Alright - so this is my own version of John Carter's "10x Bars"... I have done multiple things that are different from his version so they are slightly different..
So first of all the main indicator is based off of the ADX and the DMI; For those who aren't familiar with it, Directional Movement is what you'd pull up under "built-in's" from the indicators tab (if you want to check it out). The standard interpretation of this however, is when the ADX is above 20 that suggests the trend is strong, whereas under 20 suggests it is weak. Also, when the D+ is above the D- that suggests a bullish trend, and D- above D+ suggests a bearish trend.
These bars take away the need to have it at the bottom of your screen, and places the data on the bars on your chart instead.
========================================================================================================================================= So here's what the colors stand for - Yellow - The ADX is under 20, no strength in trend
Shades of green occur when the ADX is above 20 and there's a bullish trend (D+ higher than D-) Bright Green (Lime) - Bullish trend, D+ above 30 Green - Bullish Trend Yellow Green - Bullish trend, D+ below 15
Shades of red occur when the ADX is above 20 and there's a bearish trend (D- higher than D+) Bright Red - Bearish trend, D- above 30 Red - Bearish Trend Orange - Bearish trend, D- below 15 =========================================================================================================================================
I have also added multiple time frame labels (label script used is the one created by Ricardo Santos) These labels are color coded the same as the bars/candles, and they appear off to the right of your screen using every built in time increment from TradingView. The purpose is to show you in real time, and on any chart resolution, what the current trend is on every individual time frame.
So using just one single chart you'll see your current resolutions candles, but also on the labels you'll see:
Now onto the volume spike portion of the indicator. This will plot a blue dot under each bar that has a spike in volume which meets your specified criteria.
I have 500% as the default setting.
What that means is that this indicator looks back and gets the 50 bar volume average and then applies dots where volume is 500% above average.
Now finally, the reversal arrows. This is another simple to understand concept that I first read in John Carter's book "Mastering the Trade" that he calls "HOLP/LOHP". I have added the ability to change the look back period you'd like the indicator to watch for highs and lows on.
What that stands for is 'High of Low Period' and 'Low of High Period', and it is used like this- Whenever a bar makes a new high the indicator watches the low on that highest bar. Then when a bar afterwards makes a lower low then the one on the high bar, a reversal arrow is given. Apply this same concept in the other direction in for the highs on the lowest bars.
Now, I didn't want to make a "set" or have a bunch of different indicators out there that are all intended for the same package, so I took the time to put them together, and if there's a part of it you don't care for they can easily be turned off in the settings.
Enjoy!
הערות שחרור
⋅
I changed some of the code regarding the multi-time analysis labels... I initially didn't have them coded for all the colors, changed that...
הערות שחרור
⋅
Added "lookahead" to fix the time increment issue on the multi-time frame labels
הערות שחרור
⋅
I really didn't change much of anything in the code, but wanted to clarify in an update how the DMI labels for smaller time frames than whatever your chart resolution is, should be interpreted. This is directly from TradingView:
"When you request a value from a smaller timeframe ...... there is no way to represent the full data on the chart. In that case, the code takes the value for the last fitting bar."
So let's say you are on a 15 minute chart - the 1 min, 3 min, and 5 min update when a new candle opens to reflect the first bar that occurred in the new time frame... so in order to truly see everything (from the labels) in real time you'd have to watch a 1 minute chart...
Hope that clarifies everything a bit! Thanks again!
Hi, the indicator is really useful and I would love to use it. I created a series of charts with different time frames - sometimes the colors of the tags don't match up with the colors of the bars. If I put the tags on a few different time frames - the colors of the tags might be different for similar time frames if the tags are on different charts. Can't figure out why this is?
J-Streak
⋅
@Sugoiman, similar time frames? or identical time frames?
Sugoiman
⋅
@J-Streak, Appreciate you helping me understand this. I set up my layout with 4 different time frames - example weekly, daily, hourly, 30 minute. If the tags are on each of the charts, there can be slightly different colors for the tags. On the daily time frame chart, the tag for 5 minutes could be deep red, while on the 30 minute chart, the tag for 5 minutes could be yellow. Is this because of the change that might occur during the duration of the time interval on each chart and the tags don't update simultaneously? that would mean the 5 minute interval being tagged on the daily chart is a different 5 minute interval being tagged on the 30 minute chart? The upper time frames always agree - so the weekly is always the same on any lower time frame tag. If I'm understanding it correctly, please let me know. Or suggest another way.
Was also wondering if you were considering adding in the buy/sell arrows on the tags like John Carter has done. Is that even possible in TradingView? BTW - your squeeze indicators are also great, thank you for doing that work.
J-Streak
⋅
@Sugoiman, Thanks a ton man! If there's a way for it to work then I will definitely try my hardest to make it happen! And yes, I believe what you're saying is accurate, I opened a support ticket on what I believed to be an error in what the ADX values were showing and they have suggested to me a quick workaround that I just added today... Delete the older version from your charts and add the update, let me know how it works!
Also, yeah the squeeze is an incredible indicator, I think that John Carter is a genius in how he approaches this stuff and the things he has came up with. I do try to add extra customization options or different things to the ones I make to create contrast, but if you're familiar with any of the indicators I make or have any suggestions as to a function you wish it performed that it currently doesn't, please let me know! I don't want to make the exact same thing as they do, I want add a unique twist and expand on them
J-Streak
⋅
@Sugoiman, and also, as an example if you look at "Pivot Point RSI" that was something that someone asked me about, if I could do it.. any ideas that are practical and creative I'll always give it a shot... I'm currently working on an "Ultimate RSI" that combines all of my RSI ideas/indicators in to one so be on the look out for that next!
purabmehta
⋅
@J-Streak, this is amazing. Thanks a lot. However, i am not able to get the MTF labels. Can you please help me with that? thanks again.
Hociemocie
⋅
LOVE THIS!!! Thanks!!
Line_Trader
⋅
Great work, thanks
Shokuru
⋅
Hi, Thank you so much for this indicator! For the HOLP/LOHP part,if I understand correctly, your script flags these signals when a new low is made, after the highest candle, not necessarily when a close below this low is made. Is there a way I could edit the script to look for closes below the low of the high candle instead? This is how I understood the technique from the book, and would seem to give a bit more confirmation? Thanks in advance for the awesome indicator!
trickzter
⋅
Awesome work! Love this indicator so much. Is there a way you could set an alarm function for the switch of the bar colour?