MTF_ATR Channels
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Overview of the MTF ATR Channels Indicator
The MTF ATR Channels is a sophisticated technical analysis tool designed to help traders visualize market volatility and price trends across different timeframes simultaneously. It combines moving averages with Average True Range (ATR) channels to create a multi-layered "envelope" system that identifies potential overextended prices and helps smooth out market noise.
Core Functionalities
1. Multi-Timeframe (MTF) Integration
One of the primary features of this script is its ability to project data from higher timeframes onto your current chart. For example, if you are viewing a 15-minute chart, you can set the indicator to display data from the 4-hour or Daily charts. This allows you to stay aware of the "big picture" trends without constantly switching tabs.
2. The Central Moving Average
At the heart of the indicator is a core moving average line. This serves as the primary trend baseline. It helps identify the general direction of the market (bullish or bearish) by providing a smoothed representation of price action over a specific period.
3. Three-Tiered ATR Channels
The script generates three distinct sets of "channels" (upper and lower bands) surrounding the central moving average. These are calculated based on the Average True Range, which measures how much an asset typically moves in a given time period.
- Channel 1 (Narrow): Closely tracks the price to identify immediate volatility.
- Channel 2 (Medium): Provides a broader scope for standard market fluctuations.
- Channel 3 (Wide): Represents extreme price movements.
By having three different tiers, the indicator allows traders to see not just where the price is currently moving, but also how far it has strayed from the "norm." When the price pushes toward or outside these outer bands, it often signals that the market may be overbought or oversold.
Visual Logic and Behavior
The script is designed to be highly organized and readable:
- Color Coding: Different colors are assigned to each set of channels, making it easy to distinguish between short-term volatility and long-term extremes at a glance.
- Buffer Smoothing: The logic includes a specific "Refresh" mechanism. This ensures that when viewing higher timeframes on a lower timeframe chart, the lines appear smooth and continuous rather than jagged or disconnected. It effectively "fills in the gaps" to provide a seamless visual experience.
Summary for the Trader
This tool is built for traders who want to see context. Instead of looking at price in isolation, it provides a visual map of:
- Trend: Via the central moving average.
- Volatility: Via the ATR-based bands.
- Perspective: By allowing the user to overlay larger timeframe data onto their current workspace.
Miscellaneous
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MTF_ATR Channels
//+------------------------------------------------------------------+
//| MTF ATR Channels.mq4 |
//| Copyright © 2005, Luis Guilherme Damiani |
//| forex-tsd.com http://www.damianifx.com.br |
//+------------------------------------------------------------------+
#property copyright "Copyright © 2005, Luis Guilherme Damiani"
#property link "http://www.damianifx.com.br"
#property indicator_chart_window
#property indicator_buffers 7
#property indicator_color1 DarkGreen //Moving Average
#property indicator_color2 DodgerBlue // Lower band 1
#property indicator_color3 DodgerBlue // Upper band 1
#property indicator_color4 RoyalBlue // Lower band 2
#property indicator_color5 RoyalBlue // Upper band 2
#property indicator_color6 FireBrick // Lower band 3
#property indicator_color7 FireBrick // Upper band 3
#property indicator_width1 2
#property indicator_width2 2
#property indicator_width3 2
#property indicator_width4 2
#property indicator_width5 2
#property indicator_width6 2
#property indicator_width7 2
