Overview What is difficult for beginner traders is to identify trend occurrence, continuation and reversal. This indicator visualizes market direction by changing background colors based on Dow Theory so that traders can visually grasp trends.
Indicator shows HH/LH/HL/LL of an upper timeframe(MTF) and those of chart’s timeframe at the same time.
As usual, HH/LH/HL/LL of chart’s timeframe can be used to identify trend continuation based on Dow Theory while MTF HH/LH/HL/LL can be used as support/resistance.
Auto and manual mode for MTF When you select “Auto” mode, then an upper timeframe will be automatically determined as MTF based on chart’s timeframe. If “Manual “ mode selected, then you need to specify MTF timeframe.
MTF HH/LH/HL/LL are displayed only below the selected MTF timeframe so it will not disturb when you open higher timeframe. For instance, if you select daily timeframe as MTF, then HH/LH/HL/LL of daily timeframe will be shown on 4 hour or below timeframes.
Auto and manual mode for MTF When you select “Auto” mode, then an upper timeframe will be automatically determined as MTF based on chart’s timeframe. If “Manual “ mode selected, then you need to specify MTF timeframe.
MTF HH/LH/HL/LL are displayed only below the selected MTF timeframe so it will not disturb when you open higher timeframe. For instance, if you select daily timeframe as MTF, then HH/LH/HL/LL of daily timeframe will be shown on 4 hour or below timeframes.
In this chart, you can see two different timeframe’s trend. In 4hour timeframe, a new high recorded as HH and in daily timeframe, lows going up from LL to HL and high going up from LH to HH hence daily chart is uptrend. Also, you can predict that Daily HH would be respected as resistance line.
2.Visualize trends direction with colors based on HH/LH/HL/LL. Background color will change based on break up/down of HH/LH/HL/LL.
When prices break HH/LH up and break HL/LL down, signals will be displayed. These signals can be used to prepare for buying the dip and selling the rip.
✅Added trend confirmation signal/alert Uptrend Confirmation: When both of new HH and HL are fixed, then it is regarded as uptrend. Downtrend Confirmation: When both of new LL and LH are fixed then it is regarded as downtrend confirmation.
1. Added an option to draw historical lines for upper timeframe HH/LH/HL/LL(MTF).
Upper timeframe’s HH/LH/HL/LL often work as support/resistance. With this option activated, the indicator displays historical lines for upper timeframe HH/LH/HL/LL so that you can identify potential reversal zones. You can also specify how many candles to look back to draw historical lines.
Sample chart
In this example, the past Daily LH line is respected as resistance on 4H and past daily LL is respected as support.
Improved plotting method for historical lines for MTF HH/LH/HL/LL. This will be easier to understand higher timeframe’s situation and you can perform multi-timeframe analysis even looking at a single timeframe chart.
Sample chart(EURAUD 1H + 4H HH/LH/HL/LL)
In this chart, you will see; 1. 4H new HL created(HL=>HL) 2. 1H new HL also created(LL=>HL) 3. Opportunity for long as lows have got higher both in 4H(higher timeframe) and 1H(chart timeframe)
Update: 1. Updated to Pine Script version5 2. Implemented vertical gradients for trend visualization(New function of Pine Script)
3. Added yearly timeframe as upper timeframe when monthly chart is selected
——— 1. Pine Scriptバージョン5へアップデート 2. トレンドの可視化機能に垂直グラデーションを導入(Pine Scriptの新機能)
上記チャート参照
3. 月足選択時の上位足として年足を追加
發布通知
Implemented MTF trend direction visualization.
Overview This is a long-awaited feature and now you can visualize an upper timeframe’s trend direction along with the current timeframe trend direction. This provides users a better MTF analysis experience with a single chart with an upper timeframe’s trend situation visualized. You can use it to refine your entry timing looking at both of the current timeframe and an upper timeframe trend direction.
The logic of visualization is same as the current timeframe. Look at the chart below.
Sample chart (EURUSD 4H + Daily trend) -Orange & Dark green: Upper timeframe trend direction(Daily) -Red & Green : Current timeframe trend direction (4H) -Horizontal lines: Upper Timeframe's HH/LH/HL/LL Blue: HH, Green: LH, Red: HL, Purple: LL
The chart above is EURUSD 4hour with daily trend direction visualized.
