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 .
//Created by Robert Nance 11/19/15 //This script simply colors the background when price is above or below the previous day close. //Works nice for seeing if the stock is up or down for the day. study(shorttitle="UP/DN", title="Column Up or Down", overlay=false) cdl = input(true, title="Previous Daily Closing") dclose = security(tickerid, 'D', close) positive = close > dclose negative = close < dclose plot(positive, style=columns, color=lime) plot(negative, style=columns, color=red)
...and it I may, traders can make a heatmap by amending the script. Since you already have the Daily posted, Weekly and Monthly columns can be added to make the MTF heatmap. For non-coders, its quite simple, change the "D" on lines 7,8 and 9 to "W", "w" and "w" respectively. Save it, amend the title to "Column Up or Down, Weekly". Then you will have your weekly columns. Do the same for a monthly column, presto, MTF heatmap.
Thanks for sharing and the addition to the library repo32!