OPEN-SOURCE SCRIPT
Updated Multi Timeframe Candle/Retracement (MTCR)
This script provides a visual representation of candlestick and pivot point information from higher timeframes within a lower timeframe chart. It is ideal for traders looking to analyze price movements and identify potential support and resistance zones in the context of a broader timeframe.
Key Features:
Multi-Timeframe Candlestick Visualization:
Pivot Point Analysis:
Medians and High/Low Zones:
Dynamic Updates:
Settings:
Timeframe Selection:
Customizable Colors:
Flexible Display Options:
Use Cases:
Notes:
Good luck with your trading! 🚀
Key Features:
Multi-Timeframe Candlestick Visualization:
- Displays candlesticks of the selected higher timeframe.
- Highlights bullish and bearish candles with distinct colors to identify trends.
Pivot Point Analysis:
- Calculates and visualizes pivot points based on the standard or Fibonacci model.
- Supports customizable step sizes (rounding pivot values).
- Highlights resistance levels (R1, R2, R3), support zones (S1, S2, S3), and a central base line.
Medians and High/Low Zones:
- Visualizes median lines between pivot levels.
- Optionally displays high and low zones.
Dynamic Updates:
- Automatically updates lines and boxes with new candles or pivot calculations.
- Visually marks when the current price touches key levels.
Settings:
Timeframe Selection:
- Choose a higher timeframe for candlestick and pivot point visualization.
Customizable Colors:
- Adjust colors for bullish and bearish candles, as well as for pivot point zones.
Flexible Display Options:
- Display only the desired elements, such as pivot lines, median lines, high/low zones, or the base line.
Use Cases:
- Identify key support and resistance zones using pivot points.
- Analyze price movements on higher timeframes while trading on lower ones.
- Utilize median lines to find potential reversal zones or areas for risk/reward analysis.
Notes:
- This script is designed for advanced users with a solid understanding of multi-timeframe analysis and pivot points.
- It uses multiple drawing objects (lines, boxes), so ensure your chart does not hit its drawing object limit.
Good luck with your trading! 🚀
Release Notes
Show Levels separately
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 publications is governed by House rules. You can favorite it to use it on a chart.
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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.