MTF_MegaTrend_Bar_4TFNextM6

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Author: Copyright � 2006, Eli hayun
MTF_MegaTrend_Bar_4TFNextM6

This script is a multi-timeframe analysis tool designed to provide traders with a comprehensive overview of market trends across four different time horizons simultaneously. Instead of forcing you to switch between different charts to see the "big picture," it aggregates this data into a single visual display.

Core Logic and Functionality

1. Multi-Timeframe Synchronization The script automatically identifies your current chart's timeframe and selects four corresponding higher timeframes to monitor. For example, if you are looking at a 15-minute chart, the tool will automatically pull data from the 15-minute, 30-minute, 1-hour, and 4-hour intervals (depending on the specific configuration logic). This ensures that you can see how short-term price action aligns with broader market movements.

2. Trend Detection The script relies on an underlying "MegaTrend" calculation. It analyzes specific price data points—specifically looking at the relationship between opening and closing values—to determine if the current trend is bullish (upward) or bearish (downward).

3. Visual Representation To make this information easy to read, the script uses a series of colored bars or arrows in a separate window on your chart:

  • Blue Indicators: Represent an upward trend.
  • Red Indicators: Represent a downward trend.
  • Layered Display: Because it tracks four different timeframes at once, the script offsets these signals visually. It places them at different "heights" or levels with specific gaps between them. This prevents the data from overlapping, allowing you to see all four trends clearly in one vertical stack.

4. Dynamic Labeling The tool dynamically generates text labels on your chart that identify which timeframe each set of signals belongs to (e.g., "M15", "H1", etc.). This removes any guesswork, ensuring you know exactly which trend signal corresponds to which timeframe.

5. Data Refresh and Continuity The script includes logic to ensure that the data remains consistent as new candles form. It "refreshes" the visual buffers so that the trend information stays updated in real-time without flickering or breaking, providing a smooth transition of data as the market moves.

Summary for the User

Essentially, this tool acts as a "trend dashboard." It looks at four different time periods at once and tells you, through a simple color-coded system, whether the trend is up or down on all of them simultaneously. It helps you avoid making a trade that might be profitable in the short term but goes against the much stronger trend of the larger timeframes.

Miscellaneous
Implements a curve of type %1
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MTF_MegaTrend_Bar_4TFNextM6 
//+------------------------------------------------------------------+
//| MTF_MegaTrend_Bar_4TFNextM2 from STEINITZ lee_yan_cn mod N4TF HAS Bar.mq4 |
//|                  Modified by Matsu, from #MTF Supertrend Bar.mq4 |
//|    Forex-TSD.com                     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 0
#property indicator_maximum 5
#property indicator_buffers 8
#property indicator_color1 Red
#property indicator_color2 Blue
#property indicator_color3 Red
#property indicator_color4 Blue
#property indicator_color5 Red
#property indicator_color6 Blue
#property indicator_color7 Red
#property indicator_color8 Blue

//---- parameters
extern int period = 15;
extern int method  = 3;
extern int price = 0;
//extern int MaMetod2  = 3;
//extern int MaPeriod2 = 2;
extern int BarWidth = 0;
extern color BarColorUp = Blue;
extern color BarColorDown = Red;
extern color TextColor = White;
extern int MaxBars=500;

double Gap = 1; // Gap between the lines of bars
//---- buffers
double buf4_up[];
double buf4_down[];
double buf3_up[];
double buf3_down[];
double buf2_up[];
double buf2_down[];
double buf1_up[];
double buf1_down[];
//double haOpen;
//double haClose;
double haOpenN;
double haCloseN;


string shortname = "";


int ArrSize = 110;//159;
int UniqueNum = 2282;
int Period_1, Period_2, Period_3, Period_4;
//+------------------------------------------------------------------+
//| Custom indicator initialization function                         |
//+------------------------------------------------------------------+
int init()
  {
  
