MTF Momentum Labels

Dec 29, 2021

HISTORY AND CREDITS
This script has been inspired mainly by the MTF labels from Simpler trading community. I have further developed the idea by implementing my own indicators and further adding information read from various books like teachings from Mark Minervini, Charles Le Beau, other CMT gurus.

WHAT IT DOES
The script calculates and displays information for different important indicators based on multiple timeframes. There are 14 timeframes, which can be fully customised (aka they can be defined from the settings of the indicator).

• Line 1 - Squeeze Pro on various timeframes (we get x if there is no squeeze, white dot if there is a wide squeeze, red dot if there is a normal squeeze, orange dot if there is a tight squeeze).
  
  
  
• Line 2 - Momentum of the Squeeze pro with Arrows pointing to direction.
  
  
  
• Line 3 - 10x, 10x is a SImpler coined term for ADX conditions, aka momentum. Here there are 3 conditions and 1 emoji
  - Green - raising momentum
  - Orange - choppy momentum
  - Red - falling momentum
  
  If there is also confirmation with volume (aka volume for last bar on this timeframe is over a certain treshold (treshold is customisable), then we get a blue dot for the timeframe).
  
  
  
• Line 4 - The change of the ADX. Working the same way as the momentum, we have cyan indicating acceleration, blue indicating deceleration, red indicating acceleration to the downside and yellow indication deceleration to the downside. Additionally we have gray as an option which is when the ADX is small, hence the change is not important.
  
  Here there are 2 emojis. Blue and Orange. Blue indicates very bullish conditions /based on backtested data/, Orange indicate favourable conditions.
  
  
  
• Line 5 - evaluates MTF for various EMAs. Green indicates bullish stacked EMAs and Red indicates Bearish stacked EMAs. Gray indicates chop.
  
  Here there are 2 emojis. Plus + and Minus –. These appear when there is stacking over 5 EMA timeframes (8,21,34,55,84). If the stacking happens only on the 8,21,34 then there will only be coloring without emojis.
  

HOW TO USE IT
Generally, experienced trades use MTF analysis to confirm their trades. The timeframes depend on the style and setups that they use but for instance breakout traders who trade on the Daily look for confirmations on the Weekly timeframe. The analysis is super helpful when you see that the stock shows signs of confirmation on multiple timeframes. Just as an example, as a squeeze trader, you might want to see lower timeframes, mid timeframes and large timeframes squeezes (when the lower fire, they will ignite the mid and the higher) - potentially resulting in a very very big move.

Dec 31, 2021

Release Notes

Cool Updates

• Fixed a minor bug around the titles of timeframes. Now when you customise a timeframe, the title changes. Custom timeframes can be applied, like 78min. Just have in mind that Everything under 1D timeframes is displayed in minutes. So 1H = 60, 2H = 240 etc etc.
  
• Added a functionally where you can align the indicator names, this is in the Layout section under Text Align
• Cleaned up the input setting with grouping of the different indicators.