This indicator is designed to provide traders with a multi-timeframe perspective on market momentum by tracking the Moving Average Convergence Divergence (MACD) across four different time horizons simultaneously. Instead of looking at just one chart, it aggregates data from the 15-minute, 30-minute, 1-hour, and 4-hour intervals to give a comprehensive view of the current trend.
Core Functionality
The script monitors the "Main" line of the MACD for four specific timeframes. It uses two customizable averages—a Fast EMA (Exponential Moving Average) and a Slow EMA—to calculate these values. The goal is to identify whether the market is currently trending upwards (positive value) or downwards (negative value) across various scales of time.
How It Works
- Multi-Timeframe Synchronization: The tool automatically pulls data from four different periods (M15, M30, H1, and H4). It aligns this data so that even if you are looking at a lower timeframe chart, the indicator can "see" what is happening on the larger charts.
- Momentum Detection: For each of these timeframes, the script checks the current MACD status:
- If the MACD value is above zero, it signifies bullish (upward) momentum.
- If the MACD value is below zero, it signifies bearish (downward) momentum.
- Visual Signaling: The indicator translates these mathematical calculations into visual cues on your chart:
- It uses specific "arrows" to mark the direction of the trend.
- The arrows are categorized by timeframe, allowing you to see at a glance if the short-term trend (e.g., 15 minutes) is aligned with the long-term trend (e.g., 4 hours).
Practical Application
By using this tool, a trader can quickly determine "confluence"—a situation where multiple timeframes agree on the direction of the price. For example, if all four sets of signals are pointing in the same direction, it suggests a strong, coordinated move across the market. Conversely, if the 15-minute and 30-minute arrows differ from the 1-hour and 4-hour arrows, it may indicate a short-term retracement within a larger ongoing trend.
Indicators Used
Miscellaneous
11
Views
0
Downloads
0
Favorites
#MTF MACD X
//+------------------------------------------------------------------+
//| #MTF MACD X.mq4 |
//| Copyright © 2006, Eli Hayun |
//| http://www.elihayun.com |
//+------------------------------------------------------------------+
#property copyright "Copyright © 2006, Eli Hayun"
#property link "http://www.elihayun.com"
#property indicator_separate_window
#property indicator_minimum -1
#property indicator_maximum 6
#property indicator_buffers 8
#property indicator_color1 Blue
#property indicator_color2 Blue
#property indicator_color3 Blue
#property indicator_color4 Blue
#property indicator_color5 Red
#property indicator_color6 Red
#property indicator_color7 Red
#property indicator_color8 Red
//---- input parameters
extern int FastEMA=5;
extern int SlowEMA=45;
//---- buffers
double UpBuffer_M15[];
double UpBuffer_M30[];
double UpBuffer_H1[];
double UpBuffer_H4[];
double DownBuffer_M15[];
double DownBuffer_M30[];
double DownBuffer_H1[];
double DownBuffer_H4[];
datetime dt15[200], dt30[200], dth1[200], dth4[200];
//+------------------------------------------------------------------+
//| Custom indicator initialization function |
//+------------------------------------------------------------------+
int init()
{
//---- indicators
