kriswaters

ATH Distance Heatmap

The "ATH Distance Heatmap" is a powerful visualization tool designed for traders and investors who seek to quickly assess the relative performance of assets against their All-Time Highs (ATH). By mapping the percentage distance of current prices from their historical peaks, this script provides a unique perspective on market sentiment, potential recovery opportunities, and overvaluation risks.

Key Features:
  • Visual Clarity: Utilize a color-coded heatmap to instantly recognize which assets are near or far from their ATHs. Colors transition smoothly from cool to warm tones, indicating smaller to larger distances respectively.
  • Real-Time Updates: The script updates dynamically with live market data, ensuring you have the most current information at your fingertips.
  • Versatile Application: Whether you're tracking stocks, cryptocurrencies, commodities, or indices, the "ATH Distance Heatmap" adapts to a wide array of assets, making it a versatile tool for your trading arsenal.
  • Insightful Analysis: Beyond mere visualization, this tool can help identify potential buying opportunities in assets that are significantly below their ATHs, or highlight caution for those nearing their peaks.

How to Use:
  • Configure Your Assets: Start by selecting the assets you wish to track. The script can be customized to monitor a broad market range or a specific segment.
  • Interpret the Colors: Use the color gradient to gauge the distance of each asset from its ATH. Cooler colors indicate assets closer to their ATH, while warmer colors highlight those further away.

Ideal for:
  • Traders looking for a quick visual guide to market trends and asset performance.
  • Investors aiming to capitalize on recovery opportunities or to evaluate entry and exit points.
  • Market analysts interested in a concise overview of asset health relative to historical performance.

SignalCave Strategy Package:
medium.com/signalcave

Pine Script Job Proposals:
t.me/kriswaters
twitter.com/mrkriswaters
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