INVITE-ONLY SCRIPT

Wizard Trend vz Trend

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To use this , follow these steps:

Customizing the Timeframes:
Once the indicator is applied to the chart:
Click the Settings (gear icon) of the indicator in the Indicators pane.
You'll see input options that allow you to customize the timeframes:
Lower Line Timeframe Column: This is the first (lower) timeframe column on the table (for example, "1" minute, "5" minutes, etc.).
Higher Bar Timeframe Column: This is the second (higher) timeframe column on the table (for example, "30" minutes, "1 Hour", etc.).
Set the timeframes to your desired values. For example:

Set Lower Line Timeframe Column to "1" for 1 minute.
Set Higher Bar Timeframe Column to "30" for 30 minutes.
Note: You can choose from any available timeframes, such as 1 minute, 2 minutes, 5 minutes, 10 minutes, 15 minutes, 30 minutes, etc.

. Reading the Table Data:
The indicator will show a table on the chart with the following columns:

Timeframe: The timeframe selected for each row (for example, "1 Min" or "30 Min").
Candle Trend: Displays an up (⬆) or down (⬇) arrow depending on whether the close is greater than the open for the given timeframe.
Bar Fill (%): The percentage of the bar that is filled, calculated based on the bar's open, close, high, and low values.
Bar Visual: A visual representation of the bar (filled with color depending on the trend direction).
Distance (High/Low): The calculated distance between the low of the lower timeframe and the high of the higher timeframe, and vice versa.
. Using the Table for Analysis:
Monitor Trends: You can use the arrows and colors in the Candle Trend and Bar Visual columns to quickly assess the trend direction across multiple timeframes.
Bar Fill: The Bar Fill (%) can help you see how much of the bar is filled, which can be an indicator of the strength of the price move.
Distance (High/Low): The Distance (High/Low) values help compare the range of lower timeframes to the higher timeframe, which could indicate potential support and resistance levels or volatility between different timeframes.
. Adjusting Settings:
You can easily adjust the input timeframes by going to the Settings of the indicator and modifying the timeframes to suit your trading style.
The table will automatically update with the new data after adjusting the timeframes.
. Removing the Indicator:
If you want to remove the indicator from your chart, simply click on the trash icon next to the indicator in the Indicators pane.
Example of Practical Use:
Scalpers or Day Traders: You might use a 1-minute timeframe for precise entries and a 30-minute timeframe to confirm the overall trend. The table helps you see both timeframes at once, so you can make informed decisions.
Swing Traders: You could use longer timeframes (e.g., 5-minute for quick moves and 1-hour or 4-hour for trend confirmation) to spot trends and potential reversal points.
This tool is valuable for understanding price action across multiple timeframes and helps traders quickly analyze short-term and long-term trends simultaneously.

"Disclaimer: This indicator is intended for educational purposes only and does not constitute financial advice. Trading involves significant risk, and users should perform their own research and consult with a licensed financial advisor before making any trading decisions."

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.