OPEN-SOURCE SCRIPT
HTF Anchor Dots
High Time Frame Anchor Dots is designed for traders who use the 15m or 1H chart and want a clear visual of higher-timeframe momentum conditions without constantly switching timeframes. The script builds on the Wave Anchor Indicator concept and is intended to complement the TP Mint Trading Strategy.
Using the momentum waves (similar to VuManChu Cipher B / Market Cipher B), the script identifies “anchor” states on higher timeframes (1H, 4H, Daily) and plots colored dots on your current chart:
• Yellow Dots: TP1 timeframe is anchored (overbought/oversold)
• Red Dots: TP2 timeframe is anchored (overbought/oversold)
• Orange Dots: Both TP1 and TP2 timeframes are simultaneously anchored, indicating a significant confluence.
Dots above the price indicate overbought anchors; dots below indicate oversold anchors. Because the indicator checks these conditions at the close of your entry timeframe candles, you may occasionally see a dot even though the higher-timeframe candle later closes out of anchor. Remember, this indicator offers no direct entry signals; it merely highlights potential confluence or caution zones.
Why Use It?
- Quickly assess if momentum on higher timeframes is stretched in one direction.
- Avoid entering a new position when a higher timeframe has just hit a potential turning point.
- Spot patterns in anchor dot clusters that can refine your trading entries or exits.
If you have questions or suggestions, feel free to share them! The script is open to improvements, and I appreciate all feedback. As with any indicator, this tool is not guaranteed to be an accurate prediction of future price action. Most successful traders combine indicators with sound risk management practices and their own personal analysis.
Using the momentum waves (similar to VuManChu Cipher B / Market Cipher B), the script identifies “anchor” states on higher timeframes (1H, 4H, Daily) and plots colored dots on your current chart:
• Yellow Dots: TP1 timeframe is anchored (overbought/oversold)
• Red Dots: TP2 timeframe is anchored (overbought/oversold)
• Orange Dots: Both TP1 and TP2 timeframes are simultaneously anchored, indicating a significant confluence.
Dots above the price indicate overbought anchors; dots below indicate oversold anchors. Because the indicator checks these conditions at the close of your entry timeframe candles, you may occasionally see a dot even though the higher-timeframe candle later closes out of anchor. Remember, this indicator offers no direct entry signals; it merely highlights potential confluence or caution zones.
Why Use It?
- Quickly assess if momentum on higher timeframes is stretched in one direction.
- Avoid entering a new position when a higher timeframe has just hit a potential turning point.
- Spot patterns in anchor dot clusters that can refine your trading entries or exits.
If you have questions or suggestions, feel free to share them! The script is open to improvements, and I appreciate all feedback. As with any indicator, this tool is not guaranteed to be an accurate prediction of future price action. Most successful traders combine indicators with sound risk management practices and their own personal analysis.
Скрипт с открытым кодом
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