This indicator is a huge upgrade to my original MTF MESA
Plots are now extremely smooth and accurate on all timeframes ** Missing data points are automatically filled with the "best fit"
This is a Trend indicator and should be used to trade "top-down" aka:
Start with the Daily chart to confirm a trend
Move to 4H
2H
Etc...
Use your favorite entry method or simply watch for wicks forming when the price gets near the MESA adaptive moving average. This is one of the few indicators that I've been using for years with success. Being able to plot both the current & higher timeframe MESA can sometimes feel like cheating.
Due to the nature of the recursive calculation, you may notice slight differences between this version of MESA and others that either approximate higher timeframes with fewer samples or make use of the latest "Resolution" argument in Pinescript V4. Both of which are fine, until you start looking at M5 charts while plotting the Daily MESA.
As always, happy trading!
** Currently supports M 1,3,5,15,30,45 H 1,2,3,4 Day 1 Week 1 Month 1
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Improved large MT4 differences. For instance, an M15 chart with the Daily MESA had errors that increased the further back you scroll.
I'm impressed you managed to do MTF thing, TV is not that friendly for that stuff.lmao
DasanC
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@OWL, No, no it is not lol. Thanks for recognizing that haha
sal157011
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Just one question. Aren't you using the phase of the lower timeframe to calculate both the mama's of the lower and the higher timeframes?
DasanC
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@sal157011, No. I am however scaling the phase of the lower timeframe to adjust appropriately.
sal157011
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@EmpiricalFX, Sorry, got confused with the fast and slow variables inside and outside the function getMESA which are not the same. Comparing the plot of the higher timeframe mama made with your study to the plot made with the original study using the security() function there are discrepancies, specially when the higher timeframe is much higher than the lower, nevertheless your script is a great idea. Thank you for sharing.
DasanC
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@sal157011, That's right - the original script is incorrect in it's MTF calculations so it makes sense that the plots would look different. By using security(), gaps in data are automatically merged which is essentially feeding the same number multiple times to the getMESA() function. The function doesn't know that these values are only repeated for the sake of filling gaps and uses them in the algorithm.
If I use the Resolution tag in my study() call, then I wouldn't be able to show both time frames at once.
I compared the MTF plot to the "true" higher timeframe plot in my testing and noted that the differences exist, but tend to be small.
sal157011
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@EmpiricalFX, Very well explained. Is it possible to input fast and slow as parameters? I like fast=0.50. Two higher timeframes instead of only one it would be better too.
I wonder if this MTF method could also be applied to John Ehlers "Hilbert Sine Wave" !