8 Fractal Resonance Component indicators on a chart eats up LOTS of vertical space, so we're providing this Fractal Quad Components script to group 4 components a bit more compactly (eliminating the margin whitespace between indicator rows).
To view 8 components you'll need to add a second instance of this script to your chart and set its Base Timescale Multiplier to 16. Then grab the dividers to stretch both instances to a good viewing height.
One disadvantage of this grouping method is that to read off the x2, x4, and x8 lead and lag line values, you'll need to mentally add 200, 400 or 600 respectively.
We also replaced the "Extreme" > +-100% black crosses (+) with more subtle purple circle outlines. These extreme crosses are often (but not always) too early to be a major reversal so it's best not to overemphasize them.
Significant crosses (> +-75%) are still highlighted with black circle outlines, and are the most likely to be major reversals for buy/sell.
Note how the 30-minute oscillator (2nd row) showed the cleanest (black-outlined) reversals on the S&P for the last week of 2016, with just a bit more profit-eating lag than the 15-minute oscillator above.
Works amazingly on cryptocurrency. Great scripts! Thanks for sharing.
Ojin929010
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@pythagoras thanks very much! Please explain this line: One disadvantage of this grouping method is that to read off the x2, x4, and x8 lead and lag line values, you'll need to mentally add 200, 400 or 600 respectively. And, the first 4 components stays as 1(one) base timescale multiplier or 8.
pythagoras
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@fbatistat, To fit the four oscillators into one subplot, we had to extend the subplot axes. This affects the numerical line level readouts at the top of the indicator. They now appear in one line with four color-coded groups: green=lead value, red = lag value, and grey = lead-lag difference value. The first group for top component reads normally. To interpret the line levels of the second group and component, you must mentally add 200 to get them back to -100 to 100 oscillator ranges. To interpret the line levels of third group and component, mentally add 400. And for the fourth color group and component, mentally add 600. In practice I'm usually interested in the gray lead-lag difference numbers to see how far they are from a crossover. If the fourth gray number says -590, that really means -590+600 = 10.
@fbatistat, For your second question, if you want to watch 8 components, add two instances of this indicator to your chart. Set the timescale multiplier on first instance to 1 and timescale multiplier of second instance to 16.
Ojin929010
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@pythagoras, Understood. thanks for the clarification.
Ojin929010
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Dear @pythagoras, All TL were drawn manually or it's a script for that purpose?