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Price can be up trend and downtrend simultaneously in different timeframes.
Experienced traders know the importance of looking at Multiple Time Frames.
Analyzing multi time frame chart allows 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 not repaint.
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.
"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 20min or higher.
The highlighted bars represent the situation where price may change its direction from previous trend, or in a short-term adjustment.
There are two versions you can choose as shown in below.
With V1 you can enter the timeframe input by yourself, for example, you can enter 60 for 1 hour or 1D for 1 day, or 2D for 2 days (case-sensitive)
In V2, the timeframe input will be 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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