4-Hour Range Highlighter

The 4-Hour Range Highlighter is a powerful visual analysis tool designed for traders operating on lower timeframes (like 5m, 15m, or 1H). It overlays the critical price range of the 4-hour (4H) candlestick onto your chart, providing immediate context from a higher timeframe. This helps you align your intraday trades with the dominant higher-timeframe structure, identifying key support and resistance zones, breakouts, and market volatility at a glance.

Key Features:

Visual Range Overlay: Draws a semi-transparent colored background spanning the entire High and Low of each 4-hour period.

Trend-Based Coloring: Automatically colors the range based on the 4H candle's direction:

Green: Bullish 4H candle (Close > Open)

Red: Bearish 4H candle (Close < Open)

Blue: Neutral 4H candle (Close = Open)

Customizable High/Low Lines: Optional, subtle lines plot the exact high and low of the 4H bar, acting as dynamic support/resistance levels.

Fully Customizable: Easily change colors and toggle visual elements on/off in the settings to match your chart's theme.

How to Use It:

Identify Key Levels: The top and bottom of the shaded area represent significant intraday support and resistance. Watch for price reactions at these levels.

Trade in Context: Use the trend color to gauge sentiment. For example, look for buy opportunities near the low of a bullish (green) 4H range.

Spot Breakouts: A strong candle closing above the high or below the low of the current 4H range can signal a continuation or the start of a new strong move.

Gauge Volatility: A large shaded area indicates a high-volatility 4H period. A small area suggests consolidation or low volatility.

Settings:

Visual Settings: Toggle the background and choose colors for Bullish, Bearish, and Neutral ranges.

Line Settings: Toggle the high/low lines and customize their colors.

Note: This is a visual aid, not a standalone trading system. It provides context but does not generate buy/sell signals. Always use it in conjunction with your own analysis and risk management.

Perfect for Day Traders, Swing Traders, and anyone who needs higher-timeframe context on their chart!

How to Use / Instructions:
After adding the script to your chart, open the settings menu (click on the indicator's name and then the gear icon).

In the "Inputs" tab, you will find two groups: "Visual Settings" and "Line Settings".

In Visual Settings, you can:

Toggle Show 4H Range Background on/off.

Change the Bullish Color, Bearish Color, and Neutral Color for the transparent background.

In Line Settings, you can:

Toggle Show High/Low Lines on/off.

Change the line colors for each trend type.

Adjust the colors to your preference. The default settings use transparency for a clean look that doesn't clutter the chart.