MTF MACD
Download script
The MTF MACD (Multi-Time Frame Moving Average Convergence Divergence) is a specialized trading tool designed to help traders visualize market momentum by analyzing data from different time scales simultaneously. While standard indicators usually only show what is happening on your current chart, this script allows you to view trends from higher time frames (such as Daily or Weekly charts) while staying on your preferred smaller timeframe (like 5-minute or 1-hour charts).
Core Functionality
The primary logic of this tool revolves around three key capabilities:
1. Multi-Time Frame Analysis The script bridges the gap between different time intervals. You can choose a specific "Higher Time Frame" in the settings. The tool then calculates the MACD values for that larger timeframe and projects them onto your current chart. This helps traders identify the "big picture" trend—for example, seeing if the overall daily trend is bullish even while looking at minor price fluctuations on a smaller timeframe.
2. Customizable Price Source Unlike basic indicators that only look at the closing price of a candle, this tool allows you to select which specific price data point the calculation should be based on. You can choose from several options, including:
- Close: The final price of a period.
- Open/High/Low: The starting, highest, or lowest prices.
- Median/Typical/Weighted: Advanced averages that provide a more nuanced view of the price action within a candle.
3. Dynamic Visual Indicators The script produces two distinct visual elements on your screen:
- Main Histogram: This represents the primary momentum difference between fast and slow moving averages. It shows the strength and direction of the current move.
- Signal Line: This is a secondary smoothed line that helps identify potential turning points or "crosses" in momentum, which many traders use as a trigger for making decisions.
How it Processes Data
The script automatically synchronizes the timing between your current chart and the chosen higher timeframe. It calculates the "offset"—essentially figuring out which candle on the higher timeframe corresponds to the exact moment you are looking at on your screen. It then populates the histogram and signal line accurately so that the data remains consistent and readable as new price information arrives in real-time.
//+------------------------------------------------------------------+
//| MTF MACD.mq4 |
//+------------------------------------------------------------------+
#property copyright "mqlservice.co.uk"
#property link "http://mqlservice.co.uk/"
#property indicator_separate_window
#property indicator_buffers 2
#property indicator_color1 Gray
#property indicator_color2 Red
//---- input parameters
extern int TimeFrame=0;
extern int FastEMA=12;
extern int SlowEMA=26;
extern int Signal=9;
extern int AppliedPrice=0;
extern int Shift=0;
extern string note0="Applied price 0-CLOSE | 1-OPEN | 2-HIGH | 3-LOW |";
extern string note1=" | 4-MEDIAN | 5-TYPICAL | 6-WEIGHTED |";
extern string note2 = "Time Frame 0=current time frame";
extern string note3 = "1=M1, 5=M5, 15=M15, 30=M30";
extern string note4 = "60=H1, 240=H4, 1440=D1";
extern string note5 = "10080=W1, 43200=MN1";
//---- buffers
double MainBuffer[];
double SignalBuffer[];
//+------------------------------------------------------------------+
//| Custom indicator initialization function |
//+------------------------------------------------------------------+
int init()
{
int draw_begin=MathMax(FastEMA,SlowEMA);
string short_name="MTF MACD Price ";
//---- indicators
SetIndexStyle(0,DRAW_HISTOGRAM,0,2);
SetIndexBuffer(0,MainBuffer);
SetIndexStyle(1,DRAW_LINE);
SetIndexBuffer(1,SignalBuffer);
Print("MTF MACD.mq4, Ver.#2");
Print("Copyright © 2009/05/26 MQL Service UK http://mqlservice.co.uk/");
switch(AppliedPrice){
case 1 : short_name=short_name+"| OPEN "; break;
case 2 : short_name=short_name+"| HIGH "; break;
case 3 : short_name=short_name+"| LOW "; break;
case 4 : short_name=short_name+"| MEDIAN "; break;
case 5 : short_name=short_name+"| TYPICAL "; break;
case 6 : short_name=short_name+"| WEIGHTED "; break;
default :
AppliedPrice=PRICE_CLOSE; short_name=short_name+"| CLOSE "; break;
}
if(TimeFrame<Period()) TimeFrame=Period();
string TFName="";
switch(TimeFrame)
{
case 1 : TFName="M1"; break;
case 5 : TFName="M5"; break;
case 15 : TFName="M15"; break;
case 30 : TFName="M30"; break;
case 60 : TFName="H1"; break;
case 240 : TFName="H4"; break;
case 1440 : TFName="D1"; break;
case 10080 : TFName="W1"; break;
case 43200 : TFName="MN1"; break;
default : TFName="Chart"; TimeFrame=Period(); break;
}
short_name=StringConcatenate(short_name," (TF "+TFName+","+FastEMA+","+SlowEMA+","+Signal+")");
IndicatorShortName(short_name);
SetIndexDrawBegin(0,draw_begin);
SetIndexDrawBegin(1,draw_begin);
SetIndexLabel(0,"Main");
SetIndexLabel(1,"Signal");
IndicatorDigits(6);
return(0);
}
//+------------------------------------------------------------------+
//| Custom indicator deinitialization function |
//+------------------------------------------------------------------+
int deinit()
{
//----
//----
return(0);
}
//+------------------------------------------------------------------+
//| Custom indicator iteration function |
//+------------------------------------------------------------------+
int start()
{
int limit, iChart, iTF, delta=0;
datetime TimeArray[];
if(TimeFrame>Period()) delta=MathCeil(TimeFrame/Period());
int counted_bars=IndicatorCounted();
//---- check for possible errors
if(counted_bars<0) return(-1);
//---- the last counted bar will be recounted
if(counted_bars>0) counted_bars--;
limit=Bars-counted_bars+delta;
ArrayCopySeries(TimeArray,MODE_TIME,Symbol(),TimeFrame);
iTF=0;
for(iChart=0; iChart<limit; iChart++)
{
while(Time[iChart]<TimeArray[iTF]) iTF++;
MainBuffer[iChart]=EMPTY_VALUE;
SignalBuffer[iChart]=EMPTY_VALUE;
MainBuffer[iChart]=iMACD(Symbol(),TimeFrame,FastEMA,SlowEMA,Signal,AppliedPrice,MODE_MAIN,iTF+Shift);
SignalBuffer[iChart]=iMACD(Symbol(),TimeFrame,FastEMA,SlowEMA,Signal,AppliedPrice,MODE_SIGNAL,iTF+Shift);
}
return(0);
}
//+------------------------------------------------------------------+
Comments