OPEN-SOURCE SCRIPT
Premium USOIL Multi Time Frame Indicator
The "Premium USOIL Multi Time Frame Indicator" is a comprehensive tool designed for advanced technical analysis on TradingView. This indicator provides multi-time frame insights, enabling traders to analyze USOIL (WTI Crude Oil) market trends, momentum, and volatility efficiently. Below is a detailed description of its features and functionalities:
Features:
Multi Time Frame Data:
Higher Time Frame (HTF): Configurable via input parameter (default: 1 minute).
Lower Time Frame (LTF): Configurable via input parameter (default: 5 minutes).
Trend Detection with Moving Averages:
50-period Simple Moving Average (SMA) on both higher and lower time frames to identify trend directions.
Market Momentum - MACD:
MACD and Signal Line calculated on the higher time frame to gauge market momentum.
Generates buy and sell signals based on MACD crossovers.
Relative Strength Index (RSI):
14-period RSI on the higher time frame for momentum analysis.
Highlights overbought (RSI > 70) and oversold (RSI < 30) conditions with background colors.
Volatility Measurement - Bollinger Bands:
20-period SMA and standard deviation-based Bollinger Bands on the higher time frame.
Plots upper and lower bands to visualize price volatility.
Candle Coloring for Visual Cues:
Strong Bullish: Green candles when conditions indicate strong bullish momentum.
Weak Bullish: Lime candles for weak bullish conditions.
Neutral: Gray candles for neutral market conditions.
Weak Bearish: Orange candles for weak bearish conditions.
Strong Bearish: Red candles for strong bearish momentum.
Signal Alerts:
Buy Signal: Plots a "BUY" label below the bar when specific bullish conditions are met.
Sell Signal: Plots a "SELL" label above the bar when specific bearish conditions are met.
Plotting Indicators:
Higher and Lower Time Frame SMAs.
Upper and Lower Bollinger Bands for volatility analysis.
Usage:
This indicator is tailored for traders who need to make informed decisions based on multi-time frame analysis.
The various signals and visual aids help in identifying potential entry and exit points, trend directions, and market conditions.
To use this indicator, simply add it to your TradingView chart and configure the time frames as per your trading strategy. The default settings are optimized for minute-level analysis but can be adjusted to suit different trading styles.
Features:
Multi Time Frame Data:
Higher Time Frame (HTF): Configurable via input parameter (default: 1 minute).
Lower Time Frame (LTF): Configurable via input parameter (default: 5 minutes).
Trend Detection with Moving Averages:
50-period Simple Moving Average (SMA) on both higher and lower time frames to identify trend directions.
Market Momentum - MACD:
MACD and Signal Line calculated on the higher time frame to gauge market momentum.
Generates buy and sell signals based on MACD crossovers.
Relative Strength Index (RSI):
14-period RSI on the higher time frame for momentum analysis.
Highlights overbought (RSI > 70) and oversold (RSI < 30) conditions with background colors.
Volatility Measurement - Bollinger Bands:
20-period SMA and standard deviation-based Bollinger Bands on the higher time frame.
Plots upper and lower bands to visualize price volatility.
Candle Coloring for Visual Cues:
Strong Bullish: Green candles when conditions indicate strong bullish momentum.
Weak Bullish: Lime candles for weak bullish conditions.
Neutral: Gray candles for neutral market conditions.
Weak Bearish: Orange candles for weak bearish conditions.
Strong Bearish: Red candles for strong bearish momentum.
Signal Alerts:
Buy Signal: Plots a "BUY" label below the bar when specific bullish conditions are met.
Sell Signal: Plots a "SELL" label above the bar when specific bearish conditions are met.
Plotting Indicators:
Higher and Lower Time Frame SMAs.
Upper and Lower Bollinger Bands for volatility analysis.
Usage:
This indicator is tailored for traders who need to make informed decisions based on multi-time frame analysis.
The various signals and visual aids help in identifying potential entry and exit points, trend directions, and market conditions.
To use this indicator, simply add it to your TradingView chart and configure the time frames as per your trading strategy. The default settings are optimized for minute-level analysis but can be adjusted to suit different trading styles.
Open-source script
In true TradingView spirit, the author of this script has published it open-source, so traders can understand and verify it. Cheers to the author! You may use it for free, but reuse of this code in publication is governed by House rules. You can favorite it to use it on a chart.
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.