This script will color the background based upon whether it is positive or negative for the day. When looking at numerous charts, you can instantly see if they are up or down for the day. For me, I like to be going long on the stocks that are already moving up and short on the ones that are moving down. When using lower time frames, you can lose perspective of where it is on the daily chart.
On the example above, you can see a 5 minute chart of NFLX. It shows you when it dropped below the previous days close.
This indicator isn't great as I thought, It repaints. Have to use it together with accumulation/distribution indicator, otherwise you could have big losses. Bassicaly this indicator nothing special. In my broker app. Easymarket if value goes during any time from positive to negative procentage than this indicator also changes during day few times from positive to negative background, so this indicator can be very misleading unless all day something goes negative or positive without reversal of course.
workwithjoemiranda
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@stanketa, Well duh it repaints... If the price is above yesterday's close it will change to green. If it is below it will change color to red. That's literally the point of the script. Why would you want it to stay the wrong color for? Hello... Think Mcfly Think...
@stanketa, That's your opinion based on it don't do what you need. The script was perfect for what I needed. To change the background color of the pair or stock green for up or red for down from yesterday's close. It does exactly what it is supposed to do. The indicator isn't useless nor is it misleading like you falsely claim. It is supposed to change since the day's prices are not closed for the day. Your comment shows you don't even know what the indicator does. What do you even expect it to do? It is a live indicator and is supposed to repaint as price changes above or below yesterday's close. Useless comment....
GamerBri
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@workwithjoemiranda, how do i trade with it if it repaints? pls help. And how do i know when it shows the right color?
repo32
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@GamerBri, You don't. It is an indicator. If your trading plan utilizes this kind of info, it will be useful to you. You need to do some more reading and watch some videos before jumping in on anything. I would find one setup you are looking for and a timeframe and start from there.
tartigradia
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Extremely useful yet simple script, i use it to look at volume in low time frames, it's awesome to get the bigger picture of higher timeframes at a glance while not leaving the low time frame chart. I would suggest to update the script to allow to pick the time resolution, even if the daily resolution is likely the 80% use case.
repo32
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@tartigradia, Thank you and glad you like it. I will take a look at your idea.
repo32
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@tartigradia, So, the older version of this script does not allow too much variation here. But, there is an easy solution for you. Simply take this script and copy/paste into a new indicator. Under the line with dclose, change the "D" (right after tickerid) to whatever you like. If you want to change it based upon the Week: "W". Hour= "60", 2 Hours= "120", etc.... That should hopefully get you to where you are trying to go. Enjoy.
thakkarps
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very usefull to know the state market is running now in compare to previous close and after all eod indicators are based on close price which has happened so very very usefull script as the background color clearly indicates the current state of the market vis a vis previous days eod