The indicator shows the MACD histogram sign (positive or negative) for several timeframes at once. You can see at a glance how the price is trending across higher and lower timeframes.
The code uses recursive calculations for the SMA and EMA to avoid lookahead errors and repainting on higher timeframes.
Note that, for lower timeframes, the line becomes yellow to the left because history is limited and there are not enough bars to calculate.
Informacje o Wersji
⋅
The indicator was updated to show the maximum number of lines supported.
Informacje o Wersji
⋅
Each line can be enabled or disabled individually, so that unused ones can be hidden.
Informacje o Wersji
⋅
Added simple trend detection based on the number of bullish and bearish timeframes; threshold can be changed in Settings.
Added data outputs: * "Score": counting the net number of bullish and bearish timeframes * "Trend": changes to bullish or bearish as the score goes over or under the threshold
Added background color (green or red according to trend); can be enabled in Settings.
Added alert for trend change.
Fix: named individual timeframe outputs.
Informacje o Wersji
⋅
Added another alert with a separate threshold score for flexibility.
Informacje o Wersji
⋅
Fix: minimum values set to 1.
Informacje o Wersji
⋅
Added score weights for further customization of trend detection and alerts. Input parameters are now set in terms of score values instead of number of lines.
Informacje o Wersji
⋅
Release notes: Added input options to choose alert modes for trend and extra alerts. The options are: * once per bar close (default) * once per bar * every time
Hi. I came across this indicator on the Arena M-33 threads (shame you are no longer there but understand as HE isn't for everyone - I'm still questioning it!). I've been using this great indicator for a while but I can't understand one thing - what the lower time frames actuall represent when overall chart is set at longer timeframe. For example if you select a fairly long timeframe (daily) for the main chart, your indicator then shows status for different timeframes. The bit I can't get my mind around is what period the lower timeframes actually represent when the data is for a day. i.e. there aare lots of individual minutes in a day, what actual minute does the indicator use?.0I think TV works off the last completed candlestick, so on a day view would the calculation for the 1 minute timeframe be the last minute of the previous day?
What drew my attention to it was that the (red/green) status of a lower timeframe sometimes changes as you reduce the overall chart timeframe.
Same thing applies to all timefreames not just the example above.
"what the lower time frames actuall represent when overall chart is set at longer timeframe" "what actual minute does the indicator use?"
The indicator ends up showing the last value or color that happened on the lower timeframe during each bar, as you suggested.
Imagine you have these colors on the 15 and 60 timeframes, where the vertical pipe represents an interval of one hour: 15m: | g g r r | r r r g | 60m: | - - - R | - - - R |
If you are viewing from the 60 timeframe, this is what you will see: 15m: | - - - r | - - - g | 60m: | - - - R | - - - R |
"the (red/green) status of a lower timeframe sometimes changes as you reduce the overall chart timeframe"
This bug was discussed in the Arena, and I never found a real cause. It might be due to moves pre or after market, and whether you are using regular or extended hours in your chart. But in any case you should drill down to lower timeframes and use the single MACD line as your last decision point.
rpbtv
⋅
I can't overstate how important this version of the indicator has become to hundreds of people in the cohorts I frequent. A real threshold in our entire trading lives.
Drmfikar
⋅
This is a great indicator! Would you be willing to design a similar one for different indicators for a fee? If so, please message me directly-
What drew my attention to it was that the (red/green) status of a lower timeframe sometimes changes as you reduce the overall chart timeframe.
Same thing applies to all timefreames not just the example above.