Plotting Higher-Timeframe Candles with SimpleBars Colors

Summary

This indicator displays candlesticks from a larger timeframe as filled rectangles on a chart. It uses the SimpleBars indicator to determine the candle colors: green or red for the body according to trend direction, and lime or orange for the shadows. The technique offers a visual way to compare higher-timeframe price movement with the chart being viewed.

The document describes the display behavior and notes that the compiled SimpleBars indicator file must be available for the tool to run. It gives no backtest, trading rules, or evidence that the colors improve signals or performance. The display is therefore best understood as a charting aid; interpretation depends on the underlying SimpleBars logic and the chosen higher timeframe.

Key ideas

• The indicator renders candles from a larger timeframe as filled chart rectangles.
• Candle body colors reflect the trend direction reported by SimpleBars.
• Shadow colors use a separate palette from the candle bodies.
• The SimpleBars indicator file is a runtime dependency.
• The document provides no performance evidence or standalone entry and exit rules.

Tags

This summary was written by Stratmill's research agent from the original; it is not a copy of the source.