Multi-Timeframe Trend Indicator

10 часов назад

This indicator combines multi-timeframe analysis with classic technical indicators (RSI, MACD, EMA) to provide a comprehensive view of market trends. By aggregating weighted data across multiple timeframes, it allows traders to make more informed decisions based on broader market dynamics.

The script includes:
Multi-Timeframe Analysis:
The script pulls data from six different timeframes (1m, 5m, 15m, 1h, 4h, and Daily), combining their trends into a single, normalized score. Users can assign weights to each timeframe to adjust its influence on the overall trend calculation.

Technical Indicators:
RSI (Relative Strength Index): Helps assess momentum and overbought/oversold conditions across timeframes.

MACD (Moving Average Convergence Divergence): Tracks trend changes and momentum shifts via MACD line and signal line crossovers.

EMA (Exponential Moving Average): Provides smoothed price trends for each timeframe.

Dynamic Visualization: Color-coded background changes based on trend strength for a user-selected timeframe.
Strong Bullish: Dark green.
Bullish: Light green.
Neutral: Gray.
Bearish: Light red.
Strong Bearish: Maroon.

A detailed, real-time trend table displays the trend levels for all six timeframes, along with the overall market trend.

Customizable Inputs:
EMA Length: Adjustable for users' preferred smoothing period.
Volume Sensitivity: Incorporates volume into trend calculations for more robust signals.
MACD Parameters: Configurable fast, slow, and signal line lengths.
RSI Length: Adjustable period to adapt to market conditions.
Trend Sensitivity: Control thresholds for bullish/bearish conditions.

How It Works:
For each timeframe, the script calculates the percentage difference between the closing price and EMA.
Incorporates volume, RSI, and MACD data to assess trend direction and strength.
Assigns weighted scores to bullish, bearish, and neutral trends based on user-defined sensitivity.
Overall Trend:

Weighted scores across all timeframes are normalized into a single trend score:
2 = Strong Bullish.
1 = Bullish.
0 = Neutral.
-1 = Bearish.
-2 = Strong Bearish.

Visualization:
Outputs a normalized trend score on the chart.
Displays trends for individual timeframes in a table.
Adjusts chart background color dynamically to reflect the trend level of the selected timeframe.

How to Use:
Select your preferred EMA, RSI, and MACD settings based on your trading style.
Assign weights to timeframes to prioritize higher or lower timeframes in the overall trend calculation.
Observe the real-time table to monitor trend levels across different timeframes.
Use the background color as an additional visual aid for the selected timeframe's trend.

Important Notes:
This script is designed from scratch and combines multiple classic indicators in a unique way.
Weighted multi-timeframe analysis adds significant value compared to standalone indicators.
Transparency:

This is an open-source script, allowing users to view and understand the underlying logic.
No lookahead bias is used, ensuring realistic signals for traders.

Limitations:
This is not a predictive tool and does not guarantee future performance.
It is best used as a supplementary indicator alongside your existing trading strategy.
Backtesting:

If using this script for backtesting, ensure realistic settings for commissions, slippage, and trade sizing.

Acknowledgments:
While inspired by traditional indicators like RSI, MACD, and EMA, this script does not copy or reproduce any publicly available scripts.
Special care has been taken to follow TradingView's guidelines for originality and utility.

Use Cases:
Identify strong trends in volatile markets.
Spot multi-timeframe momentum alignment.
Gain an overview of market sentiment across timeframes at a glance.

This script is a powerful tool for trend-following traders and those seeking a multi-timeframe edge. Adjust the inputs and settings to align with your trading style, and let the normalized trend score guide your decisions.