//---- indicator buffers
double MA_Buffer0[];
double Ch1up_Buffer1[];
double Ch1dn_Buffer2[];
double Ch2up_Buffer3[];
double Ch2dn_Buffer4[];
double Ch3up_Buffer5[];
double Ch3dn_Buffer6[];
//---- input parameters
extern int TimeFrame=0;
extern int PeriodsATR = 18;
extern int MA_Periods = 49;
extern int MA_type = MODE_LWMA;
extern double Mult_Factor1 = 1.6;
extern double Mult_Factor2 = 3.2;
extern double Mult_Factor3 = 4.8;
//+------------------------------------------------------------------+
//| Custom indicator initialization function |
//+------------------------------------------------------------------+
int init()
{
string mat;
//---7- indicators
// MA
SetIndexStyle(0, DRAW_LINE);
SetIndexBuffer(0, MA_Buffer0);
SetIndexDrawBegin(0, MathMax(PeriodsATR, MA_Periods));
SetIndexLabel(0, "MTF_ATR_Chnl_MA["+TimeFrame+"]"+PeriodsATR+", "+MA_Periods+"");
// ATR 1 up
SetIndexStyle(1, DRAW_LINE);
SetIndexBuffer(1, Ch1up_Buffer1);
SetIndexDrawBegin(1, MathMax(PeriodsATR, MA_Periods));
string sATRu1 = StringConcatenate("MTF_ATRu1([",TimeFrame,"]", PeriodsATR, ", ", Mult_Factor1, ")");
SetIndexLabel(1, sATRu1);
// ATR 1 down
SetIndexStyle(2, DRAW_LINE);
SetIndexBuffer(2, Ch1dn_Buffer2);
SetIndexDrawBegin(2, MathMax(PeriodsATR, MA_Periods));
string sATRd1 = StringConcatenate("AMTF_TRd1([",TimeFrame,"]", PeriodsATR, ", ", Mult_Factor1, ")");
SetIndexLabel(2, sATRd1);
// ATR 2 up
SetIndexStyle(3, DRAW_LINE);
SetIndexBuffer(3, Ch2up_Buffer3);
SetIndexDrawBegin(3, MathMax(PeriodsATR, MA_Periods));
string sATRu2 = StringConcatenate("MTF_ATRu2([",TimeFrame,"]", PeriodsATR, ", ", Mult_Factor2, ")");
SetIndexLabel(3, sATRu2);
// ATR 2 down
SetIndexStyle(4, DRAW_LINE);
SetIndexBuffer(4, Ch2dn_Buffer4);
SetIndexDrawBegin(4, MathMax(PeriodsATR, MA_Periods));
string sATRd2 = StringConcatenate("MTF_ATRd2([",TimeFrame,"]", PeriodsATR, ", ", Mult_Factor2, ")");
SetIndexLabel(4, sATRd2);
// ATR 3 up
SetIndexStyle(5, DRAW_LINE);
SetIndexBuffer(5, Ch3up_Buffer5);
SetIndexDrawBegin(5, MathMax(PeriodsATR, MA_Periods));
string sATRu3 = StringConcatenate("MTF_ATRu3([",TimeFrame,"]", PeriodsATR, ", ", Mult_Factor3, ")");
SetIndexLabel(5, sATRu3);
// ATR 3 down
SetIndexStyle(6, DRAW_LINE);
SetIndexBuffer(6, Ch3dn_Buffer6);
SetIndexDrawBegin(6, MathMax(PeriodsATR, MA_Periods));
string sATRd3 = StringConcatenate("MTF_ATRd3([",TimeFrame,"]", PeriodsATR, ", ", Mult_Factor3, ")");
SetIndexLabel(6, sATRd3);
//----
//---- name for DataWindow and indicator subwindow label
switch(TimeFrame)
{
case 1 : string TimeFrameStr="Period_M1"; break;
case 5 : TimeFrameStr="Period_M5"; break;
case 15 : TimeFrameStr="Period_M15"; break;
case 30 : TimeFrameStr="Period_M30"; break;
case 60 : TimeFrameStr="Period_H1"; break;
case 240 : TimeFrameStr="Period_H4"; break;
case 1440 : TimeFrameStr="Period_D1"; break;
case 10080 : TimeFrameStr="Period_W1"; break;
case 43200 : TimeFrameStr="Period_MN1"; break;
default : TimeFrameStr="Current Timeframe";
string short_name="MTF_ATR_Channels["+TimeFrameStr+"]"+PeriodsATR+","+MA_Periods+")";
IndicatorShortName(short_name);
}
//
return(0);
}
//+------------------------------------------------------------------+
//| Custor indicator deinitialization function |
//+------------------------------------------------------------------+
int deinit()
{
//----
return(0);
}
//+------------------------------------------------------------------+
//| MTF ATR Channels |
//+------------------------------------------------------------------+
int start()
{
datetime TimeArray[];
int i,limit,y=0,counted_bars=IndicatorCounted();
// Plot defined time frame on to current time frame
ArrayCopySeries(TimeArray,MODE_TIME,Symbol(),TimeFrame);
limit=Bars-counted_bars+TimeFrame/Period();
for(i=0,y=0;i<limit;i++)
{
if (Time[i]<TimeArray[y]) y++;
/***********************************************************
Add your main indicator loop below. You can reference an existing
indicator with its iName or iCustom.