  
   SetIndexStyle(0,DRAW_ARROW,0,BarWidth,BarColorUp);
   SetIndexArrow(0,ArrSize);
   SetIndexBuffer(0,buf1_up);
   SetIndexEmptyValue(0,0.0);
   SetIndexStyle(1,DRAW_ARROW,0,BarWidth,BarColorDown);
   SetIndexArrow(1,ArrSize);
   SetIndexBuffer(1,buf1_down);
   SetIndexEmptyValue(1,0.0);
   SetIndexStyle(2,DRAW_ARROW,0,BarWidth,BarColorUp);
   SetIndexArrow(2,ArrSize);
   SetIndexBuffer(2,buf2_up);
   SetIndexEmptyValue(2,0.0);
   SetIndexStyle(3,DRAW_ARROW,0,BarWidth,BarColorDown);
   SetIndexArrow(3,ArrSize);
   SetIndexBuffer(3,buf2_down);
   SetIndexEmptyValue(3,0.0);
   SetIndexStyle(4,DRAW_ARROW,0,BarWidth,BarColorUp);
   SetIndexArrow(4,ArrSize);
   SetIndexBuffer(4,buf3_up);
   SetIndexEmptyValue(4,0.0);
   SetIndexStyle(5,DRAW_ARROW,0,BarWidth,BarColorDown);
   SetIndexArrow(5,ArrSize);
   SetIndexBuffer(5,buf3_down);
   SetIndexEmptyValue(5,0.0);
   SetIndexStyle(6,DRAW_ARROW,0,BarWidth,BarColorUp);
   SetIndexArrow(6,ArrSize);
   SetIndexBuffer(6,buf4_up);
   SetIndexEmptyValue(6,0.0);
   SetIndexStyle(7,DRAW_ARROW,0,BarWidth,BarColorDown);
   SetIndexArrow(7,ArrSize);
   SetIndexBuffer(7,buf4_down);
   SetIndexEmptyValue(7,0.0);
   
   SetIndexLabel(0,NULL);
   SetIndexLabel(1,NULL);
   SetIndexLabel(2,NULL);
   SetIndexLabel(3,NULL);
   SetIndexLabel(4,NULL);
   SetIndexLabel(5,NULL);
   SetIndexLabel(6,NULL);
   SetIndexLabel(7,NULL);
   
   IndicatorDigits(0);
   getPeriod();
   
   shortname = "4TF_MT ("+Period_1+","+Period_2+","+Period_3+","+Period_4+")";
   IndicatorShortName(shortname);
   
   
//----
   return(0);
  }
//+------------------------------------------------------------------+
//| Custom indicator deinitialization function                       |
//+------------------------------------------------------------------+
int deinit()
  {

   return(0);
  }
//+------------------------------------------------------------------+
//| Custom indicator iteration function                              |
//+------------------------------------------------------------------+




int start()
  {
   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--;
   int  limit=MathMax(Bars-counted_bars,Period_1/Period());     
        limit=MathMax(            limit,Period_2/Period());   
        limit=MathMax(            limit,Period_3/Period());  
        limit=MathMax(            limit,Period_4/Period());  
   int i,tf;

   //-------------------------------1----------------------------------------   
   double dif = Time[0] - Time[1];
   for ( i=ObjectsTotal()-1; i>-1; i--)
      {
         if (StringFind(ObjectName(i),"FF_"+UniqueNum+"_") >= 0)  ObjectDelete(ObjectName(i));
      }
      
   double shift = 0.2;
   for ( tf=1; tf<=4; tf++)
      {  
         string txt = "??";
         double gp;
         switch (tf)
         {
            case 1: txt = tf2txt(Period_1);  gp = 1 + shift; break;
            case 2: txt = tf2txt(Period_2);  gp = 1 + Gap + shift; break;
            case 3: txt = tf2txt(Period_3);  gp = 1 + Gap*2 + shift; break;
            case 4: txt = tf2txt(Period_4);  gp = 1 + Gap*3 + shift; break;
         }
         string name = "FF_"+UniqueNum+"_"+tf+"_"+txt;
         ObjectCreate(name, OBJ_TEXT, WindowFind(shortname), iTime(NULL,0,0)+dif*3, gp);
         ObjectSetText(name, txt,8,"Arial", TextColor);
      }
   
   
   
   //-------------------------------2----------------------------------------
   datetime TimeArray_4[], TimeArray_3[], TimeArray_2[], TimeArray_1[];
   ArrayCopySeries(TimeArray_1,MODE_TIME,Symbol(),Period_1);
   ArrayCopySeries(TimeArray_2,MODE_TIME,Symbol(),Period_2);
   ArrayCopySeries(TimeArray_3,MODE_TIME,Symbol(),Period_3); 
   ArrayCopySeries(TimeArray_4,MODE_TIME,Symbol(),Period_4);
   
   int  i1=0, i2=0, i3=0, i4=0, yy;

