This tool is designed to provide traders with a comprehensive "big picture" view of market dynamics by consolidating three different timeframes into a single visual display. Instead of requiring you to manually switch between different charts to monitor long-term trends and short-term price actions, this script overlays the data simultaneously.
Core Functionality
The logic operates by scanning three specific timeframes (which can be customized, such as Weekly, Daily, and 4-Hour charts). It identifies the extreme high and low price points across these various periods to establish a universal "boundary" for the visual display.
How the Data is Processed
To ensure that all three timeframes can be viewed clearly on one screen without overlapping in a way that confuses the viewer, the script performs several sophisticated logical steps:
- Range Scaling: Since a Weekly price move is much larger than an H4 move, the script "normalizes" the data. It takes the price action of each timeframe and shrinks or expands it proportionally so that they all fit perfectly within the same visual boundaries on your screen.
- Relative Positioning: By using a specialized mathematical formula for range shifting, the script ensures that regardless of the original price scale, the relative movements (the "shape" of the price candles) remain accurate and visible.
- Dynamic Visualization: The script identifies bullish (upward) and bearish (downward) price bodies and shadows. It then plots these as histograms.
- Bullish movements are represented by different colors/thicknesses to distinguish between the primary timeframe and the secondary ones.
- Bearish movements are similarly categorized, allowing you to see at a glance if a short-term drop is part of a larger long-term trend or an isolated event.
Key Benefits for the User
- Simultaneous Analysis: You can observe how a small price fluctuation on a minor timeframe relates to the broader movement of a major timeframe without clicking through different tabs.
- Visual Clarity: By using varying line thicknesses and colors, the script distinguishes between "major" signals and "minor" noise, helping you stay focused on the most significant market drivers.
- Simplified Workflow: It eliminates the need for multiple monitors or constant window switching, providing a consolidated dashboard of market sentiment across multiple scales.
Price Data Components
Miscellaneous
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multitimeframe
//+------------------------------------------------------------------+
//| MultiTimeFrame.mq4 |
//| Copyright 2015, MetaQuotes Software Corp. |
//| https://www.mql5.com
//This indicator help you keep 3 different Time frames on the screen
//to see the price action clearly on both short term and long term
//without switching buttons.
//+------------------------------------------------------------------+
#property copyright "Copyright 2015, MetaQuotes Software Corp."
#property link "https://www.mql5.com"
#property version "1.00"
#property strict
#property indicator_separate_window
#property indicator_buffers 6
#property indicator_plots 6
//--- plot BU
#property indicator_label1 "BU"
#property indicator_type1 DRAW_HISTOGRAM
#property indicator_color1 clrLime
#property indicator_style1 STYLE_SOLID
#property indicator_width1 3
//--- plot BD
#property indicator_label2 "BD"
#property indicator_type2 DRAW_HISTOGRAM
#property indicator_color2 clrRed
#property indicator_style2 STYLE_SOLID
#property indicator_width2 3
//--- plot BS
#property indicator_label3 "BS"
#property indicator_type3 DRAW_HISTOGRAM
#property indicator_color3 clrBlack
#property indicator_style3 STYLE_SOLID
#property indicator_width3 3
//--- plot SU
#property indicator_label4 "SU"
#property indicator_type4 DRAW_HISTOGRAM
#property indicator_color4 clrLime
#property indicator_style4 STYLE_SOLID
#property indicator_width4 1
//--- plot SD
#property indicator_label5 "SD"
