//@version=6
indicator("P_syn_switch")
mode = input.string("a", options = ["a", "b", "c"])
v1 = switch mode
"a" => close
"b" => open
=> hl2
v2 = switch
close > open => 1
close < open => -1
=> 0
switch mode
"a" => label.new(bar_index, high, "a")
"b" => label.new(bar_index, low, "b")
plot(v1)
plot(v2)
Overview
For mode 'a' it calculates and plots close, for 'b' it uses open, and for 'c' it calculates hl2. It also plots v2 to indicate candle direction as 1 for bullish, -1 for bearish, and 0 for doji. Labels are placed on the high for mode 'a' and low for mode 'b'. The main setting changes the source price for v1 and the label position. It draws both v1 and v2 plots on the main price chart along with labels.
The inputs you can change from the gear icon on the chart. Defaults are the author's.
Setting
Type
Default
Variable
mode
string
a
mode
Third-party code. ForexR did not write, test or endorse this script, and the summary above was generated automatically from its code and README. Indicators describe the past, and a strategy's backtest can look better than live trading, especially when a script repaints. Check it in the Strategy Tester and on a demo account before you rely on it.
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