At the point of ①, the price breaks Daily LL making a new Daily LL then pulls back making a new Daily LH. This confirms the downtrend on Daily timeframe, hence the background color changed to orange.
At the point of ②, the price creates a new Daily HL from a Daily LL, which means the end of down trend on Daily timeframe with a possibility of trend reversal. The background color changes to dark green.
At the point of ③, the price breaks a Daily LH and makes a dip with a new Daily HL, which means an uptrend has been confirmed on Daily timeframe. Therefore, the background color keeps dark green.
How to use it? To activate MTF trend visualization, please tick both of “MTF Trend Visualization” and ”Show Historical Lines for MTF High/Low?” on parameters.
Major Update:Added an option to display strong highs/lows
What is strong highs and strong lows? The definition of strong highs and lows in this indicator is as follows.
Definition: Strong Highs: Highs that break higher lows or lower lows Strong Lows: Lows that break lower highs or higher highs
Note: There is other definition of strong highs/lows, however, the definition above is aligned with other logic of this indicator by which the indicator visualizes market structure and trends.
Strong highs are highs that break the latest low where aggressive sellers are indicated, whereas strong lows are lows that break the latest high where aggressive buyers are indicated.
Example: Chart with the strong highs/lows option
How to use? When prices come back around strong highs/lows, expect the prices respect the strong highs and lows and watch how prices react around them. In an uptrend, for example, if a price revisits around strong lows, trend continuation is expected, while when a price pulls back to strong highs after strong highs are formed, then trend reversal is expected.
Settings To display strong highs/lows, tick the checkbox "Show Strong Highs/Lows?", selecting line colors, types and width. Strong highs and lows are identified based on higher highs/lower highs/higher lows/lower lows(swing highs/lows) which are determined by the parameter "Right bar and left bar" in High Low Setting Section. The more number you put, the less the number of Strong highs/lows lines will be displayed. The less number you put, the more the number of Strong highs/lows lines will be shown but the reliability of lines will be less.
設定 Strong highs/lowsを表示するには、パラメーターで"Show Strong Highs/Lows?"のチェックボックスをONにし、ラインの色や種類、太さを設定します。 Strong highs/lowsは、パラメーター設定画面の"Right bar and left bar"の数値に基づいて決定されるhigher highs/lower highs/higher lows/lower lows(swing highs/lows) によって特定されます。 "Right bar and left bar"に入力した数値が大きければ大きいほど、少ないStrong highs/lowsが表示されます。数値が小さければ多くのStrong highs/lowsラインが表示されますが、それらのラインの信頼性は低くなります。
例: Strong highs/lowsを表示したチャート
發布通知
Update: Added following features.
1. Added "Dynamic" mode for trend visualization. The previous visualization method has remained as "Confirmation" mode.
Difference between Dynamic mode and Confirmation mode
Dynamic mode -When a price breaks LH, the background color changes to green, which indicates a trend reversal from downtrend to uptrend. This helps users identify trend reversal possibilities at the earliest. This is equivalent to what market structure changed from bearish structure to bullish structure.
-When a price breaks HL, the background color changes to red which indicates a trend reversal from uptrend to downtrend.
Confirmation mode -When a price breaks a LH and then a HL has confirmed, the background color changes to green which indicates a trend reversal from downtrend to uptrend. -When a price fails to create a new LL and a HL has been confirmed, the background color changes to green. (A failure to create a new LL indicates a trend reversal from downtrend to uptrend at the earliest timing.) -When a price breaks a HL and then a LH has confirmed, the background color changes to red which indicates a trend reversal from uptrend to downtrend. -When a price fails to create new HH and LH has been confirmed, the background color changes to red. (A failure to create a new HH indicates a trend reversal from uptrend to downtrend at the earliest timing.)
2. Added new signals
-Bull(+): When both the chart timeframe's market structure and an upper timeframe's market structure become bullish -Bear(+): When both the chart timeframe's market structure and an upper timeframe's market structure become bullish -Bull: When the chart timeframe's market structure becomes bullish -Bear: When the chart timeframe's market structure becomes bearish
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