#property indicator_type5 DRAW_HISTOGRAM
#property indicator_color5 clrRed
#property indicator_style5 STYLE_SOLID
#property indicator_width5 1
//--- plot SS
#property indicator_label6 "SS"
#property indicator_type6 DRAW_HISTOGRAM
#property indicator_color6 clrBlack
#property indicator_style6 STYLE_SOLID
#property indicator_width6 1
input ENUM_TIMEFRAMES TF1=PERIOD_W1;
input ENUM_TIMEFRAMES TF2=PERIOD_D1;
input ENUM_TIMEFRAMES TF3=PERIOD_H4;
input int BarsPerTF=30;
//--- indicator buffers
//
//bullish body
double BUBuffer[];
//bearish body
double BDBuffer[];
//body mask
double BMBuffer[];
//bullish shadow
double SUBuffer[];
//bearish shadow
double SDBuffer[];
//shadow mask
double SMBuffer[];
//+------------------------------------------------------------------+
//| Custom indicator initialization function |
//+------------------------------------------------------------------+
int OnInit()
{
//--- indicator buffers mapping
SetIndexBuffer(0,BUBuffer);
SetIndexBuffer(1,BDBuffer);
SetIndexBuffer(2,BMBuffer);
SetIndexBuffer(3,SUBuffer);
SetIndexBuffer(4,SDBuffer);
SetIndexBuffer(5,SMBuffer);
///////// Set Index 2 & 5 colors to chart background color (to mask histogram bars and make it looks like a candle)
/* long res;
ChartGetInteger(ChartID(),CHART_COLOR_BACKGROUND,0,res);
SetIndexStyle(2,EMPTY ,EMPTY ,EMPTY ,(color)res);
SetIndexStyle(5,EMPTY ,EMPTY ,EMPTY ,(color)res);*/
//////////////
ArrayInitialize(BUBuffer,EMPTY_VALUE);
ArrayInitialize(BDBuffer,EMPTY_VALUE);
ArrayInitialize(BMBuffer,EMPTY_VALUE);
ArrayInitialize(SUBuffer,EMPTY_VALUE);
ArrayInitialize(SDBuffer,EMPTY_VALUE);
ArrayInitialize(SMBuffer,EMPTY_VALUE);
//---
return(INIT_SUCCEEDED);
}
//+------------------------------------------------------------------+
//| Custom indicator iteration function |
//+------------------------------------------------------------------+
int OnCalculate(const int rates_total,
const int prev_calculated,
const datetime &time[],
const double &open[],
const double &high[],
const double &low[],
const double &close[],
const long &tick_volume[],
const long &volume[],
const int &spread[])
{
//---
int TF=TF1,index=0;
double H,L,_l,_h,h1,h2,h3,l1,l2,l3;
//highest point in tf1
h1=iHigh(NULL,TF1,iHighest(NULL,TF1,MODE_HIGH,BarsPerTF));
//highest point in tf2
h2=iHigh(NULL,TF2,iHighest(NULL,TF2,MODE_HIGH,BarsPerTF));
//highest point in tf3
h3=iHigh(NULL,TF3,iHighest(NULL,TF3,MODE_HIGH,BarsPerTF));
//lowest point in tf1
l1=iLow(NULL,TF1,iLowest(NULL,TF1,MODE_LOW,BarsPerTF));
//lowest point in tf2
l2=iLow(NULL,TF2,iLowest(NULL,TF2,MODE_LOW,BarsPerTF));
//lowest point in tf3
l3=iLow(NULL,TF3,iLowest(NULL,TF3,MODE_LOW,BarsPerTF));
//highest point in all tfs
H=MathMax(
h1,
MathMax(h2,h3)
);
//lowest point in all tfs
L=MathMin(
l1,
MathMin(l2,l3)
);
_l=l1;
_h=h1;
//loop 3 times
for(int x=1; x<4; x++)
{
for(int i=0; i<BarsPerTF; i++)
{
//drawing index
index=i+BarsPerTF *(x-1);
// set specific variables for each iteration
if(x==1)
{ TF=TF1; _h=h1;_l=l1; }
if(x==2)
{ TF=TF2;_h=h2; index+=BarsPerTF/8;;_l=l2; }
if(x==3)
{ TF=TF3;_h=h3; index+=BarsPerTF/4;;_l=l3; }
// collect open close high low and shift it to the scale of [H-L] using the formula of range shifting
// NewValue = (((OldValue - OldMin) * (NewMax - NewMin)) / (OldMax - OldMin)) + NewMin
double c = ( (iClose(NULL, TF, i ) - _l) / (_h - _l) ) * (H - L) + L;
double o = ( (iOpen(NULL, TF, i ) - _l) / (_h - _l) )* (H - L) + L;
double h = ( (iHigh(NULL, TF, i ) - _l) / (_h - _l) ) * (H - L) + L;
double l =( (iLow(NULL, TF, i ) - _l) / (_h - _l) ) * (H - L) + L;
//fill the buffers
if(c>=o)
{
BUBuffer[index]= c;
BMBuffer[index]= o;
SUBuffer[index]= h;
SMBuffer[index]= l;
}
else
{
BDBuffer[index]=o;
BMBuffer[index]= c;
SDBuffer[index]= h;
SMBuffer[index]= l;
}
}
}
//--- return value of prev_calculated for next call
return(rates_total);
}
//+------------------------------------------------------------------+
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