Rule 1: Add extern inputs above for all neccesary values
Rule 2: Use 'TimeFrame' for the indicator time frame
Rule 3: Use 'y' for your indicator's shift value
**********************************************************/
MA_Buffer0[i] =iCustom(NULL,TimeFrame,"ATR Channels",PeriodsATR, MA_Periods, MA_type,Mult_Factor1, Mult_Factor2, Mult_Factor3, 0,y);
Ch1up_Buffer1[i]=iCustom(NULL,TimeFrame,"ATR Channels",PeriodsATR, MA_Periods, MA_type,Mult_Factor1, Mult_Factor2, Mult_Factor3, 1,y);
Ch1dn_Buffer2[i]=iCustom(NULL,TimeFrame,"ATR Channels",PeriodsATR, MA_Periods, MA_type,Mult_Factor1, Mult_Factor2, Mult_Factor3, 2,y);
Ch2up_Buffer3[i]=iCustom(NULL,TimeFrame,"ATR Channels",PeriodsATR, MA_Periods, MA_type,Mult_Factor1, Mult_Factor2, Mult_Factor3, 3,y);
Ch2dn_Buffer4[i]=iCustom(NULL,TimeFrame,"ATR Channels",PeriodsATR, MA_Periods, MA_type,Mult_Factor1, Mult_Factor2, Mult_Factor3, 4,y);
Ch3up_Buffer5[i]=iCustom(NULL,TimeFrame,"ATR Channels",PeriodsATR, MA_Periods, MA_type,Mult_Factor1, Mult_Factor2, Mult_Factor3, 5,y);
Ch3dn_Buffer6[i]=iCustom(NULL,TimeFrame,"ATR Channels",PeriodsATR, MA_Periods, MA_type,Mult_Factor1, Mult_Factor2, Mult_Factor3, 6,y);
//+------------------------------------------------------------------+
//| Custom indicator iteration function |
//+------------------------------------------------------------------+
}
//---- Refresh buffers ++++++++++++++++++++ upgrade by Raff
int TimeFrame; if (TimeFrame>Period()) {
int PerINT=TimeFrame/Period()+1;
datetime TimeArr[]; ArrayResize(TimeArr,PerINT);
ArrayCopySeries(TimeArr,MODE_TIME,Symbol(),Period());
for(i=0;i<PerINT+1;i++) {if (TimeArr[i]>=TimeArray[0]) {
/********************************************************
Refresh buffers: buffer[i] = buffer[0];
********************************************************/
MA_Buffer0[i] = MA_Buffer0[0];
Ch1up_Buffer1[i]= Ch1up_Buffer1[0];
Ch1dn_Buffer2[i]= Ch1dn_Buffer2[0];
Ch2up_Buffer3[i]= Ch2up_Buffer3[0];
Ch2dn_Buffer4[i]= Ch2dn_Buffer4[0];
Ch3up_Buffer5[i]= Ch3up_Buffer5[0];
Ch3dn_Buffer6[i]= Ch3dn_Buffer6[0];
} } }
//+++++++++++++++++++++++++++++++++++++++++++++++++++ Raff
return(0);
}
//+-----------
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