OPEN-SOURCE SCRIPT
MTF Trend Widget
Updated
This indicator identifies trends in multiple higher timeframes (D, W, M) and shows them in a widget off to the right of the chart.
It's meant to be used as an alternative filter for "trading with the trend." Typically people use moving averages of varying lengths for this (i.e. if over 200 MA it's an uptrend, etc.), but I wanted to see if it might be more effective to see if the higher timeframes were actually trending or not in a certain direction.
For the purposes of this indicator, an uptrend is defined as higher highs and higher lows. So if currently in a downtrend and the highs are broken, the indicator will flip to an uptrend because now we have a higher high. Vice versa for downtrends.
The user can choose the lookback period for defining these highs/lows (the pivot points). A smaller lookback number will give you more frequent pivot points.
The user can toggle on visibility of all historical pivot points to make sure the frequency and placement of the swing highs/lows is to their liking.
The user can show the support/resistance lines of those most recent swing high/low points on the multiple timeframes as well.
When these lines are breached, that is when the trends change, so you can see if you are close to changing any longer term trends.
My hope is that this gives people a quick glance at the overall trend without having to cycle through different timeframes.
It's meant to be used as an alternative filter for "trading with the trend." Typically people use moving averages of varying lengths for this (i.e. if over 200 MA it's an uptrend, etc.), but I wanted to see if it might be more effective to see if the higher timeframes were actually trending or not in a certain direction.
For the purposes of this indicator, an uptrend is defined as higher highs and higher lows. So if currently in a downtrend and the highs are broken, the indicator will flip to an uptrend because now we have a higher high. Vice versa for downtrends.
The user can choose the lookback period for defining these highs/lows (the pivot points). A smaller lookback number will give you more frequent pivot points.
The user can toggle on visibility of all historical pivot points to make sure the frequency and placement of the swing highs/lows is to their liking.
The user can show the support/resistance lines of those most recent swing high/low points on the multiple timeframes as well.
When these lines are breached, that is when the trends change, so you can see if you are close to changing any longer term trends.
My hope is that this gives people a quick glance at the overall trend without having to cycle through different timeframes.
Release Notes
This update:- Optimizes the code for improved speed (with some coding help from RozaniGhani-RG)
- Allows the user to select which timeframes they want to view the trend information on instead of that being hard coded
- Moves the information from the widget that was at the right of the chart to a table (upper right) for easier viewing at all zoom levels and to allow me to pass on the variable timeframe (which was not allowed on the widget)
- Adds additional color options for support/resistance lines to give the user greater control over how they look
Hope you guys find it useful!
Release Notes
More speed optimization to limit the number of security calls. Allow for ability for user to reposition the table.Release Notes
Updating to Pine v5 and adding a user input to change the thickness of the support/resistance line. The reason this is needed is that when color calculations are done (as is with the trend table) all formatting of everything else is removed from the Style tab, so must be explicitly fed to the user through the Inputs tab.Release Notes
This indicator didn't work correctly on lower timeframes. As an example, if you were on a daily chart, but one if your trend boxes were for the hourly time frame, it would show you a value and show you the pivot lines for the hourly timeframe, but they weren't necessarily correct. This update grays out the boxes of lower time frames if you are on the higher time frames and makes the support resistance lines disappear when you are on the higher timeframes to remove both of those from view and not clutter with info on the lower timeframes that might not be 100% correct.Release Notes
Added the ability to use close instead of wick (high/low) to determine levels and trend changes.Release Notes
Added a fourth timeframe.Release Notes
Bug fix where the arrow of the 4th timeframe was the same as the 3rd timeframe.Release Notes
Fixed copy/paste bug where TF 4 was looking at TF 3 data.Open-source script
In true TradingView spirit, the author of this script has published it open-source, so traders can understand and verify it. Cheers to the author! You may use it for free, but reuse of this code in publication is governed by House rules. You can favorite it to use it on a chart.
Want to use this script on a chart?
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.