Time Clusters [Blu_Ju]

22. Sept.

What are Time Clusters?

Within the scope of this script, a time cluster is simply the price range of a single 1-minute timeframe bar or candle. The basic function of this script is to draw a box for each of the selected 1-minute timeframe candles and extend that box forward. This script also labels the box with the corresponding time (in 24-hr format), as can be seen in the image above.

What are Time Clusters used for?

Time clusters are primarily used by intraday traders as levels of support or resistance. All manner of models can be built around time clusters. For example, a trader may be interested in the price of a futures contract such as the Nasdaq (NQ) retracing to the midnight (00:00) price level after the New York open at 9:30 EST. Any specific model using time clusters is beyond the scope of this script. This script only aims to automate the process of drawing boxes and labels for the time clusters (which is otherwise done manually).

What makes this Script unique:

Other scripts have been written to draw the opening price of a particular time, such as the New York market open at 9:30 EST. What makes this script unique is that it not only draws a box for the entire 1-minute range of any selected time, but that box is accurate to that 1-minute range on higher timeframes (such as the 3 minute or 15 minute timeframes) and lower timeframes (such as the 15 second timeframe). There is a particular limitation to this - see below.

Limitations of this script:

• Because time clusters are typically used on the lower timeframes for intraday trading, the maximum timeframe that this script executes on is the 30 minute timeframe.
  
  
• While the script does a good job of accurately marking the range of a 1-minute candle on other timeframes, there are some uncommon timeframes it will not accurately work on, such as a 7-minute or 13-minute timeframe. Stay off these unusual timeframes, and the script will draw the time clusters accurately.
  

Features of this Script:

This script was written to allow the user flexibility in how the time clusters and labels are displayed.

1. Labels:
   
   By default the labels are toggled on, and they are given the same color as their corresponding time cluster. The labels can be toggled off, and the label color can be overridden to make all the labels a single color of the user's choosing. Additionally, the label size can be changed. Lastly, the labels by default are shifted to the current bar, but this can be toggled off so that the labels remain at the origin of the time cluster. See below for an example of label customization:
   
2. User-Defined Time Clusters:
   
   While this script provides a long list of commonly-used time clusters, there are also five user-definable time clusters available. The user may enter the desired time using 4 digits without the colon. For example, enter '0120' for the 1:20 time cluster.
   
3. Recoloring Candles:
   
   This script give the user the option to recolor up to ten 1-minute candles of the user's choosing. Note that the recoloring only affects 1-minute and seconds-based timeframes. Candles will not be recolored on any timeframe higher than 1 minute.
   
4. Multiple Time Clusters:
   
   Some trading strategies are interested in the time clusters from prior trading days. This script gives the user the option of displaying up to 30 historic clusters for any of the selected times. In the example shown below, The 13:30 time cluster is toggled visible, and 5 historic 13:30 time clusters are shown.