So first of all the main indicator is based off of the and the DMI;
For those who aren't familiar with it, Directional Movement is what you'd pull up under "built-in's" from the indicators tab (if you want to check it out).
The standard interpretation of this however, is when the is above 20 that suggests the trend is strong, whereas under 20 suggests it is weak.
Also, when the D+ is above the D- that suggests a , and D- above D+ suggests a .
These bars take away the need to have it at the bottom of your screen, and places the data on the bars on your chart instead.
So here's what the colors stand for -
Yellow - The is under 20, no strength in trend
Shades of green occur when the is above 20 and there's a (D+ higher than D-)
Bright Green (Lime) - , D+ above 30
Yellow Green - , D+ below 15
Shades of red occur when the is above 20 and there's a (D- higher than D+)
Bright Red - , D- above 30
Orange - , D- below 15
I have also added labels (label script used is the one created by Ricardo Santos)
These labels are color coded the same as the bars/candles, and they appear off to the right of your screen using every built in time increment from TradingView.
The purpose is to show you in real time, and on any chart resolution, what the current trend is on every individual time frame.
So using just one single chart you'll see your current resolutions candles, but also on the labels you'll see:
There is an input I added that allows you to adjust where your labels appear on the side of your screen as well!
Now onto the spike portion of the indicator. This will plot a blue dot under each bar that has a spike in which meets your specified criteria.
I have 500% as the default setting.
What that means is that this indicator looks back and gets the 50 bar average and then applies dots where is 500% above average.
Now finally, the reversal arrows. This is another simple to understand concept that I first read in John Carter's book "Mastering the Trade" that he calls "HOLP/LOHP".
I have added the ability to change the look back period you'd like the indicator to watch for highs and lows on.
What that stands for is 'High of Low Period' and 'Low of High Period', and it is used like this-
Whenever a bar makes a new high the indicator watches the low on that highest bar. Then when a bar afterwards makes a lower low then the one on the high bar,
a reversal arrow is given. Apply this same concept in the other direction in for the highs on the lowest bars.
Now, I didn't want to make a "set" or have a bunch of different indicators out there that are all intended for the same package, so I took the time to put them together,
and if there's a part of it you don't care for they can easily be turned off in the settings.
"When you request a value from a smaller timeframe ...... there is no way to represent the full data on the chart. In that case, the code takes the value for the last fitting bar."
So let's say you are on a 15 minute chart - the 1 min, 3 min, and 5 min update when a new candle opens to reflect the first bar that occurred in the new time frame... so in order to truly see everything (from the labels) in real time you'd have to watch a 1 minute chart...
Hope that clarifies everything a bit! Thanks again!
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 a publication is governed by House Rules. You can favorite it to use it on a chart.