Price can be up trend and downtrend simultaneously in different timeframes.
Experienced traders know the importance of looking at Multiple Time Frames.
Analyzing multi time frame chart allows trader to have a greater view on the price action.
This MTF trend indicator shows the trend of current time frame and 3 higher time frames in a single chart. In addition, it will check the consistence of all 4 time frames. It will not repaint.
It will only work on time based charts. Tick and range charts are not supported.
The green dots represent uptrend, and the red dots represent downtrend.
The ‘trend period’ is used to measure the direction of price within the given number of bars.
The dots of value 1 at the bottom is the trend of ‘timeframe 1’
The dots of value 2 is the trend of ‘timeframe 2’
The dots of value 3 is the trend of ‘timeframe 3’
The dots of value 4 is the trend of current timeframe.
If current and 3 higher time frames are in the same direction, the dots at the top will appear.
Otherwise, there will be no dots at value 5.
‘timeframe1’ ‘timeframe2’ and ‘timeframe3’ must be higher than current timeframe, if your chart is 15min, ‘timeframe1’ ‘timeframe2’ and ‘timeframe3’ must be 20min or higher.
It will highlight bars when trends are inconsistent in different timeframes.
You can change the highlight color, or disable this feature.
The highlighted bars represent the situation where price may change its direction from previous trend, or in a short-term adjustment.