DTFX Time based range candle box [Wang Indicators]

DTFX Time based range candle box

Overview : This indicator highlights HTF Candles in specified timeframe within boxes and extend them until they are mitigated. Allowing traders to use them as zones from which you could find some turn-around or scalp

How does it works ?

• Users can setup up to 8 desired timeframe with the hour/minute of the HTF candle
  
• Be carrefull when you chose the time. You must put something coherent with the timeframe (e.g : you can't put 'minutes' = 45 if your timeframe is '1h')
  
• Everyday, the indicator will draw a box around the specified candle for it timeframe
  
• Once the price close above or bellow this candle in the same timeframe, the Zone become "active"
  
• As long as the price doesn't came back into the zone, the retracements will extends
  
• Once the price came back into the zone (in the current timeframe), it stops the expension
  

Exemple
Here we have those settings :

• timeframe : 1 hour
  
• time : 9am
  
• mitigation : 10%
  
• fibs : visible & dashed
  

1. The box highlights the 9am 1H candle (9am to 10am)
   
2. We now wait for the price to close in the same timeframe (1h here) above or bellow the price
   
3. At 11am we close above - the zone is now "active"'
   
4. Now we wait for the price to go back in this zone in the current timeframe (here 5min)
   
5. 12:40am : we put a low above the 10% of the zone -> we stop the retracements, the zone is considered as "mitigated"
   

Settings

• Hour : The hour of the begiging of the candle
  
• Minute : Combined with hour (default 0)
  
• Timeframe : In whichtimeframe we are looking for the candle
  
• % Mitigation : % of the box in wich the price must go back-in in order to "mitigate" the box and stop the expension of the fibs/box (if settings enabled)
  
• Retracements style : Hidden, dashed, dotted or lines for the fibs
  
• Extend Box : extend the box itself until it get mitigated
  
• Number of unmitigated zones : Max unmitigated zone drawed on the chart PER CONFIG
  
• Timezone : Must be set to reflect your needs. (preferably the chart timezone)
  

How does it helps users ?

• Once a Candle is "active" it can be used as a Zone
  
• Fibonnacis levels (30, 50 and 70%) are displayed (if enabled)
  
• Users can customize their apparence and the boxes as they see fit
  
• The 30 - 50 - 70 levels are possible support/resistance that the price tend to bounce of off
  
• You might find some success looking for an entry inside the zone at a level if price gives further confirmations such as a lower time frame flip.