DAY-DIVIDER YASH GODEOverview
The indicator “DAY-DIVIDER YASH GODE”, is authored by Yash Nandkumar Gode. It serves as a day separator, enhancing the clarity of daily price movements for traders by visually distinguishing between different trading days.
Key Components
Indicator Definition
- The indicator is defined with the name 'DAY-DIVIDER YASH GODE' and is set to overlay on the existing chart without affecting its scale (“scale.none”).
User Inputs
- Day Color: The user can customize the color of the day dividers using “input.color”, which defaults to a semi-transparent yellow (“f3f70666”).
- Show Daily: A Boolean input (“input.bool”) allows users to toggle the visibility of the daily dividers.
Helper Functions
1. is_new(resolution): This function checks if the current bar represents a new time period based on the specified resolution (e.g., daily).
It uses “time(resolution)” to retrieve the time of the current bar and compares it with the previous bar's time.
2. is_new_day(): This function specifically checks if a new day has started by calling “is_new('D')”.
3. is_minutes(): This function determines if the current timeframe consists of minute intervals using “timeframe.isminutes”.
Plotting Logic
- The main plotting logic determines whether to plot a divider for a new day when in a minute timeframe.
- The condition “plot_day_result = is_new_day() and is_minutes()” evaluates to true when both conditions are met.
- If the user has opted to show daily dividers (“dayindicator”), a histogram-style plot is created at each new day, using “plot()” with specified line width and color.
Visual Representation
- The script plots a histogram (vertical line) at the beginning of each new trading day, which helps traders quickly identify daily price movements and analyze patterns over time.
Conclusion
This Pine Script indicator is particularly useful for intraday traders who benefit from clear visual cues indicating the start of each trading day. By implementing this script, users can enhance their analysis and decision-making processes in trading environments.
This detailed description can help users understand how to utilize and customize the “DAY-DIVIDER YASH GODE” indicator effectively within TradingView.
