This is a multi-timeframe version of our Volatility Stop, an ATR-based trend detector that can be used as a stop.
► Timeframe selection The higher timeframe can be selected using 3 different ways: • By steps (60 min., 1D, 3D, 1W, 1M, 1Y). • As a multiple of the current chart's resolution, which can be fractional, so 3.5 will work. • Fixed. Note that you can also use this indicator without the higher timeframe functionality. It will then behave as our normal Volatility Stop would.
► Stop breaches Two modes of stop-breaching logic can be selected. • In the default, Early Breach mode, the stop is considered breached when a bar at the chart's current resolution breaches the higher timeframe stop. • You may also choose to calculate breaches on the higher timeframe information only.
Choosing the Early Breach mode has the advantage of generating faster exits. It will create a state of limbo where the stop has been breached but the Volatility Stop trend has not yet reversed. The impact of detecting earlier exits to minimize losses comes, as is usually the case, at the cost of a compromise: if the stop is breached early in a long trend, the indicator will then spend most of that trend in limbo. Sizeable portions of a trend can thus be missed.
A few options are provided when you use Early Breach mode: • A red triangle can identify early breaches (default). • You can color bars or the background to identify limbo states. When in limbo, the color used to plot the indicator's line or shapes will always be darker.
► Alerts Five pre-defined alerts are supplied: • #1: On any trend change. • #2: On changes into an uptrend. • #3: On changes into a downtrend. • #4: Only on breaches of the uptrend by the chart's bars (Early Breach mode). Will not trigger on a trend change. • #5: Only on breaches of the downtrend by the chart's bars (Early Breach mode). Will not trigger on a trend change. As usual, alerts should be configured to trigger Once Per Bar Close. When creating alerts, you will see a warning to the effect that potentially repainting code is used, even if the indicator's default non-repainting mode is active. The warning is normal.
► Other features • You can color bars using the indicator's up/down state. When bars are colored, up bars are more brightly colored. • The HTF line is non-repainting by default, but you can allow it to repaint. • You can confirm the higher timeframe used by displaying it at a selectable distance from the last bar on the chart. • Choice of 2 color themes. • Choice of display as a line, circles, diamonds or arrows. The line can be used with the other shapes. If no line is required, set its thickness to zero.
Updated Code The code has been updated to use Pine Script™ v5. It follows the most recent recommendations from the Pine Script™ User Manual's Style Guide.
New Features You can now configure the script's alerts to trigger in three different ways: 1. Immediately, when the condition is detected. This will produce repainting alerts. 2. On the bar's close, to avoid repainting. 3. When the condition occurs for a delay that you specify. This allows you to protect yourself from repainting in a more granular fashion.
Using the new delay feature, you can create your alert from a 1H chart, but specify that it only trigger when its condition is continually true for 15 minutes, let's say. The delay is specified in the script's inputs, and will be included in the alert's message.
For Pine coders, this feature is implemented using the `secondsSince()` function from the recent Time library by PineCoders.
@Natostark, Use the Indicators & Strategies button at the top of your chart.
sendyourmind
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Outstanding study fellas...there appear to be so many indicators from competing schools of thought captured with this study. I would like to share this along with a few other indicators in a chart that I have built...first time publishing. What is the proper etiquette?
Bear_Slayer_
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Sorry for the potentially obvious question but how do I crate alerts?