OPEN-SOURCE SCRIPT
Heikin Ashi MTF Trend [Pt]
Updated
█ Introduction
The Heikin Ashi MTF Trend indicator takes a simple approach to understand the trend by visualizing Heikin Ashi candle colors across multiple timeframes and representing it in a simple and visual manner. It utilizes the Heikin Ashi (HA) candles across four custom timeframes to detect trend shifts and strength. The indicator also offers alert conditions for potential bullish and bearish trend shifts.
█ Features
► Multiple Timeframes (MTF) Trend Detection: The script fetches HA data from four different timeframes. This multi-timeframe approach gives a holistic view of the market sentiment.
► Weighted Trend Score: The individual trend scores of the four timeframes are multiplied with their respective weights and summed up to provide a cumulative trend score that is used to determine bar colors and trend shifts.
► Visual Trend Depiction: It displays the trend using default green/red squares for each timeframe and a gradient-filled bar to represent the cumulative trend score.
► Trend Change Alerts: Users can set alerts for bullish and bearish trend shifts.
█ Alerts
◊ Bull Trend Signal Alert: Alert when there is a bullish trend shift.
◊ Bear Trend Signal Alert: Alert when there is a bearish trend shift.
█ Usage Tips
◊ The greater the discrepancy in the weights across the timeframes, the more emphasis is placed on the higher weighted timeframe.
◊ While the gradient bar provides a quick trend overview, it's essential to view the trend squares to understand the individual timeframe sentiments.
◊ Always consider using this tool in conjunction with other indicators or methods for confirmation and enhanced trading strategy.
Happy Trading~~
The Heikin Ashi MTF Trend indicator takes a simple approach to understand the trend by visualizing Heikin Ashi candle colors across multiple timeframes and representing it in a simple and visual manner. It utilizes the Heikin Ashi (HA) candles across four custom timeframes to detect trend shifts and strength. The indicator also offers alert conditions for potential bullish and bearish trend shifts.
█ Features
► Multiple Timeframes (MTF) Trend Detection: The script fetches HA data from four different timeframes. This multi-timeframe approach gives a holistic view of the market sentiment.
► Weighted Trend Score: The individual trend scores of the four timeframes are multiplied with their respective weights and summed up to provide a cumulative trend score that is used to determine bar colors and trend shifts.
► Visual Trend Depiction: It displays the trend using default green/red squares for each timeframe and a gradient-filled bar to represent the cumulative trend score.
► Trend Change Alerts: Users can set alerts for bullish and bearish trend shifts.
█ Alerts
◊ Bull Trend Signal Alert: Alert when there is a bullish trend shift.
◊ Bear Trend Signal Alert: Alert when there is a bearish trend shift.
█ Usage Tips
◊ The greater the discrepancy in the weights across the timeframes, the more emphasis is placed on the higher weighted timeframe.
◊ While the gradient bar provides a quick trend overview, it's essential to view the trend squares to understand the individual timeframe sentiments.
◊ Always consider using this tool in conjunction with other indicators or methods for confirmation and enhanced trading strategy.
Happy Trading~~
Release Notes
Added Display Styles◊ Squares or Lines
◊ Customizable line thickness
◊ Customizable colors
Release Notes
◊ Added timeframe labelsRelease Notes
Fixed Bar Color option bug.Release Notes
Updated script with PineCoders' best practice to avoid repainting when fetching data from higher timeframe.Added option to toggle Weighted Trend signals
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.
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Buy me a coffee - buymeacoffee.com/PtGambler
PayPal - paypal.me/PtGambler
You can reach me privately through my Discord Channel: discord.gg/WMQfaVGyQC
Disclaimer
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