This script presents a summarized view of a series by drawing lines between series samples taken at power-of-two intervals from the current value. The intent is to provide a visualization of trendlines at multiple scales, without having to untangle those that my overlap each other. It doesn't overlay a price-chart as written; it could, but IMHO that would be redundant. It's intended to augment oscillators and other kinds of indicators that don't necessarily scale with a price chart. The script does not attempt to provide buy or sell triggers, but rather, to provide a visualization tool and a line-drawing tech-demo.
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Calculate deltas forwards, not backwards Remove normalization Default to absolute values, overlay=true
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Added a function to display momentum chords to each sampled node, which was my original inspiration for this script. Reverted to tip-first drawing order, which is simpler and actually draws the oldest visible lines.
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Refactored, added "Average" and "Linear Regression" as basis for fractal history. (The latter greatly improves the accuracy and stability of the historical summary.)
Note #1: This indicator repaints by nature. Note #2: It is not intended to provide buy or sell signals.
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Fixed some comments, but mainly wanted to update chart to improve visibility of the indicator
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Added an option to display the fractal historical summary in Log Time, which can visually exaggerate recent information and compress information from the more distant past. Adjusting the "Log(time) Factor" parameter will shrink or stretch the summary to your taste (use 0 for linear time.) (Linear time in white, Log time in yellow)
The "Main Goal" of this script is to paint the series with an increasingly broad brush the further back in time you look, to give an accurate picture of a series' shape (especially the most recent information) with orders-of-magnitude fewer datapoints. Think of it as a Mip-Map of a time-series.
I'm VERY happy with the Fractal Linear Regression update... To get an intuitive understanding of what it's doing, use the chart's "Replay" feature with it!
I'm VERY happy with the Fractal Linear Regression update... To get an intuitive understanding of what it's doing, use the chart's "Replay" feature with it!