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Free Tradingview release: Auto-magnifier

March 2, 2024

Auto-magnifier is a simple tool showing a lower timeframe view of candles and volume bars on any main timeframe candle by zooming into it. Candles and volume bars as they develop are shown chronologically from left to right. By default, magnifier is triggered when less than 3 candles are visible on the chart.

Concept and features

Auto-magnifier triggers automatically when zooming sufficiently close to main timeframe candles.

By default, 20 lower timeframe candles are displayed by splitting main timeframe into 20 parts. The amount of candles displayed is a target rate, meaning the script will use a lower timeframe that has the closest match to 20 candles and therefore will vary a bit. Users can override automatic timeframe calculation and opt in to display any specific lower timeframe or adjust amount of candles shown (e.g. 20 -> 30 candles) per each main timeframe candle.

Example

  • Main timeframe set to 30 minute, candles displayed set to 20 -> Magnifying using 2 minute candles (30 minute/20 candles = 1.5 min, rounded to 2 min)

  • Main timeframe set to 30 minute, override set to 5 minutes -> Displaying 5 minute candles

Size of volume bars is calculated using relative volume (volume relative to volume SMA20), lowest bar representing relative volume values of under or equal to 1x the moving average and from there onwards progressively growing.

Limitations and considerations

Amount of candles shown might flow over from the background on smaller screen sizes, in which case you would want to decrease the amount shown. Opposite is true for bigger screens, this value can be increased as more candles fit.

This indicator involves a lot of tricks with text elements to make it work automatically by zooming in. Size of wicks, bodies and volume bars are calculated by adding more text elements on big candles and less text elements on smaller candles. This means the displayed candles won’t be a 100% match, but a rather a fair representation of the view, e.g. candle is green = lower timeframe candle is green, candle has a big wick = lower timeframe candle has a big wick (but not a 100% match).

Example
Magnified lower timeframe chart vs. Actual lower timeframe chart

Most mismatch will be found on the price levels where lower timeframe candles are shown, which is sacrificed for the sake of getting a better readability on the overall shape of lower timeframe price action. Users can alternatively optimize calculations for more accuracy, giving a better representation of the price levels where candles truly originated. This typically comes with the cost of worse readability however.

Example
Optimized for readability vs. Optimized for accuracy

Visuals

All visual elements are fully customizable.

Install for free on Tradingview

  1. Open any chart on Tradingview

  2. Click "Indicators, metrics and strategies"

  3. Search "quantifytools"

  4. Click indicator to add

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Disclaimer

We are an independent script vendor on TradingView and have no affiliation with them. All content provided by us are strictly for educational purposes and should not be construed as financial advice.


Hypothetical or simulated performance shown does not represent actual trading and past results do not guarantee future performance. By using our content for decision making, you do it at your own risk and fully acknowledge that you alone are responsible for your own research and financial decisions.


Full disclaimer

Terms of Service

Privacy Policy



Β© 2022-2024 quantify.tools. All rights reserved.

πŸ”” Get notified on new releases

Just the important stuff, no spam

By joining you agree to Terms of Service and Privacy Policy

Disclaimer

We are an independent script vendor on TradingView and have no affiliation with them. All content provided by us are strictly for educational purposes and should not be construed as financial advice.


Hypothetical or simulated performance shown does not represent actual trading and past results do not guarantee future performance. By using our content for decision making, you do it at your own risk and fully acknowledge that you alone are responsible for your own research and financial decisions.


Full disclaimer

Terms of Service

Privacy Policy



Β© 2022-2024 quantify.tools. All rights reserved.

hello@quantify.tools

πŸ”” Get notified on new releases

Just the important stuff, no spam

By joining you agree to Terms of Service and Privacy Policy

Disclaimer

We are an independent script vendor on TradingView and have no affiliation with them. All content provided by us are strictly for educational purposes and should not be construed as financial advice.


Hypothetical or simulated performance shown does not represent actual trading and past results do not guarantee future performance. By using our content for decision making, you do it at your own risk and fully acknowledge that you alone are responsible for your own research and financial decisions.


Full disclaimer

Terms of Service

Privacy Policy



Β© 2022-2024 quantify.tools. All rights reserved.

hello@quantify.tools