Mastering Multitimeframe Indicators in MetaTrader 4

Description:

As traders, we know time is of the essence. There’s often not enough time to sift through all the chart timeframes to pinpoint the best entry points. That's where multitimeframe indicators come in handy. You can set them all up in one window without constantly switching screens, giving you a complete picture at a glance.

RSI:

Stochastic:

The Stochastic and RSI indicators are straightforward and effective. They display the values of relevant indicators alongside a higher timeframe candle. You can dive deeper into the details using Moving Averages (MA).

Variables:

Here’s a rundown of the total variables for the three indicator timeframes:

1 minute (January)
5 minutes (May)
15 minutes
30 minutes
1 hour (60 minutes)
4 hours (240 minutes)
1 day (1440 minutes)
1 week (10080 minutes)
1 month (43200 minutes)

If you mistakenly set the minutes incorrectly, the indicator will correct itself and adjust to the desired period. All other variables remain consistent with the original indicators.

Now, let’s talk about MA.

Applied Price Values: The applied_price can serve multiple functions:

0 - PRICE_CLOSE
1 - PRICE_OPEN
2 - PRICE_HIGH
3 - PRICE_LOW
4 - (high + low) / 2
5 - (high + low + close) / 3
6 - (high + low + close + close) / 4

For instance, if you set up a window with a period of less than H1 with three indicators using the following parameters:

PeriodMA = 1; applied_price = 2; timeframe = 60;
PeriodMA = a; applied_price = 3; timeframe = 1960;
PeriodMA = 1; applied_price = 0; timeframe = 15;

You’ll get an indicator that displays the minimum and maximum hourly candles (green lines 1 and 2), while the orange line 3 shows the opening price of each 15-minute candle.

By tweaking these parameters, you can create a combo of indicators that suits your trading style.

Each indicator has two buffers: the main one which displays the value steps and support, and a smoothing step. The applications of these indicators are not limited to what’s outlined here; the possibilities are vast!

Mastering Multitimeframe Indicators in MetaTrader 4

Description:

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