OPEN-SOURCE SCRIPT
Previous D/W/M HLOC
Hey traders,
Here's a simple Multi-Timeframe indicator that essentially turns time and price into a box. It'll take the previous high, low, opening price, or closing price from one of the three timeframes of your choice (day, week, or month). For whatever reason I can't get the opening price to function consistently so if you find improvements feel free to let me know, this will help traders who prefer to use opening price over closing price.
Naturally this form of charting is classical and nature and some key figures you could use to study its usage are
- Richard W. Schabacker (1930s)
- Edwards & Magee (1948)
- Peter Brandt
- Stacey Burke (more on the intraday side - typically our preference)
It's usage put plainly:
- Quantifying Accumulation or Distribution
- Revealing Energy Build-Up (Compression)
- Framing Breakouts and False Breakouts
- Structuring Time
- Identifying opportunities to trade a daily, weekly, or monthly range.
Here's a simple Multi-Timeframe indicator that essentially turns time and price into a box. It'll take the previous high, low, opening price, or closing price from one of the three timeframes of your choice (day, week, or month). For whatever reason I can't get the opening price to function consistently so if you find improvements feel free to let me know, this will help traders who prefer to use opening price over closing price.
Naturally this form of charting is classical and nature and some key figures you could use to study its usage are
- Richard W. Schabacker (1930s)
- Edwards & Magee (1948)
- Peter Brandt
- Stacey Burke (more on the intraday side - typically our preference)
It's usage put plainly:
- Quantifying Accumulation or Distribution
- Revealing Energy Build-Up (Compression)
- Framing Breakouts and False Breakouts
- Structuring Time
- Identifying opportunities to trade a daily, weekly, or monthly range.
Open-source script
In true TradingView spirit, the creator of this script has made it open-source, so that traders can review and verify its functionality. Kudos to the author! While you can use it for free, remember that republishing the code is subject to our House Rules.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Open-source script
In true TradingView spirit, the creator of this script has made it open-source, so that traders can review and verify its functionality. Kudos to the author! While you can use it for free, remember that republishing the code is subject to our House Rules.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.