n.bhaskar1993

MTF Candlestick Color

Multi-Timeframe Candlestick color indicator, plots the color of the bar in 10 different timeframes.
It consists of 3 bands with respect to the time frames selected: Short Term, Medium Term and Long term bands.
Short Term - 5, 10, 15, 30 min
Medium Term - 60, 120, 240 min
Long Term - D, W, M
If the bar color synchronizes in their respective bands, the indicator plots a cross with the color below their bands.
If ALL the bands are synchronized, the indicator plots the signal circle below the indicator with color.

//The topmost line in the indicator shows the color of the bar in the current timeframe, helps when you switch to HeikinAshi Chart//
//The indicator plots the lines in the order of the input//

Works in all timeframes and is excellent for scalping.
Use your custom timeframes and have fun trading...

Good Luck Trend Traders....
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Hello,

I was looking at the ticker; AG (1m chart) on my laptop the indicator gave me a full green entry signal. Several candles later an exit signal was triggered where I exited my trade and the order resulted in a loss.

I wanted to review my order on my iPad and noticed that the signal on the iPad did not match that on my laptop (same timeframe and same indicator settings and at the same time) was NOT a full green entry signal. I have my iPad right next to the laptop and checked over and over again but both signals are not matching. How is that possible when Im looking at the same timeframe, trading time and same indicator settings?

Any feedback would be highly appreciated.
Reply
@ora89, Hello ora89,

The indicator repaints. This is the issue you are facing.
For the signals to be permanent you have to wait till the longest timeframe you have used in the indicator to 'close'.
Whenever you get a signal, what it means is that, as long as price trades above the signal candle, it is in a strong trend.
If price falls below the open of the signal candle, then the price is no longer in a trend.


This indicator is a confirmatory indicator to know where the price is in different time frames.

(To better understand the indicator Plot the indicator MTF Multiple SMA indicator. Change the settings to '1' and field to 'open'. Now the indicator plots the open price levels of different timeframes. If price trades above the open, meaning above all the plotted lines, you get a signal. Your trade is good as long as the price stays above all these lines.)

This is a confirmatory indicator and works best when used with other indicators. I have posted a few examples below, please go through them.

You can't win all the time using this indicator, but you are increasing the probability of your trades. So its better to position size your bets in accordance to the risk you are taking.

(Regarding the Ipad issue, I have no idea whats wrong there. Try taking a snapshot and sending it to tradingview. Maybe they can look through it.)
Have fun Trading



Reply
ora89 PRO n.bhaskar1993
@n.bhaskar1993, Thank you so much for your response. Highly appreciated, I have another inquiry. Which of your two indicators (MTF Trend or MTF candle stick color) would you recommend to use in conjuction with the MTF Multiple SMA indicator to give better signals on a 2 or 5 minute charts? Also how can we setup alerts on trading view to alert traders once a full signal is triggered? I tried several times but unfortunately it took me nowhere.

Again, thank you so much for your kind feedback.

Best,
Reply
@ora89, Best results, use both mtf trend & candle color.

Regarding Alerts for MTF Candlestick color, add the following script to the indicator script.

alertcondition(sig==1, title='Up Trend Signal', message='Mtf Candlestick All Timeframes Green Candle' )
alertcondition(sig==0, title='Down Trend Signal', message='Mtf Candlestick All Timeframes Red Candle' )


After adding the script, save the indicator and apply it to chart.
Now you can add alerts to MTF candle stick color.
Reply
ora89 PRO n.bhaskar1993
@n.bhaskar1993, great. Thanks!
Reply
sir how to get the macd overlay pls explain as its shown in ur chart+

Reply
n.bhaskar1993 Kumaran1964
@Kumaran1964, MACD Overlay indicator is something that i came up with. Lot of people asked me the same question, so I will be posting the indicator on TV soon. Its uses the same formula as MACD but when ploted on chart, it filters out all the bad trades on MACD. When you look at MACD Overlay you will understand why trading the MACD alone would empty your trading account.
Reply
Kumaran1964 n.bhaskar1993
@n.bhaskar1993,


thk u sir waiting
Reply
Kumaran1964 Kumaran1964
@Kumaran1964,

how to Change the settings to '1' and field to 'open as mentioned above to avoid repainting
Reply
n.bhaskar1993 Kumaran1964
@Kumaran1964, Plot "MTF Multiple SMA indicator" , you can change the settings there. This wont stop the repainting as the colors are permanent on the close of the bar, but it takes a month for monthly candle to close. As long as the price trades above these open levels when you get a signal, we can expect a good trade.
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