HTF Candle Consistency [LuxAlgo]

9 May

The HTF Candle Consistency indicator tracks the most recent candle sentiment in up to 10 Higher Timeframe (HTF) and colors the user chart candle bodies based on the dominating sentiment. Users can weigh specific timeframes more significantly.

Additionally, the script provides an HTF dashboard that displays the current directional readouts for each selected timeframe to allow for an independent HTF analysis.

🔶 USAGE



Analyzing the movement and direction of higher timeframe candles can help filter out noisy variation from the price, and could be utilized to time trades better. When the majority of recent candles from the selected timeframes are bullish, the candle body will be colored in green, if this majority is bearish it will be colored in red.



Using the "Tricolor" coloring mode introduces a third coloring option, and is used when there isn't a clear sentiment majority across the selected timeframes, this option effectively allows for filtering out unwanted trends.

Users can control the variations to be filtered out depending on their chart timeframe and the enabled HTF's in the settings. Using low timeframes with higher HTF's will gray out a larger amount of candles, disabling these timeframes, changing them, or giving higher weighting to lower HTF's will allow for obtaining more dominance detection, and as such less grayed-out candles.



As seen above, the weight function allows for precise control over the specific elements being analyzed.

This indicator also features a dashboard for viewing each timeframe's direction at the same time. By doing so, it allows for better judgment on the specific elements composing the current HTF majority.

🔶 DETAILS

This indicator is only intended for Higher Timeframe Analysis, all the input timeframes should be kept equal to or lower than your current chart timeframe.

NOTE: This is necessary for data accuracy in most multi-timeframe indicators, and is generally a good practice to keep in mind.

As a reminder, the dashboard will display the timeframe in red text if a lower timeframe is detected. It is recommended to change or disable this timeframe for your analysis.



This indicator can support up to 10 timeframes, each with independent weightings.

NOTE: When a timeframe is disabled, the dashboard will no longer display that timeframe, and it will not be used in calculations.

🔹Candle Coloring

Candle color can be selected between 3 modes.

• Tricolor (Default): Changes the color based on a 3-part split of the possible data sum range.
  
• Bicolor: Changes the color based on the sum being greater than or less than 0.
  
• Gradient: Uses a 3-color gradient to determine the candle color based on the possible data sum range.
  

🔶 SETTINGS

🔹 Higher Timeframes

• Toggle: Enable/Disable the timeframe from analysis.
  
• Timeframe: Select which timeframe to use for analysis. <- NOTE: This input reflects any custom intervals you have created on Tradingview.
• Weight: Determines the Weighting (Multiplier) for the timeframe's direction.
  

🔹 Style

• Color Mode: (More details above) Determines the color mode in use for coloring candles.
  

🔹 Dashboard

• General Settings: Control Toggle, Location, & Size of Dashboard on your chart.
  
• Orientation: Choose to display the dashboard in a "Vertical (default)" or "Horizontal" orientation to fit your style.