An indicator that depicts the trend of up to 5 higher timeframes on the same chart without needing to context-switch between charts.
Features
- Supports up to 5 timeframes - Trends indicated by 5 colored buttons: one for each timeframe - Varying shades of green: uptrend - Varying shades of red: downtrend - White/silver: sideways/neutral - Configurable length (time period) for each timeframe - Increase length to capture long term trends; decrease it to capture only short term ones - Configurable sensitivity for each timeframe - Sensitivity determines what angle is considered trending and what is not - Increase sensitivity to capture weak trends - Decrease sensitivity to filter out weak trends and capture only strong/steep ones - Sensitivity ranges from 1 (least sensitive) to 3 (most sensitive) - Move the labels around vertically for better visibility by changing the "Location" and "Offset" parameters
How should one use it?
Use it to quickly browse through charts to understand the context across timeframes, and zero in on only those that have trends aligning on the higher and lower timeframes as per your strategy. For e.g., a chart that is trending up strongly on the 15min and 60min (indicated by dark green colored buttons), and trending down on the 1 and/or 5 min (indicated by red-colored buttons), can be shortlisted for a potential pullback trade. Use your favorite pullback strategy (Supply/Demand, Support/Resistance, Moving Averages, etc.) to hop in on the trend.
How are trends determined?
The indicator uses normalized %change in price of the linear regression line segment of the chosen price sources (close, high, low, MA, etc.) over a specified length to determine trend direction and intensity
Known Issues
Will indicate the trend correctly only for timeframes *higher* than the current (visible) resolution/timeframe of the chart. Might not indicate it correctly for lower timeframes ( i.e., lower than the current (visible) resolution/timeframe of the chart). For this reason, all timeframes lower than the current resolution will be hidden in the present release.
Future releases
- I am still experimenting with various sensitivity levels and the corresponding trend shades to make the tool as accurate and intuitive as possible. These modifications might come in - Sensitivity levels might be increased. - Bug fixes, if any
릴리즈 노트
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Added a few boundary condition checks to avoid displaying erratic labels
Great!
Thank you for sharing this beautiful piece of code : )
demotester99
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@the_MarketWhisperer Thank you again for the awesome indicator.
I only do forex and the indicator is not showing any colors on any forex chart or timeframe.
It is just grey for all of them.
Is mine broken somehow?
the_MarketWhisperer
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@artisticPie59964, Yours isn't broken per se. The indicator doesn't work for forex. I have had plans of releasing a forex one for the longest time. Didn't get around to actually doing it. Some day <Sigh>
StephenChristopherHeinrich
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Perfect
JMawdesley
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Hey Buddy, This is a great tool. Do you have the Forex version in the works?
All the best.
J
AtomOfScent
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Thanks, great indicator!
The only issue is the offset doesn't seem to work for me and it only shows time-frames greater than the current one, so if looking at a 15m chart the 1m and 5m don't display. A variable for the size of the labels would be cool too.
IdeasSJ
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Thank you. Indicator is of great help.
the_MarketWhisperer
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Please note: The current version has a calibration issue for very high timeframes (weekly, monthly). If the trends are not *really* steep, they will be depicted white/silver (neutral). I intend to correct this and release a new version in the next few days. Also, there will be an altogether separate version for forex. That's also coming, hopefully in a week or so.
MadMoto29
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@the_MarketWhisperer, hi and thanks for sharing this! What will be different about the forex version?
the_MarketWhisperer
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@MadMoto29, You're welcome. This version doesn't depict trends in forex well (It's a little 'insensitive' to forex trends, to be precise). It has got to do with how it's been calibrated, which needs to be tweaked for forex. I am not a forex trader, so will need some playing around before I can finalize on a methodology (for e.g., use rate of change of pips instead of %) to do this as accurately as possible.
Thank you for sharing this beautiful piece of code : )