I received a ton of requests for this script so I decided to share it
I did it for a client who didn't want to pay (you can all blame... or even thank him for this script) in the end and I don't want to sell it on my website. Not because it's not interesting but because my website will be a place to showcase and rent the Algorithm Builders mostly
What is it about?
Basically, it shows how you could convert a plotshape into a label.new object. Very interesting if you want someday to convert your V3 script into V4 With this script, it shows that you can in V4 (but couldn't do in V3) do the followings :
- change dynamically the size (from tiny to huge) of any object - change dynamically the text (from whatever to whatever) of any object
I did it with the Trend Direction but could work with anything really.
- Any indicator with a visual signal. You can know personalized from a user interface the text, size and also the vertical shift. I didn't do it for that one but label.new takes a (x,y) coordinates so playing with y is fairly easy to achieve a dynamic vertical shift
- Even with this script Plotchar-How-to-draw-external-symbols-on-a-chart/ but would require to be updated with a label.new object and with a shape.none parameter so that we'll only see the icon/symbol displayed
- The colors also can be change dynamically using presets Presets-Selector-FRIDAY-NIGHT-CHALLENGE/. If you have an indicator showing a BULLISH and a BEARISH signal, then you could, for instance, configure colors presets according to the timeframe of the chart or the indicator input, etc (sky is the limit ^^)
Be sure to hit the thumbs up at it motivates me to research what Pinescript can offer and share with the community
- I'm an officially approved PineEditor/LUA/MT4 approved mentor on codementor. You can request a coaching with me if you want and I'll teach you how to build kick-ass indicators and strategies Jump on a 1 to 1 coaching with me - You can also hire for a custom dev of your indicator/strategy/bot/chrome extension/python
I THINK YOU SHOULD REMOVE ALL OPEN AND CALLCULATE BY ALL PCLOSE
YOU WILL GET SUPER RESULTS
Daveatt
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@Patel.sagarinn, Hey Patel
The indicator calculates a higher high or lower low break.
Detecting that trendline break on a close might give a signal too late
What do you think?
@dpanday, Any single indicator might be profitable in backtest but WILL NEVER be profitable in real trading. It needs to be used along others to provide better risk/money management and more security
Daveatt
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@dpanday, it is but it lacks a few filters. Combined with other indicators to detect a strong convergence, could be :)
Vikkrannt_Shah
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dose it REPAINT ?
Daveatt
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@VikrantShah, I'm sure it does not repaint. It's coded as such. Do you believe it's repainting ?