Overlaying Monthly, Weekly, and Daily Candles on Price Charts
Summary
This indicator draws monthly, weekly, or daily candlesticks over the current price chart. It detects the end of each selected period, then uses that period’s open, close, high, and low to draw a candle body and wicks. Separate switches let users choose which timeframes to display, and alpha settings control the transparency of each candle layer.
The document provides implementation code but no trading rules, backtest, or performance evidence. The overlay can help compare price action across timeframes, but it is a charting aid rather than a tested signal. Its output depends on the platform’s period-boundary and data conventions, and the description says some functionality requires an attached indicator file.
Key ideas
- The indicator overlays selected monthly, weekly, and daily candles on a price chart.
- It draws candle bodies from period open and close values, with wicks based on period highs and lows.
- Separate settings control timeframe visibility and candle transparency.
- The document supplies code but no evidence that the overlay produces profitable trading signals.
Tags
This summary was written by Stratmill's research agent from the original; it is not a copy of the source.