4 hour label on 5 minute timeframe

lucius

New member
I made a label to display when 60% of open & close is above or below the 9 EMA in the 4 hour period.
It appears to work as expected for anything at or above the 15 minute time frame, time frames at 5 minute or below, it shows the incorrect value.
Please tell me what I am doing wrong.

Code:
input rangePercentValue = .60;
input period = aggregationPeriod.FOUR_HOURS;
input avgType = averageType.EXPONENTIAL;
input length = 9;
input priceClose = close;

def EMA = MovingAverage(avgType, close(period = period), length);

def greenCandleRange = close - open;
def redCandleRange = open - close;

def greenCandleRangeUp = close - (rangePercentValue * greenCandleRange);
def redCandleRangeDown = open - (rangePercentValue * redCandleRange);

#moveUp
def greenAboveEMA = greenCandleRangeUp > EMA;
def redAboveEMA = redCandleRangeDown > EMA;
def moveUp = greenAboveEMA or redAboveEMA;

#moveDown
def greenBelowEMA = greenCandleRangeUp < EMA;
def redBelowEMA = redCandleRangeDown < EMA;
def moveDown = greenBelowEMA or redBelowEMA;

AddLabel(yes, if moveUp then "Above 9EMA" else if moveDown then "Below 9EMA" else "", if moveUp then Color.LIGHT_GREEN else if moveDown then Color.LIGHT_RED else Color.CURRENT );


bkZIW9B.png
 
I made a label to display when 60% of open & close is above or below the 9 EMA in the 4 hour period.
It appears to work as expected for anything at or above the 15 minute time frame, time frames at 5 minute or below, it shows the incorrect value.
Please tell me what I am doing wrong.

Code:
input rangePercentValue = .60;
input period = aggregationPeriod.FOUR_HOURS;
input avgType = averageType.EXPONENTIAL;
input length = 9;
input priceClose = close;

def EMA = MovingAverage(avgType, close(period = period), length);

def greenCandleRange = close - open;
def redCandleRange = open - close;

def greenCandleRangeUp = close - (rangePercentValue * greenCandleRange);
def redCandleRangeDown = open - (rangePercentValue * redCandleRange);

#moveUp
def greenAboveEMA = greenCandleRangeUp > EMA;
def redAboveEMA = redCandleRangeDown > EMA;
def moveUp = greenAboveEMA or redAboveEMA;

#moveDown
def greenBelowEMA = greenCandleRangeUp < EMA;
def redBelowEMA = redCandleRangeDown < EMA;
def moveDown = greenBelowEMA or redBelowEMA;

AddLabel(yes, if moveUp then "Above 9EMA" else if moveDown then "Below 9EMA" else "", if moveUp then Color.LIGHT_GREEN else if moveDown then Color.LIGHT_RED else Color.CURRENT );


bkZIW9B.png

As the 4 hour timeframe opens with a 9am bar, it might create different values than other timeframes. As Ondemand is not available, I could not test your specific issue.

However, I would suggest that you revise your code as follows to ensure that the values on the 4 hour are what is being used on any chart timeframe using this script.

Ruby:
input rangePercentValue = .60;
input period = AggregationPeriod.FOUR_HOURS;
input avgType = AverageType.EXPONENTIAL;
input length = 9;
input priceClose = close;

def EMA = MovingAverage(avgType, close(period = period), length);

def greenCandleRange = close(period = period) - open(period = period);
def redCandleRange = open(period = period) - close(period = period);

def greenCandleRangeUp = close(period = period) - (rangePercentValue * greenCandleRange);
def redCandleRangeDown = open(period = period) - (rangePercentValue * redCandleRange);

#moveUp
def greenAboveEMA = greenCandleRangeUp > EMA;
def redAboveEMA = redCandleRangeDown > EMA;
def moveUp = greenAboveEMA or redAboveEMA;

#moveDown
def greenBelowEMA = greenCandleRangeUp < EMA;
def redBelowEMA = redCandleRangeDown < EMA;
def moveDown = greenBelowEMA or redBelowEMA;

AddLabel(yes, if moveUp then "Above 9EMA" else if moveDown then "Below 9EMA" else "", if moveUp then Color.LIGHT_GREEN else if moveDown then Color.LIGHT_RED else Color.CURRENT );
AddLabel(1, moveUp + "  " + moveDown, Color.WHITE);
 

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