MTF Rank

Sep 29

This indicator attempts to identify price ranges across multiple timeframes, reversal points, and trend through the use of multi-timeframe percentile rank.

The indicator panel above shows the percentile ranks for each calculated upper timeframe. This indicator calculates upper timeframes based on current chart data. This indicators made to be used on short timeframe charts (5m/15m). It will auto calculated upper timeframes up to 1 Month.

Percentile Ranks (PR) at top of panel indicate higher prices for their respective timeframe. PRs at bottom indicate lower prices for their respective timeframe. Please Note: 100 PR means 100% of price resides below current price. 0 PR means 100% of price resides above. PR MAY remain bottomed or topped if price is making new highs or new lows. It is not intended to be used as a buy/sell signal If all PRs are bottomed or topped, it is a sign reversal of trend is on horizon.

Price ranges for various timeframes can be viewed with the vertical bar right of the index. It contains info on convergences of price expansion and contraction between timeframes and the current price movement pattern.

How to use:

General:
Identify lows/highs with PR rank, and wait for confirmation that the range has stopped expanding. Understanding market structure is helpful. If done correctly on lower timeframes, the entry will be in the upper/lower wick of upper timeframes and offer a premium position.

Compliment this indicator with liquidation levels, fibs, or support resistance levels for confluence.

This can be used with candle charts or Heiken Ashi charts. I prefer Heiken Ashi. It shows market structure better. In either case, you will need to likely turn off candle borders. I would also recommend setting candle bodies and wicks to same color. This indicator overlays custom candles. The candle colors are based on pattern recognition and what direction those patterns move on average (red=down, green=up, grey=flat). Candle size is based on the pr price range of lowest upper timeframe.

Please spend some time observing this indicator to develop your strategy and style. I prefer to not give exact trade placement. I will leave that up to you to discover and develop.

Oct 5

Release Notes

This indicator attempts to identify price ranges across multiple timeframes, reversal points, and trend through the use of multi-timeframe percentile rank.

Depending on the current chart timeframe, the derived upper timeframes are a subset of 5m, 15m, 1hr, 4h, 1D, 3D, 1W, 1M. This means, this indicator is not suited for for viewing on timeframes greater than 3D at most. It is preferred to use 5m/15/1h for viewing.

Take some time to observe the mechanics of this indicator and price action, and develop a strategy of your own. There are many patterns repeating patterns form in price action which may help you time trades appropriately.

Indicator Panel
The indicator panel at the top shows the percentile ranks for each standard timeframe optimally derived from the current timeframe. The darkest line is a signal timeframe, and that is calculated from the subset of timeframes. The signal timeframe is used to determine 99.9%, 0.10% and 50.0% price levels.

When the signal is bottomed, this indicates price below all other prices with in the dataset. When the signal is topped, this indicates price is above all other prices with in the dataset. Topped and Bottom Signals ARE NOT signals for reversal. Prices making new breakout highs and lows may show 100 or 0 until new highs are lows are not long being made. However, one can use topped and bottom signal to know reversal is approaching.

Seeing the other other timeframe PRs can also give clues on price trends. longer timeframes may trend in a direction for a period of time, and shorter timeframes move to local extremes during that trend. Shorter timeframe PR are good for entry placement with in a larger PR trend.

Overlay / Chart

Price ranges for various timeframes can be viewed with the vertical bar right of the index. It contains info on convergences of price expansion and contraction between timeframes and the current price movement pattern.

Generally speaking the patterns dealing with Range (C)ontraction / (E)xpansion / (F)lat, Whether the range is moving (U)p or (D)down, (N)either, and if the convergence of range movement is (U)p, (D)own and (F)lat.

Current timeframe range bars show when the top/bottom of price range is consolidating. They formed on second candle of static range movement, and confirmed on the close of the second candle. The range bars them selves will repaint within the two candle window. I use them as early warning system to know price range is beginning to consolidate.

The confirmation signal can be turned on/off on close. if turned off, a light colored signal triangle will show, but will turn dark on confirmation. Trades should always be on confirmed signals, but I sometimes use unconfirmed signals for aggressive early entry.

Multi-timeframe range bars show when price range has stalled or consolidated on upper timeframes. These are unconfirmed signals, and thus repaint. Up triangles on the range bars indicator that is the bottom of the price range has consolidated (candle bottoms) and down triangles indicated candle tops. One can visualize where price is on the other timeframes by these.

The range bars them selves should not be used for trades entries. They are there to show evolving market structure, and to assist your eye in seeing where price is moving.

properly timed trades on lower timeframe near the bottom/top of upper timeframes will be in the wicks of upper timeframe bars.

Oct 5

Release Notes

Notes

• Support Boxes use the trend timeframe options. Please make sure that is enabled and set to something useful. It could be current timeframe, or a upper timeframe. I prefer to know the boxes of an upper timeframe.
  

Updates:

• Fix Support / Resistance Box Updates. Broken boxes are now updated on confirmation upper trend.
  

Oct 6

Release Notes

Updated default timeframe for trend

Oct 7

Release Notes

https://www.tradingview.com/x/YLev9qMh/

• Added Screenshot to show how I look at the chart, but I use multiple timeframes to get a broader look
  
• Updated broken boxes to be colorized based on if it was a support or resistance block
  
• broken boxes, and current zones are highlighted when an active range bar develops so that area of current and past structure can be viewed.
  
• There exists a 50% plot, and that is for percentile rank, but I have also added a 50% plot (defaults to silver) which shows the the half-way point between top and bottom of the rank range. Checking to see if it provides anything useful.