Advanced Position

Advanced Position obtain the relative position of an indicator or price to other indicators and fixed thresholds. It takes a feature and a set of thresholds. Using these thresholds, it breaks the features value range into regions and label candles based on the regoin the candle is in.

The inputs of this function are:

• Timeframe(s): The timeframe(s) in which the function is applied

• Feature Name: The feature being checked to label candles

• Thresholds: The thresholds breaking the feature's range into regions; can be fixed values (like fixed numbers) and varying values (like another indicator)

• Interval Names: Names given to the regions; the number of intervals must be equal to the number of thresholds +1. Note that you should enter the names of the regions in reverse order for the thresholds you enter. To learn more about this, read the example.

Example

To break RSI into overbought, normal, and oversold, use the Advanced Position, as shown in the figure below. Note that we have 30 and 70 in the Thresholds field, but in the Intervals field, the order of intervals is overbought, normal, and oversold.

The function breaks RSI range into three regions and labels candles based on RSI values.