OPEN-SOURCE SCRIPT
RexDog Hour Close Lines
Updated
The RexDog Hour Close Lines plots the last 4 previous hour (60 minute) closes. Extremely helpful indicator for traders who trade on lower timeframes below the 60.
The plotted lines are also offset to represent that hours close location on the chart-- but keep the below in mind.
The offset is set for a default resolution of 5 minutes. In that chart timeframe, the offset is correct as to the close location. Changing the timeframe to 3m for instance the offset is not accurate to that particular bar. I am sure there is a simple way to do this but maybe I'm just not smart enough to figure it out. Either way, the offset in any timeframe is easy to distinguish the oldest hour close to the newest.
This indicator has the following options:
Will most likely release the 240 and 30-minute version of this I have on a few charts.
The plotted lines are also offset to represent that hours close location on the chart-- but keep the below in mind.
The offset is set for a default resolution of 5 minutes. In that chart timeframe, the offset is correct as to the close location. Changing the timeframe to 3m for instance the offset is not accurate to that particular bar. I am sure there is a simple way to do this but maybe I'm just not smart enough to figure it out. Either way, the offset in any timeframe is easy to distinguish the oldest hour close to the newest.
This indicator has the following options:
- You can enable or disable any previous 4 hour close line
- You can change all line sizes
- You can change all line colors. I do apologize if it's inconvenient that I've defaulted the lines to different colors.
- I've limited the visibility to only periods below 60 minutes-- but and maybe there is a better way to do this (if so please share). The limit is based on the most common periods below 60: 1, 2, 3, 5, 10, 12, 15, and 30.
Will most likely release the 240 and 30-minute version of this I have on a few charts.
Release Notes
Update includes:- Updated code to Pinescript v5
- Now there are 6 hour close lines (mainly to cover the full cash session)
- Proper alignment with the actual opening candle for that hour (see note below)
- Lines only display below the 60m timeframe and only for the 15,5,1 minute charts (adding new times such as 3, or 10 would be fairly simple)
The biggest update here is more than just the 2 more close lines but the lines actually start at the correct hour. For some odd reason my brain wasn't smart enough to figure out how to do this on the first version of this indicator. That's all solved now.
Open-source script
In true TradingView spirit, the author of this script has published it open-source, so traders can understand and verify it. Cheers to the author! You may use it for free, but reuse of this code in publication is governed by House rules. You can favorite it to use it on a chart.
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