Multi-Timeframe Trend Indicator

The Multi-Timeframe Trend Indicator (MTFTI) is a trend analysis tool designed to help traders quickly and easily assess the market direction across multiple timeframes. With the help of a table to visualize the trends on different timeframes.

Key features:

• 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.

Release Notes:

Updated code formatting.

Release Notes:

Update Note for Multi-Timeframe Trend Indicator (MTFTI)


New Features:

• 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.
  

Modifications:

• 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.
  

Code Improvements:

• 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.