OPEN-SOURCE SCRIPT
Updated Heat Map [racer8]
Intro
I've always wanted to create a heat map ever since I started to learn how to code on Pine Script. I thought it would be impossible, especially given that I never took any coding classes previous to teaching myself Pine Script. I never even thought I would code until one day, on March 30, 2020... I coded the QQE WR. That was my very first indicator. I was pretty much like most traders on TV before that...a regular trader who didn't know how to code. Anyhow, back to the heat map...I am truly excited that I created this and wanted to share this with the TV community.
What is a heat map?
A heat map is a data visualization technique that shows magnitude of a phenomenon as color in two dimensions. The variation in color may be by hue or intensity, giving obvious visual cues to the reader about how the phenomenon is clustered or varies over space.
The Indicator
This heat map I created looks back over 30 periods and displays 2 colors: green or red.
Green = Bullish
Red = Bearish
As always, enjoy ;)
I've always wanted to create a heat map ever since I started to learn how to code on Pine Script. I thought it would be impossible, especially given that I never took any coding classes previous to teaching myself Pine Script. I never even thought I would code until one day, on March 30, 2020... I coded the QQE WR. That was my very first indicator. I was pretty much like most traders on TV before that...a regular trader who didn't know how to code. Anyhow, back to the heat map...I am truly excited that I created this and wanted to share this with the TV community.
What is a heat map?
A heat map is a data visualization technique that shows magnitude of a phenomenon as color in two dimensions. The variation in color may be by hue or intensity, giving obvious visual cues to the reader about how the phenomenon is clustered or varies over space.
The Indicator
This heat map I created looks back over 30 periods and displays 2 colors: green or red.
Green = Bullish
Red = Bearish
As always, enjoy ;)
Release Notes
>>>Changed heat map lines' widths from 10 to 1, which drastically improves the look!
Release Notes
>>>Transparency of Heat lines are set at default of 0.
Release Notes
More info on indicator:There are 29 lines plotted that make up the heat map.
Each line is set at a constant value between 1 to 29.
Each line's color depends on a calculation:
Ex) Line(1) color = Is close(0) > close(1)? ... If yes, color=green. If no, color=red.
Ex) Line(22) color = Is close(0) > close(22)? ... If yes, color=green. If no, color=red.
Ex) Line(29) color = Is close(0) > close(29)? ... If yes, color=green. If no, color=red.
where:
line(1) is a line set at constant value = 1.
line(22) is a line set at constant value = 22.
line(29) is a line set at constant value = 29.
close(0) is the current close.
close(1) is a close that is 1 period back from the current close.
close(22) is a close that is 22 periods back from the current close.
close(29) is a close that is 29 periods back from the current close.
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.
For quick access on a chart, add this script to your favorites — learn more here.
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.
For quick access on a chart, add this script to your favorites — learn more here.
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.