HTF Highs Lows [JV]

1 במרץ 2021

█ OVERVIEW

This script presents a label with an overview of higher timeframe highs and lows. This can be useful information as we all know that price likes to revisit previous highs and lows area, specially on the higher timeframe.


█ CONCEPTS

This information can be relevant and valuable for various reasons:

• Finding horizontal Support and Resistance
  
• Get a better view on Market Structure
  
• Provide some information about Order Flow
  
• TrendLines
  
• ...
  

█ FEATURES

Plots

• This script provides the option to show information about 3 timeframes
  
• Each timeframe can be separately shown or hidden
  
• The Y position of the info label can be user defined, based on high or low of the chosen timeframe
  
• The X offset of the info label can be adjusted to the user's liking and the chart resolution
  
• The label color and text color can be user defined
  
• The info label's size can be user defined
  

█ NOTES

Caveat
The timeframes must be chosen in order of size. Meaning that the highest timeframe should be on top. This is title as such on the info label, but I want to mention it again as it's something to pay attention to.

Repainting
The question that pops up all the time is: Does it repaint?

I will quote PineCoders on this:

We're pretty sure Wilder was not asked very often if RSI repainted. Why? Because it wasn't in fashion—and largely unnecessary—to ask that sort of question in the 80's. Many traders back then used daily charts only, and indicator values were calculated at the day's close, so everybody knew what they were getting. Additionally, indicator values were calculated by generally reputable outfits or traders themselves, so data was pretty reliable. Today, almost anybody can write a simple indicator, and the programming languages used to write them are complex enough for some coders lacking the caution, know-how or ethics of the best professional coders, to get in over their heads and produce code that does not work the way they think it does.

Briefly: yes, it repaints and no it does not matter.
Simple because we are working with highs and lows on a higher timeframe. So if we get a new high or low within a certain time frame, we want this new high or low to be displayed and, for me, it's not relevant if this information appears when it happens or when the candle closes.

Questions & Suggestions
Questions, suggestions or even a word of thanks are always welcomed in the comments section. I usually answer within the same day.

█ THANKS

A word of thanks to, and I hope I am allowed to use hyperlinks here, LonesomeTheBlue for being an inspiration on coding style and his work on arrays in Pine Script and to lmatl for his support, words of advice and letting me borrow his brain now and then.