Introduction to the Multi Time Frame Bars Visualization Indicator
One of the key considerations that traders have when trading is confluence. Most look for confluences using different indicators or different trade setups. However, another form of confluence that could be equally as important would be a confluence on various timeframes.
What is the Multi Time Frame Bars Visualization Indicator?
The Multi Time Frame Bars Visualization Indicator is a custom technical indicator which shows traders the latest candle of the higher timeframes above the timeframe that the user has opened.
This indicator plots four bars on the far right of the price chart. Each bar or candle represents the latest candle of the next four higher timeframes from the current timeframe used. It plots lime bars to indicate a bullish candle on the higher timeframe, and red bars to indicate a bearish candle on the higher timeframe.
How the Multi Time Frame Bars Visualization Indicator Works?
This indicator has an algorithm which retrieves the price feed of the broker based on various timeframes. It then plots the bars based on the price feed it retrieves from the server. This data is also used by the algorithm to produce the other data that it could show as stats.
How to use the Multi Time Frame Bars Visualization Indicator for MT4
The Multi Time Frame Bars Visualization Indicator has several options within its indicator settings which are mostly for visual modifications.
However there are two options that can be toggled on which does add value to the indicator.
The “stats” option would show a statistics information board on the upper right corner of the chart. This includes the number of pips price has moved on the yearly, monthly, weekly, and daily timeframes, as well as the percentage of price movements on the same timeframes. It also shows the high, low, and close price, as well as the daily range of the currency pair displayed in pips.
The “pivots” option would plot a daily, weekly, or monthly pivot on the price chart when toggled on.
The bars presented on the right most part of the price chart is probably the most critical information given by this indicator. These bars show us the immediate candle formation on each higher timeframe. Traders can use this information to trade with a multi timeframe perspective. Traders who trade based on a multi timeframe perspective would often trade only when there is confluence between timeframes.
As such, users can opt to trade buy trades only when all the candles on the far right show bullish candles and sell trades only when the candles are bearish.
Below is an example of a chart where there is a confluence of bullish candles on the higher timeframes.
Notice how the lower timeframe is in an uptrend.
Compare it to a chart with a confluence of bearish candles shown below.
Notice how the current timeframe is in a downtrend.
Conclusion
The Multi Timeframe Bars Visualization does not produce trade signals. However, it is very useful in finding confluences on various timeframes. This information can be very useful for multi timeframe traders as this would allow them to trade with higher accuracy.
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