  // for(i=0, i1=0,  i2=0,  i3=0,  i4=0;i<MaxBars;i++)
   for(i=0, i1=0,  i2=0,  i3=0,  i4=0;i<limit;i++)
   {
      if (Time[i]<TimeArray_1[i1]) i1++;
      if (Time[i]<TimeArray_2[i2]) i2++;
      if (Time[i]<TimeArray_3[i3]) i3++;
      if (Time[i]<TimeArray_4[i4]) i4++;

      for ( tf = 1; tf <= 4; tf++)
      {
         int prd;
         switch (tf)
         {
            case 1: prd = Period_1; yy = i1;  break;
            case 2: prd = Period_2; yy = i2;  break;
            case 3: prd = Period_3; yy = i3;   break;
            case 4: prd = Period_4; yy = i4;   break;
         }
      
         haOpenN = iCustom(NULL,prd,"MegaTrend",period,method,price,0,yy) ;
         haCloseN = iCustom(NULL,prd,"MegaTrend",period,method,price,1,yy) ;
            
         switch (tf)
         {  case 1: buf4_down[i]=EMPTY_VALUE;buf4_up[i]=EMPTY_VALUE;  if (haOpenN>=haCloseN)  buf4_down[i] = 1;           else buf4_up[i] = 1;           break;
            case 2: buf3_down[i]=EMPTY_VALUE;buf3_up[i]=EMPTY_VALUE; if (haOpenN>=haCloseN)  buf3_down[i] = 1 + Gap * 1; else buf3_up[i] = 1 + Gap * 1; break;
            case 3: buf2_down[i]=EMPTY_VALUE;buf2_up[i]=EMPTY_VALUE; if (haOpenN>=haCloseN)  buf2_down[i] = 1 + Gap * 2; else buf2_up[i] = 1 + Gap * 2; break;
            case 4: buf1_down[i]=EMPTY_VALUE;buf1_up[i]=EMPTY_VALUE; if (haOpenN>=haCloseN)  buf1_down[i] = 1 + Gap * 3; else buf1_up[i] = 1 + Gap * 3; break;
         }
      }
   }

   return(0);
  }
  
  
  
//+------------------------------------------------------------------+
void getPeriod()
{
   switch(Period()) 
      {
         case 1: 
            Period_1=1; Period_2=5; Period_3=15; Period_4=30;
            break;
         case 5: 
            Period_1=5; Period_2=15; Period_3=30; Period_4=60;
            break;
         case 15: 
            Period_1=15; Period_2=30; Period_3=60; Period_4=240;
            break;
         case 30: 
            Period_1=30; Period_2=60; Period_3=240; Period_4=1440;
            break;
         case 60: 
            Period_1=60; Period_2=240; Period_3=1440; Period_4=10080;
            break;
         case 240: 
            Period_1=240; Period_2=1440; Period_3=10080; Period_4=43200;
            break;
         case 1440: 
            Period_1=1440; Period_2=10080; Period_3=43200; Period_4=43200;
            break;
         case 10080: 
            Period_1=10080; Period_2=43200; Period_3=43200; Period_4=43200;
            break;
         case 43200: 
            Period_1=43200; Period_2=43200; Period_3=43200; Period_4=43200;
            break;
         
      }
}

string tf2txt(int tf)
{
   if (tf == PERIOD_M1)    return("M1");
   if (tf == PERIOD_M5)    return("M5");
   if (tf == PERIOD_M15)   return("M15");
   if (tf == PERIOD_M30)   return("M30");
   if (tf == PERIOD_H1)    return("H1");
   if (tf == PERIOD_H4)    return("H4");
   if (tf == PERIOD_D1)    return("D1");
   if (tf == PERIOD_W1)    return("W1");
   if (tf == PERIOD_MN1)   return("MN");
  
  
  
  //
  //----  Refresh buffers ++++++++++++++++++++ upgrade by Raff  
   int TimeFrame,TimeArray[],i;
   if (TimeFrame>Period()) {
     int PerINT=TimeFrame/Period()+1;
     datetime TimeArr[]; ArrayResize(TimeArr,PerINT);
     ArrayCopySeries(TimeArr,MODE_TIME,Symbol(),Period()); 
     for(i=0;i<PerINT+1;i++) {if (TimeArr[i]>=TimeArray[0]) {
//----
 /********************************************************  
    Refresh buffers:         buffer[i] = buffer[0];
 ********************************************************/  

buf4_up[i]=buf4_up[0];
buf4_down[i]=buf4_down[0];
buf3_up[i]=buf3_up[0];
buf3_down[i]=buf3_down[0];
 buf2_up[i]= buf2_up[0];
 buf2_down[i]= buf2_down[0];
 buf1_up[i]=buf1_up[0];
 buf1_down[i]= buf1_down[0];

//----
   } } }
//+++++++++++++++++++++++++++++++++++++++++++++++ Raff  
   
//+-------------
    
   return("??");
}

Dependencies

MegaTrend

This indicator identifies market direction by calculating the moving average of a second-order differential vector derived from weighted price momentum.

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