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Heat Maps & Heat Study Scripts
Heat maps are used to visualize the correlation between heat study script values
and the prices changes that follow them. Heat study scripts are used to calculate
mathematical values based on the values of analysts,
indicators, patterns and
shapes at a specified point in time. Heat study values
which are found to be highly correlated to future price movements can be used for
designing quality scripts.
A heat map process runs over a specified date range while calculating heat study
values after every bar of every symbol and recording the price movements that follow
them. The resulting heat map is a price change statistics map whose x-axis shows
the values calculated by the heat study and whose y-axis shows the future bar numbers.
IQBroker ships with a library of premade heat study scripts that can be parameterized
and customized without any programming, while custom scripts can be easily developed
using the resource designer and IQLanguage.
Script Implementation
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OnInitialize()
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This function is called automatically when the script is first initialized.
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OnValue() As Number
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This function is called automatically after every bar of every symbol processed
by the heat map, its implementation should calculate a value whose statistical meaning
is to be evaluated by the heat map. The values can be calculated using analysts,
indicators, patterns and shapes or by any other means.
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