This is an attempt to develop alternative visualisation of financial charts. This script also makes use of new pine feature types which represents User Defined Object Types. You can refer to below documentation to understand more about this feature:
🎲 Structure of new chart components 🎯Instead of candles/bars, this type of chart contains Electrocardiogram blocks which resembles the heartbeat signals on electrocardiogram.
Body color of the block is defined by the open and close prices of the bar. If close is greater than open, body is green. Otherwise, the body is painted red.
Border color of the block is defined by the close prices of current and previous bar. If the close of current bar is greater than that of last bar, then the border color is green. Otherwise, border color is painted red.
🎯Inside each blocks there will be 5 connecting lines called the signal lines.
open-open
open-firstPeak(high or low of the bar whichever comes first)
firstPeak-secondPeak(high or low of the bar whichever comes last)
secondPeak-close
close-close
🎯 Color of the signal lines are determined by which among the high/low of the bar comes last. If highest part of the bar reached after reaching the lowest part of the bar, then signal lines are coloured green signifying bullish sentiment towards the end of bar. If lowest part of the bar reached after reaching the highest part of the bar, then signal lines are coloured red signifying bearish sentiment towards the end of bar.
Pictorial examples here:
🎲 Limitations with pinescript implementation
Since, pinescript can only use maximum 500 lines and each block will take 1 box and 5 lines, it is not possible to display more than 100 bars.
Each block of new Electrocardiogram chart will take the space of 7 bars of candlestick chart. Due to this, the alignment of regular OHLC candles is not inline with the new chart type. Background highlighting is done for the part of the OHLC candles where Electrocardiogram blocks are plotted so that it helps users to map the bars manually
Replace for loop with for..in loop as the issue with latter is resolved. Also updated logic to calculate offset to avoid candles overlapping with standard candles.
This is interesting. Couple of Questions; 1) Can the box be dynamically defined in terms of length of time? 2) Can the box use another input to define it's size on the horizontal axis? 3) Can the box plot sub-peaks and sub-troughs, iow HL, LH's? (like an increase in heartbeat rate) 4) Can the same object's be defined for the volume histogram?
Trendoscope
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@Sprout, can be defined dynamically. But, that's not the point of this script. I have another library called custom candles. You can check that and also can use it in your code.
A_Traders_Edge
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What information do you fee is provided by viewing the data in such a way that isn't easily derived by analyzing the price with Japanese Candlesticks?