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Price can be uptrend and downtrend simultaneously in different timeframes.
Experienced traders know the importance of looking at Multiple Time Frames.
Analyzing a multi time frame chart allows a trader to have a greater view on the price action.
The video below shows how it works in real time.
This MTF trend indicator shows the trend of current time frame and 3 higher time frames in a single chart. In addition, it will check the consistence of all 4 time frames.
It will only work on time based charts. Tick and range charts are not supported.
The green dots represent uptrend, and the red dots represent downtrend.
The 'trend period' is used to measure the direction of price within the given number of bars.
The dots of value 1 at the bottom is the trend of 'timeframe 1'
The dots of value 2 is the trend of 'timeframe 2'
The dots of value 3 is the trend of 'timeframe 3'
The dots of value 4 is the trend of current timeframe.
If current and 3 higher time frames are in the same direction, the dots at the top will appear. Otherwise, there will be no dots at value 5.
Inputs:
"Highlight bars", enable It, will highlight bars when trends are inconsistent in different timeframes. You can change the highlight color, or disable this feature.
"Trend Period", it is used to measure the direction of price within the given number of bars.
"Timeframe 1", "Timeframe 2" and "Timeframe 3" are the 3 higher timeframes
'timeframe1' 'timeframe2' and 'timeframe3' must be higher than current timeframe, if your chart is 15min, 'timeframe1' 'timeframe2' and 'timeframe3' must be 15 min or higher.
The highlighted bars represent the situation where price may change its direction from the previous trend, or in a short-term adjustment.
The timeframe input will be a drop-down menu.
Due to the nature of MTF, the plots from higher timeframes may vary before the related higher timeframe bar is closed.
For example, the following chart used 3-hour as TF3, assuming the 3-hour bar is start from 9:00 and end at 12:00, then the color of dots inside the box may change between 9:00 and 12:00.
After 12:00 the 3-hour bar is closed, then the color of dots inside the box is fixed, it won't change anymore.
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