that will 100% win. As always, the trades you see in the picture use a 1:1.5 or 1:2 risk to reward ratio, for today (August 8, 2022) it won 5/6 times with one trade still open at the end of the day. Manage your account correctly and you'll win in the long term. Hit me up with any questions or suggestions. Happy Trading!
- Also Updated the Name and max_labels_count
- Day Trade Highlight only works on charts 15m or below. Find it mostly is just noise on the screen at higher timeframes.
- Took the word "length" out of "Indicator length" in the settings.
- Rearranged the colors under the "Assign Colors" portion of the SuperTrend section of code
- Added a note to the transparency setting under the "Assign Colors" portion of the SuperTrend section of code
- I noticed that the colors for the Super Trend were backwards (red was for uptrend, blue was for downtrend), they have been fixed to correctly show red for downtrend and blue for uptrend.