HTF Candle Overlay - PO3

HTF Candle Overlay Script Description
This Pine Script indicator creates a visual overlay of higher timeframe (HTF) candles on your chart. It's a useful tool for multi-timeframe analysis that allows you to see higher timeframe price action context directly on your current chart without having to switch between timeframes.

Main Purpose
The primary purpose of this indicator is to display candles from a higher timeframe (like daily or weekly) directly on your lower timeframe chart (like 5-minute or hourly). This provides crucial context about the larger market structure while you're analyzing shorter-term price movements.

Key Features
Higher Timeframe Selection: You can choose any higher timeframe from the available options (1-minute to monthly), allowing you to view price action from any timeframe higher than your current chart.

Customizable Appearance:

Control the number of HTF candles displayed (1-10)
Adjust the spacing between the candles and current price
Modify candle width for better visibility
Customize colors for bullish and bearish candles, wicks, and borders
Real-time Updates: The current (ongoing) HTF candle updates in real-time as new price data comes in, showing you how the higher timeframe candle is developing.

Time Remaining Display: An optional label shows the current HTF period and how much time remains until the candle closes, helping you time your entries and exits.

Visual Warnings: The script warns you if you select a timeframe that matches your current chart timeframe.

How It Works
Data Retrieval: The script fetches both the current developing candle and historical candles from the selected higher timeframe using request.security() calls.

Candle Processing:

It stores candle data (open, high, low, close, and time) in arrays
Handles both the current developing candle and past completed candles
Updates the current candle in real-time as new price data comes in
Visual Rendering:

Draws candle bodies as boxes with appropriate bullish/bearish colors
Creates wicks as lines extending from the candle bodies
Places candles horizontally on your chart with proper spacing
Timing Information:

Calculates and displays the remaining time until the current higher timeframe candle closes
Formats the time remaining in a user-friendly way (days, hours, minutes)
Practical Applications
Context for Trading Decisions: See where price is in relation to higher timeframe support/resistance levels.

Entry and Exit Timing: Time your entries and exits based on higher timeframe candle closings.

Trend Alignment: Ensure your trades align with the higher timeframe trend direction.

Support/Resistance Identification: Easily identify key price levels from higher timeframes.

Candle Pattern Recognition: Spot important higher timeframe candlestick patterns without switching timeframes.

This indicator essentially brings the higher timeframe context directly to your current chart, allowing for more informed trading decisions that consider both short-term and long-term market structures simultaneously.