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Indicator Explanation: Length Candle Daily or Any Timeframe

This Pine Script indicator for TradingView provides several features to help analyze market trends and price movements:


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1. Pivot Points

The indicator uses Pivot High and Pivot Low functions to display pivot points on the chart.

Pivot High: Identifies local highs.

Pivot Low: Identifies local lows.

These points are marked with small triangles above or below the candles.

The range of pivot detection can be adjusted using the Length Left and Length Right inputs.



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2. Price Analysis on Custom Timeframes

The indicator allows you to analyze Open, Close, High, and Low prices from a custom timeframe:

The default timeframe is "D" (daily), but it can be changed to any desired timeframe.

Price data is extracted using the request.security function.



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3. Candle Coloring Based on Price Movement

The candles are color-coded to indicate price movement:

Green: If the closing price (Close) is higher than the opening price (Open).

Red: If the closing price is lower than the opening price.


The indicator uses step lines to represent the opening and closing prices, with a filled area between them for better visualization.


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4. Simple Moving Averages (SMA)

Three Simple Moving Averages (SMA) are plotted on the chart:

Each SMA has a configurable length:

SMA 1: Default length is 20.

SMA 2: Default length is 100.

SMA 3: Default length is 50.


These lines help identify overall market trends and potential support/resistance levels.



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5. Key Features:

Pivot Points: Useful for identifying potential trend reversals.

Custom Timeframe Price Analysis: Enables more precise analysis for different timeframes.

Candle Coloring: Makes it easier to spot bullish or bearish movements.

Moving Averages: A widely-used tool for assessing market trends.



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Use Cases:

1. Identifying Trends and Reversals:
Use pivot points and moving averages to pinpoint potential entry and exit points.


2. Analyzing Custom Timeframes:
If you want to analyze data from a higher timeframe (e.g., daily or weekly) while on a lower timeframe, this indicator facilitates that.


3. Spotting Key Support and Resistance Levels:
SMA lines and pivot points can help identify crucial market levels.




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How to Use:

1. Add the indicator to your chart.


2. Adjust the input settings (e.g., timeframe, pivot lengths, SMA lengths) as needed.


3. Observe the pivot points, candle colors, and SMA lines to make informed trading decisions.



Feel free to ask for further clarification or modifications!