OPEN-SOURCE SCRIPT
Updated MTF Selection Framework - PineCoders FAQ
Our MTF Selection Framework allows Pine coders to add multi-timeframe capabilities to their script with the following features:
► Timeframe selection
The higher timeframe can be selected using 3 different ways:
• By steps (60 min., 1D, 3D, 1W, 1M, 1Y).
• As a multiple of the current chart's resolution, which can be fractional, so 3.5 will work.
• Fixed.
► Non-repainting or Repainting mode can be selected.
► Smoothing of the HTF line
Can be turned on/off and a smoothing factor allows the user to select the degree of smoothing he requires.
The framework is used here to create a higher timeframe version of a simple RSI line, but it can be used to access HTF information for almost any signal.
Functions used
Converts the current timeframe.multiplier plus the TF into minutes of type float.
• In Pine, the timeframe.multiplier is an integer representing the resolution, but a value of 1 can mean one day or one minute. This function converts that information in a standard fractional float minutes format that can then be used by the other functions in the framework.
• If the chart's current resolution is 15 seconds, the function will return 0.25. If the chart's resolution is one day, it will return 1440.
Returns resolution of _resolution period in minutes.
• This function does the same as f_resInMinutes(), but on the target resolution supplied as a parameter in the timeframe.period string format.
Given a current resolution in fractional float minutes, returns its corresponding stepped HTF in the timeframe.period string format.
• This allows the implementation of the step HTF selection mode.
Given a current resolution in fractional float minutes and a fractional multiplier, returns a multiple of the resolution as a string in "timeframe.period" format usable with "security()".
• A multiple like 3.5 is allowed.
• Note that with seconds resolutions, the result returned is constrained by the discrete seconds resolutions available on TV.
Used to display a label showing either:
• A warning when the chart's resolution is not lower than the HTF.
• The HTF resolution currently used.
The y position used to position the label will require adaptation to the signal you are using. For use in "overlay = true" mode, a technique that works well is commented out in the code.
Look first. Then leap.
► Timeframe selection
The higher timeframe can be selected using 3 different ways:
• By steps (60 min., 1D, 3D, 1W, 1M, 1Y).
• As a multiple of the current chart's resolution, which can be fractional, so 3.5 will work.
• Fixed.
► Non-repainting or Repainting mode can be selected.
► Smoothing of the HTF line
Can be turned on/off and a smoothing factor allows the user to select the degree of smoothing he requires.
The framework is used here to create a higher timeframe version of a simple RSI line, but it can be used to access HTF information for almost any signal.
Functions used
Pine Script®
f_resInMinutes()
Converts the current timeframe.multiplier plus the TF into minutes of type float.
• In Pine, the timeframe.multiplier is an integer representing the resolution, but a value of 1 can mean one day or one minute. This function converts that information in a standard fractional float minutes format that can then be used by the other functions in the framework.
• If the chart's current resolution is 15 seconds, the function will return 0.25. If the chart's resolution is one day, it will return 1440.
Pine Script®
f_tfResInMinutes(_resolution)
Returns resolution of _resolution period in minutes.
• This function does the same as f_resInMinutes(), but on the target resolution supplied as a parameter in the timeframe.period string format.
Pine Script®
f_resNextStep(_res)
Given a current resolution in fractional float minutes, returns its corresponding stepped HTF in the timeframe.period string format.
• This allows the implementation of the step HTF selection mode.
Pine Script®
f_multipleOfRes(_res, _mult)
Given a current resolution in fractional float minutes and a fractional multiplier, returns a multiple of the resolution as a string in "timeframe.period" format usable with "security()".
• A multiple like 3.5 is allowed.
• Note that with seconds resolutions, the result returned is constrained by the discrete seconds resolutions available on TV.
Pine Script®
f_htfLabel(_txt, _y, _color)
Used to display a label showing either:
• A warning when the chart's resolution is not lower than the HTF.
• The HTF resolution currently used.
The y position used to position the label will require adaptation to the signal you are using. For use in "overlay = true" mode, a technique that works well is commented out in the code.
Look first. Then leap.
Release Notes
Updated comments and label function.Release Notes
Fixed alignment in code.Release Notes
Changed variable name in label function.Release Notes
Optimized f_tfResInMinutes(_resolution). Thanks to MichelT!Release Notes
Typo. Thx scarf!Release Notes
.• Added steps to the shorter TFs in f_resNextStep(). The steps are now: 15 min., 60 min., 4H, 1D, 3D, 1W, 1M, 1Y.
• Also added a compact version of the functions at the end of the script, which uses only 7 lines.
Release Notes
.Added one function:
Pine Script®
f_resFromMinutes(_minutes)
Given a resolution in fractional float minutes, returns it as a string in "timeframe.period" format usable with "security()".
Release Notes
Added 2 functions:Pine Script®
f_theoreticalDilationOf(_res)
f_avgDilationOf(_res)
f_avgDilationOf(_res)
They return the theoretical and the average number of chart bars (the dilation) in the higher resolution. The average number will vary because of non-trading period or irregularities in datasets.
Open-source script
In true TradingView spirit, the creator of this script has made it open-source, so that traders can review and verify its functionality. Kudos to the author! While you can use it for free, remember that republishing the code is subject to our House Rules.
For quick access on a chart, add this script to your favorites — learn more here.
Tools and ideas for all Pine coders: pinecoders.com
Our Pine FAQ & Code: pinecoders.com/faq_and_code/
Pine news broadcasts: t.me/PineCodersSquawkBox or twitter.com/PineCoders
Our Pine FAQ & Code: pinecoders.com/faq_and_code/
Pine news broadcasts: t.me/PineCodersSquawkBox or twitter.com/PineCoders
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Open-source script
In true TradingView spirit, the creator of this script has made it open-source, so that traders can review and verify its functionality. Kudos to the author! While you can use it for free, remember that republishing the code is subject to our House Rules.
For quick access on a chart, add this script to your favorites — learn more here.
Tools and ideas for all Pine coders: pinecoders.com
Our Pine FAQ & Code: pinecoders.com/faq_and_code/
Pine news broadcasts: t.me/PineCodersSquawkBox or twitter.com/PineCoders
Our Pine FAQ & Code: pinecoders.com/faq_and_code/
Pine news broadcasts: t.me/PineCodersSquawkBox or twitter.com/PineCoders
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.