WHALE SIGNAL 4H
This script aims to highlight potential whale signals on the 4-hour timeframe by analyzing volume changes, and it provides options for customization through input parameters. Whale signals are then displayed on the chart with different colors for the last hit and the previous hits. The Detector parameter adds flexibility to consider neighboring bars in the detection process, Let's break down the key components:
1/The script defines input parameters that users can customize:
-VCH (Volume Change on 4H candle) with a default value of 3, 3 times the MA Value.
-Length_240 (Moving Average length for the last 21 bars on the 4-hour timeframe).
-Detector (a boolean parameter to enable or disable whale detection in the previous or next bar).
2/Logic Section:
The script defines a function bar(hit) to convert the bar index based on the timeframe.
It calculates the Volume Change (whale signal) by comparing the current volume with a threshold (VCH * vma).
The Detector parameter allows for flexibility in detecting whale signals in neighboring bars.
3/ Plotting Section:
The script defines a function is_whale() to check if there is a whale signal and if it occurred in the last three bars.
It uses the plot function to display whale signals on the chart with different colors and offsets.