Heat Map [racer8]

20. Sept. 2020

Intro
I've always wanted to create a heat map ever since I started to learn how to code on Pine Script. I thought it would be impossible, especially given that I never took any coding classes previous to teaching myself Pine Script. I never even thought I would code until one day, on March 30, 2020... I coded the QQE WR. That was my very first indicator. I was pretty much like most traders on TV before that...a regular trader who didn't know how to code. Anyhow, back to the heat map...I am truly excited that I created this and wanted to share this with the TV community.

What is a heat map?
A heat map is a data visualization technique that shows magnitude of a phenomenon as color in two dimensions. The variation in color may be by hue or intensity, giving obvious visual cues to the reader about how the phenomenon is clustered or varies over space.

The Indicator
This heat map I created looks back over 30 periods and displays 2 colors: green or red.
Green = Bullish
Red = Bearish

As always, enjoy ;)

20. Sept. 2020

Versionshinweise

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Changed heat map lines' widths from 10 to 1, which drastically improves the look!

20. Sept. 2020

Versionshinweise

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Transparency of Heat lines are set at default of 0.

20. Sept. 2020

Versionshinweise

More info on indicator:


There are 29 lines plotted that make up the heat map.
Each line is set at a constant value between 1 to 29.
Each line's color depends on a calculation:

Ex) Line(1) color = Is close(0) > close(1)? ... If yes, color=green. If no, color=red.
Ex) Line(22) color = Is close(0) > close(22)? ... If yes, color=green. If no, color=red.
Ex) Line(29) color = Is close(0) > close(29)? ... If yes, color=green. If no, color=red.

where:
line(1) is a line set at constant value = 1.
line(22) is a line set at constant value = 22.
line(29) is a line set at constant value = 29.
close(0) is the current close.
close(1) is a close that is 1 period back from the current close.
close(22) is a close that is 22 periods back from the current close.
close(29) is a close that is 29 periods back from the current close.