SetIndexStyle(0,DRAW_ARROW);
SetIndexArrow(0,254);
SetIndexBuffer(0,UpBuffer_M15);
SetIndexEmptyValue(0,-40.0);
SetIndexStyle(1,DRAW_ARROW);
SetIndexArrow(1,254);
SetIndexBuffer(1,UpBuffer_M30);
SetIndexEmptyValue(1,-40.0);
SetIndexStyle(2,DRAW_ARROW);
SetIndexArrow(2,254);
SetIndexBuffer(2,UpBuffer_H1);
SetIndexEmptyValue(2,-40.0);
SetIndexStyle(3,DRAW_ARROW);
SetIndexArrow(3,254);
SetIndexBuffer(3,UpBuffer_H4);
SetIndexEmptyValue(3,-40.0);
SetIndexStyle(4,DRAW_ARROW);
SetIndexArrow(4,253);
SetIndexBuffer(4,DownBuffer_M15);
SetIndexEmptyValue(4,-40.0);
SetIndexStyle(5,DRAW_ARROW);
SetIndexArrow(5,253);
SetIndexBuffer(5,DownBuffer_M30);
SetIndexEmptyValue(5,-40.0);
SetIndexStyle(6,DRAW_ARROW);
SetIndexArrow(6,253);
SetIndexBuffer(6,DownBuffer_H1);
SetIndexEmptyValue(6,-40.0);
SetIndexStyle(7,DRAW_ARROW);
SetIndexArrow(7,253);
SetIndexBuffer(7,DownBuffer_H4);
SetIndexEmptyValue(7,-40.0);
IndicatorShortName("#MACDx("+FastEMA+","+SlowEMA+")");
//----
return(0);
}
//+------------------------------------------------------------------+
//| Custom indicator deinitialization function |
//+------------------------------------------------------------------+
int deinit()
{
//----
//----
return(0);
}
//+------------------------------------------------------------------+
//| Custom indicator iteration function |
//+------------------------------------------------------------------+
int start()
{
int counted_bars=IndicatorCounted();
int limit, shift;
if(counted_bars<0) return(-1);
if (counted_bars==0) limit=Bars-1; // limit = Bars-MinBars-1;
//---- last counted bar will be recounted
if(counted_bars>0) limit=Bars-counted_bars;
limit--;
int i15 = 0, i30 = 0, ih1 = 0, ih4 = 0;
static bool fft = true;
//if (NewBar()) // Update array every 15 minutes
{
ArrayCopySeries(dt15,MODE_TIME,Symbol(),PERIOD_M15);
ArrayCopySeries(dt30,MODE_TIME,Symbol(),PERIOD_M30);
ArrayCopySeries(dth1,MODE_TIME,Symbol(),PERIOD_H1);
ArrayCopySeries(dth4,MODE_TIME,Symbol(),PERIOD_H4);
}
if ((fft) && (Symbol() == "EURUSD"))
{
fft = false;
datetime d = iTime(NULL, PERIOD_D1, 0);
for (int j=0; j<80; j++)
{
Print(j,") ",dt15[j]-d," ",dt30[j]-d, " ", dth1[j]-d," ", dth4[j]-d);
}
}
for(int i=0; i<limit; i++)
{
datetime ddt = iTime(NULL, 0, i);
if (ddt<dt15[i15]) i15++;
if (ddt<dt30[i30]) i30++;
if (ddt<dth1[ih1]) ih1++;
if (ddt<dth4[ih4]) ih4++;
double macd_m15 = iMACD(NULL,PERIOD_M15, FastEMA,SlowEMA,1,PRICE_CLOSE, MODE_MAIN,i15);
double macd_m30 = iMACD(NULL,PERIOD_M30, FastEMA,SlowEMA,1,PRICE_CLOSE, MODE_MAIN,i30);
double macd_h1 = iMACD(NULL,PERIOD_H1, FastEMA,SlowEMA,1,PRICE_CLOSE, MODE_MAIN,ih1);
double macd_h4 = iMACD(NULL,PERIOD_H4, FastEMA,SlowEMA,1,PRICE_CLOSE, MODE_MAIN,ih4);
UpBuffer_M15[i] = -40; DownBuffer_M15[i] = -40;
UpBuffer_M30[i] = -40; DownBuffer_M30[i] = -40;
UpBuffer_H1[i] = -40; DownBuffer_H1[i] = -40;
UpBuffer_H4[i] = -40; DownBuffer_H4[i] = -40;
if (macd_m15 > 0) UpBuffer_M15[i] = 1; if (macd_m15 < 0) DownBuffer_M15[i] = 1;
if (macd_m30 > 0) UpBuffer_M30[i] = 2; if (macd_m30 < 0) DownBuffer_M30[i] = 2;
if (macd_h1 > 0) UpBuffer_H1[i] = 3; if (macd_h1 < 0) DownBuffer_H1[i] = 3;
if (macd_h4 > 0) UpBuffer_H4[i] = 4; if (macd_h4 < 0) DownBuffer_H4[i] = 4;
}
return(0);
}
//+------------------------------------------------------------------+
/*
bool NewBar()
{
static datetime dt = 0;
if (dt != iTime(NULL, PERIOD_M15, 0))
{
dt = iTime(NULL, PERIOD_M15, 0);
}
return(false);
}
*/
Comments