HTF Candles Indicator (High Time Frame Candles for Low Time Frame Charts)
Overview:
This indicator plots High Time Frame (HTF) candle boxes on Lower Time Frame (LTF) charts. The purpose is to provide traders with a visual representation of (HTF) candlestick movements on a lower timeframe (LTF) within a specified interval.
Usage:
Traders can utilize this indicator to gain insights into HTF candle movements on LTF charts. It helps in identifying the range, direction, and bodies of candles from a higher timeframe perspective.
HTF Candle Box Formation:
The script identifies the start of a new interval on the HTF by monitoring changes in the specified timeframe (Interval). For each new interval, it records key data points, including the open, high, low, and bar index. The indicator then uses this information to draw a box on the LTF chart, encapsulating the HTF candle's high and low.
Candle Body Representation:
Users can choose to include the candle body in the box (BodyCandleBox). If selected, the script draws an additional box representing the HTF candle body, from the open to the previous bar's close.
Color Customization:
Traders can customize box colors for long and short candles on the HTF. Boxes can be transparent or filled with a specified color.
Multiple Timeframes:
The script supports multiple timeframes simultaneously, allowing traders to overlay HTF candle boxes from different intervals on the same chart. Configurable options (Interval, Interval1, Interval2) provide flexibility in selecting additional timeframes.
Note: Understanding the visual representation of HTF candles on LTF charts can aid traders in making more informed decisions, especially when considering the interplay between different timeframes.
Hello - nice indicator. I see some errors - for example I'm using 5-15-30 min tf. Sometimes 5 min candle has closed bullish but this indicator prints Red box and vice versa. Is there a fix coming in future? Thanks