OI Increase Bubble & Line
This indicator is designed to visualize significant changes in Open Interest (OI) and display them on a price chart. It helps traders identify potential market movements and trends based on the changes in OI.
Features:
1. Customizable symbol and timeframe settings for both the main symbol and the OI symbol.
2. Adjustable OI change threshold to control the sensitivity of the indicator.
3. Customizable color settings for the bubbles and lines.
How it works:
1. The indicator retrieves price and OI data for the specified symbols and timeframe.
2. It calculates the change in OI by subtracting the opening OI from the closing OI for each bar.
3. If the OI change exceeds the specified threshold, the indicator performs the following actions:
- Calculates the middle price between the closing and opening prices of the bar.
- Determines the size of the label based on the magnitude of the OI change.
- Draws a circular label at the middle price, indicating the OI change.
- Draws a line from the current bar to the next bar at the middle price and adds it to an array.
4. The indicator checks if the price has crossed the lines drawn in previous bars:
- If a line hasn't been crossed before and the price completely moves above or below the line, the line's break status is updated.
- If a line has been previously crossed and the price crosses the line again, the line is removed from the chart and the corresponding break status is also removed.
- If none of the above conditions are met, the line's endpoint is extended to the current bar.
Benefits:
1. Helps traders visually identify significant changes in Open Interest.
2. Provides insights into potential market movements and trends based on OI changes.
3. Allows customization of the indicator's sensitivity and appearance to suit different trading styles and preferences.
The OI Increase Bubble & Line indicator is a useful tool for traders who want to incorporate Open Interest analysis into their trading strategies. By visualizing significant changes in OI, traders can make more informed decisions and potentially identify market trends and opportunities.
Features:
1. Customizable symbol and timeframe settings for both the main symbol and the OI symbol.
2. Adjustable OI change threshold to control the sensitivity of the indicator.
3. Customizable color settings for the bubbles and lines.
How it works:
1. The indicator retrieves price and OI data for the specified symbols and timeframe.
2. It calculates the change in OI by subtracting the opening OI from the closing OI for each bar.
3. If the OI change exceeds the specified threshold, the indicator performs the following actions:
- Calculates the middle price between the closing and opening prices of the bar.
- Determines the size of the label based on the magnitude of the OI change.
- Draws a circular label at the middle price, indicating the OI change.
- Draws a line from the current bar to the next bar at the middle price and adds it to an array.
4. The indicator checks if the price has crossed the lines drawn in previous bars:
- If a line hasn't been crossed before and the price completely moves above or below the line, the line's break status is updated.
- If a line has been previously crossed and the price crosses the line again, the line is removed from the chart and the corresponding break status is also removed.
- If none of the above conditions are met, the line's endpoint is extended to the current bar.
Benefits:
1. Helps traders visually identify significant changes in Open Interest.
2. Provides insights into potential market movements and trends based on OI changes.
3. Allows customization of the indicator's sensitivity and appearance to suit different trading styles and preferences.
The OI Increase Bubble & Line indicator is a useful tool for traders who want to incorporate Open Interest analysis into their trading strategies. By visualizing significant changes in OI, traders can make more informed decisions and potentially identify market trends and opportunities.
Versionshinweise:
Reduced the size of the OI bubbles to make the charts easier to read.
Accordingly, the size of the OI bubbles now changes in two stages based on the amount of increase.
Accordingly, the size of the OI bubbles now changes in two stages based on the amount of increase.