Price Ray

This document details the functionalities and is also a guide on how to configure the indicator.

The following are the customizable indicator settings

	:	You can temporarily disable the indicator rather than deleting it.
	:	You can choose the Bid, Ask or Last price for the Price Ray.

The indicator allows the display of the following text above or below the price ray. Below are the options:

• Bid, Ask or Last Price.
• Current spread.
• The range and the body size for a defined time-frame candle in pips/points -> the range as HL (High-Low) and the body size as OC (Open-Close).
• The Candle Timer: a per second update of the time left for candle close (selected time-frame).

The customizable parameters related to the “Text Settings” are:

	:	You can select the Text to be shown above and below the Price Ray

Below explains on how you can configure the “Line Ray Settings” and “Font Settings”

	:	The Line ray beams till the current candle, last visible bar or the maximum candles (all bars) on the left of the screen.
	:	The indicator allows you to decide on the styling of the Line ray as a solid line or others provided as a list. Also, you can choose the thickness and the colour of the line (See “Trend Settings” to change the colour as per trend).
	:	You may choose whether you want the dot to be displayed. You can configure its size and also shift the ray dot as required.
	:	You can choose the Font and colour of the text shown above and below the Price Ray.

The ideal way to determine a trend is to look at the chart with trend lines drawn on the highs and lows. Added to this, the strategy may include, to determine whether the current price is above or lower to opening price for a higher time-frame. Price Ray indicator changes the line ray colour based on bullish or bearish candle body of a selected time-frame. I trade on a H1 period and keep the trend timeframe for M30. It works with my strategy.

The following are customizable parameters related to the “Trend Settings”

	:	You may decide if colour of the price ray will change depending on the bullish or bearish body colour of the selected time-frame. If “false”, the indicator will use a constant colour as defined in the “Line Ray Settings”.
	:	You can choose the time-frame for the trend candle from the list. If “current”, the indicator considers the chart time-frame.
	:	You can select the bullish and bearish colour to be used by the indicator.

A Strategy: As an illustration, I have tried to explain a strategy to trade based on the body colour of the candle for the higher time-frame. I have taken a live case scenario taken on 22 Jan 2022 (weekend), in my explanation.

In Figure 1, for a H4 chart - EURUSD, I have highlighted the recent candles being discussed (candle 0 - current and candle 1 - previous).

The R1 (Pivot Levels) resistance was strong in stopping the bullish trend and a reversal candle formed in the H4 timeframe (candle - 1).

The H1 chart in Figure 2 for EURUSD, the H4 bar highlighted as hourly candles, shows that the bears have taken control and selling pressure is prevailing.

If you are trading on a 15 minutes chart, the trend looks confusing as bulls and bears are pushing the price up and down, as shown in Figure 3.

As a scalper, trading the 15 minutes period, you may either decide to stay out of the market or have a strategy to trade as per the higher time-frame and only take sell positions. The body colour of Price Ray for a higher - H4 timeframe denotes a bearish trend, helping you have some profitable trades.

Figure 4 shows that the bearish trend continued the next week (in fact, the bearish trend continued till end of the month reaching 1.1125).

The indicator also displays range (HL - High-Low) and body size (OC - Open-Close) as pips/points for any time-frame candle. It shows the strength or weakness of the currency pair (e.g. EURUSD) being traded.

I have included a comprehensive Candle Timer with Price Ray. Candle timer displays remaining seconds to the close of a time-frame candle, either above or below a Price Ray. It triggers a notification alert irrespective of the selection of candle timer as a text.

	Notification Sound Toggle Button: I have included a button to enable or disable the notification sound. You may decide to disable the sound alert temporarily. It is also useful when the indicator is being used in multiple charts.

Below are the “Candle Timer Settings” to be configured as required.

	:	You can choose to have a notification alert for a current chart period or for any time-frame.
	:	The indicator announces an alert at specified seconds before close of the current candle. You can select the alert as a pop-up or a bird chirping sound. The default option (notification sound) is the setting for the Notification Sound Toggle button. I have provided some bird sounds to select from a list. The list includes a Canary, Cardinal, Meadowlark, Owl and Rooster.
	:	You can choose the location of the Notification Sound Toggle button in the chart window. "Window 0" is the default chart window. As you add other indicators to be shown on separate windows (for e.g. RSI, Stochastic, etc.), the platform will show it on “Window 1” and onwards.       You can select the button to be displayed on any of the four chart corners and also adjust the location by specifying pixels to shift on the x and y axis.

Disclaimer: Past performance may not show future results. You cannot hold me responsible for use of the indicator or for any information provided in this document.