Technical Studies Reference
Study Overlay - OHLC (Open, High, Low, Close)
The Study Overlay - OHLC study overlays a study Line/Subgraph from another chart (normally a shorter duration bar period) onto the chart this study is applied to (usually a longer duration bar period compared to the source chart). It displays it as an OHLC (Open, High, Low, Close) bar.
For example, if you overlay a study line from a 1 minute chart onto a 5 minute chart, then each column for this study in the 5 minute chart will show the Open, High, Low, Close values for the study line from the 1 minute periods during the same 5 minute period.
This is useful to be able to create OHLC bars for a study to see its range of values during a longer duration bar by referencing the study Line/Subgraph on shorter duration bars. For the greatest accuracy the shorter duration bars could set to a low value like 5 seconds per bar or even less as required.
Therefore, this study requires two charts. To open the other chart, refer to Opening Charts. To reference the other chart, use the Chart, Study, Subgraph Reference InputWith this Study Overlay - OHLC study.
To be able to view the High and Low values for a study based upon a higher timeframe per bar but the study is added to and is calculated on a shorter timeframe per bar chart, it is necessary to adjust the Length Inputs of the study on the shorter timeframe per bar chart. The study will need to have its Length Inputs increased by the amount which is equal to the higher timeframe divided by the shorter timeframe.
For example, if the study is applied to and being calculated on a 1 second chart and it is overlaid on a 1 minute chart, then you will need to increase the Length Inputs by 60 times. This is imperfect, but it does give some approximation.
One possible use of this study is to create High Accuracy Spread charts.
This study can also be used to overlay a main price graph from one chart on to another chart. To do this, the Study setting in the Chart, Study, Subgraph Reference Input needs to be set to <Main Price Graph>. In this particular case, you most likely will want to set the Subgraph to overlay the Last. And the main price graph should be on a chart which has a shorter timeframe bar compared to the chart this study is on.
Copying Results of Color Bar Based on Alert Condition From Chart Bars with Shorter Time Frame to Chart Bars with Higher Timeframe
The Study Overlay - OHLC study has another useful purpose and that is to copy the results of the Color Bar Based on Alert Condition study when used on chart bars of a shorter time frame to chart bars of a higher timeframe.
Therefore, if any of the chart bars from the shorter timeframe bars, are colored by the study and therefore the study at that bar column is returning TRUE, then one or more of those TRUE results will be copied to the corresponding destination bar column of a higher time frame per bar chart without missing any of these TRUE conditions.
When using Study Overlay - OHLC for this purpose, set the Use Zero Values from Source Study Input to No and set Draw Zero Values Input to No.
- Chart, Study, Subgraph Reference: This Input specifies the particular Chart, Study on that Chart, and Subgraph within that Study to reference and to create the Open, High, Low, Close bars from. It is the selected Subgraph which is used in the calculation.
The chart being referenced must be open and within the same Chartbook. First select the Chart.
After selecting the Chart, select the Study. After selecting the Study, select the particular Subgraph within that study to reference.
- Use Zero Values from Source Study: When this Input is set to No, then zero values from the referenced source Study Subgraph with a value of zero will be ignored and will not copy to the destination OHLC bars. However, still one or more of the Open, High, Low, Close values for an output bar could be zero because it had to be initialized to 0.
- Multiplier: The values of the Study Subgraph are multiplied by this number.
- Draw Zero Values: When this Input is set to No, the Open of a bar will not be drawn if the value is 0. The High and Low of a bar will not be drawn if one of them is 0. And the Close of the bar will not be drawn if it is 0. In the case when this Input is set to Yes, these values will all be drawn.
- Use Standard OHLC Subgraphs from Source Study: When this Input is set to Yes, if the Source Chart and Study has standard Open, High, Low, and Last Subgraphs, then those Subgraphs will be used to determine the Open, High, Low, and Last (respectively) of the bars for this study. If this Input is set to Yes and the source chart does not have an Open, High, Low, and Last Subgraphs, then an error will be placed in the Message Log stating that Study references a Study Subgraph that does not exist.
When this Input is set to No then only the single Subgraph referred to in the Chart, Study, Subgraph Reference Input will be used to determine the Open, High, Low, and Last for this study.
*Last modified Monday, 03rd October, 2022.