#### 1. **Multi-Timeframe Exponential Moving Averages (EMA)** - The script calculates and plots EMAs for various timeframes (e.g., 1 minute, 5 minutes, 60 minutes, daily, and custom intervals). - Users can customize the length and resolution of each EMA using inputs. - Different colors are assigned to each EMA for easy identification on the chart.
#### 2. **Background Coloring** - Optional background coloring (`bgcolor`) indicates whether the current price is above or below the 1-hour 20 EMA. - Green indicates the price is above, and red indicates the price is below the EMA.
#### 3. **Bar Count Labeling** - The script tracks bar counts and displays labels at specific intervals (e.g., every 3 bars). - Label size and text color can be customized through user inputs.
#### 4. **Inside and Outside Bar Detection** - Detects and highlights "Inside Bars" and "Outside Bars" on the chart. - **Inside Bar**: The current bar's high and low are within the previous bar's range. - **Outside Bar**: The current bar's range exceeds the previous bar's range. - These patterns are marked with shapes for visual identification.
#### 5. **Bullish/Bearish Candle Streaks** - Identifies and marks streaks of three consecutive bullish or bearish candles. - **Bullish Streaks**: Marked with green shapes above the bar. - **Bearish Streaks**: Marked with red shapes above the bar.
#### 6. **Time-Based Marking** - The script includes an option to highlight specific time intervals (e.g., 7:30 AM) with a colored vertical line or background shading. - Configurable time inputs allow flexibility.
#### 7. **Micro Gap Detection** - Highlights gaps between the opening price of the current bar and the closing price of the previous bar. - Blue shapes indicate bullish gaps. - Purple shapes indicate bearish gaps.
#### 8. **TR (Trading Range) Detection** - Identifies bars with significant overlap based on a user-defined threshold. - Displays "TR" labels when overlap conditions are met.
#### 9. **Bar Coloring** - Optionally colors bars based on specific conditions: - Green: Bullish breakout (high and low higher than the previous bar, closing above the midpoint). - Red: Bearish breakout (high and low lower than the previous bar, closing below the midpoint).
#### 10. **50% Midpoint Line** - Displays a horizontal line at the 50% midpoint of the bar's range, customizable for the current or last bar only.
#### 11. **Pattern Detection** - Recognizes specific candlestick patterns (e.g., IOI, OII, IOO). - Provides alerts for detected patterns or predefined thresholds.
#### 12. **Alerts** - Configurable alerts for: - Specific patterns (e.g., IOI, OII, IOO). - Bar range exceeding a user-defined threshold. - Bullish or bearish streaks.
#### 13. **Gap Detector** - Identifies gaps between bars and marks them with shaded boxes. - Bullish gaps are shaded green, while bearish gaps are shaded red.
#### 14. **Advanced Customization** - Extensive user inputs allow traders to tailor the indicator to their trading style. - Includes support for various levels of detail (e.g., debug mode, label visibility, etc.).
#### 15. **ZigZag and Wedge Patterns** - Optional zigzag lines to connect swing highs and lows. - Detects wedge patterns using customizable settings for pivot points and angle differences.
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### **Use Case Scenarios** 1. **Trend Identification**: Use multi-timeframe EMAs to confirm overall market direction. 2. **Range Trading**: Trade within ranges using detected inside and outside bars as key levels. 3. **Breakout Trading**: Use patterns like IOI and OII to anticipate breakouts. 4. **Scalping**: Exploit bullish and bearish streaks or micro gaps for quick trades. 5. **Pattern-Based Alerts**: Set up alerts for specific market conditions or candlestick patterns.
### **Why This Indicator Is Useful** - Combines multiple trading tools into a single, customizable script. - Saves time by automating complex calculations and pattern detections. - Improves decision-making with clear visual cues and configurable alerts.
Let me know if you'd like any additional explanations or adjustments!