- Multi-timeframe trend indicator for the following timeframes: 5 minutes, 15 minutes, 30 minutes, 1 hour, 2 hours, 4 hours, 6 hours, 12 hours, 1 day, and 1 week and average.
- Displays trends for selected timeframes in a table.
- Considers short and long-term exponential moving averages (EMAs) to determine trends.
- Calculation of the average trend for all timeframes.
- Display of trends with appropriate coloring for better readability (green for "Up", red for "Down", and intermediate shades for neutral or strong trends).
List of Parameters
- Customization of the table's position on the screen (top-left, top-right, middle-left, middle-right, bottom-left, bottom-right).
- Setting the lengths of the short and long-term exponential moving averages.
- Option to activate or deactivate the display of EMAs for better customization (true by default).
Please note that the MTFTI is not a guarantee of future market performance and should be used in conjunction with proper risk management. Always ensure that you have a thorough understanding of the indicator’s methodology and its limitations before making any investment decisions. Additionally, past performance is not indicative of future results.
- Options to Show/Hide Specific Timeframes: Users can now choose to show or hide specific timeframes in the trend table. This is controlled by the new input variables showTf1, showTf2, ..., showTf11.
- Dynamic Average Trend Calculation: The script now calculates the average trend based only on the displayed timeframes, making the average more relevant to the user.
- Removal of Trend Line on Chart: The new version does not contain the trend line (plot(0, "Trend", color=color.gray, linewidth=1, style=plot.style_stepline)) that was present in the previous version.
- Average Trend Calculation: The calculation of the average trend (trendAvg) has been modified to account for only the active timeframes, thereby avoiding division by zero.
- Initialization of trendSum and activeTfs Variables: New variables have been introduced to dynamically handle the calculation of the average trend.
- Conditional Table Cell Filling: Conditions have been added for filling the table cells based on the displayed timeframes.
In true TradingView spirit, the author of this script has published it open-source, so traders can understand and verify it. Cheers to the author! You may use it for free, but reuse of this code in a publication is governed by House Rules. You can favorite it to use it on a chart.