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Highlighted MTF Candles

  • #1
  • First Post: Edited Feb 11, 2021 7:09pm Feb 10, 2021 7:18pm | Edited Feb 11, 2021 7:09pm
Hi all,

Just for illustration of what I'm after, the green and red candles in the pic below are CCI candles. I believe there are other similar indicators, e.g. RSI candles, MACD candles, etc. They highlight candles or a series of candles in the chart, with a user defined colour, according to the underlying indicator's parameters.

What I'm looking for is a similar but purely price-based indicator that will highlight those lower time frame candles which are simultaneously going in the same direction as (user defined) multiple higher time frames.

Example: if D1, H4 and M30 are all going up => on M5, highlight those candles that are in agreement with all of the above time frames at the same time.

I'm using the mini charts indi at the moment in much the same way, and thought a less distractive and more 'direct' alternative would be really cool.

Many thanks in advance for posting or coding it.

Please don't post M-Candles.
Attached Image (click to enlarge)
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  • #2
  • Feb 11, 2021 8:14pm Feb 11, 2021 8:14pm
Here's what it looks like to overlay D1, H4 and H1 M-Candles on M5. You can see the overlapping bits of PA, where all the time frames go in the same direction, but it's a mess.

An indicator that would simply colour the relevant M5 candles (like the CCI Candles indi above does), whenever they overlap in the same direction as the chosen higher time frames, would produce a much cleaner chart.

Anyone, please?
Attached Image (click to enlarge)
Click to Enlarge Name: d1h4h1.png Size: 13 KB
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  • #3
  • Feb 12, 2021 5:30am Feb 12, 2021 5:30am
I know this is not what you want here, but this indicator lets you see all the candle direction in all selected timeframes & currency pairs:

https://www.forexfactory.com/thread/...94#post8580394

Attached Image (click to enlarge)
Click to Enlarge Name: 2021-02-12_11h30_02.png Size: 428 KB
It never gets easier, you just get better
  • #4
  • Feb 12, 2021 8:44am Feb 12, 2021 8:44am
Quoting Shabs19
I know this is not what you want here, but this indicator lets you see all the candle direction in all selected timeframes & currency pairs: https://www.forexfactory.com/thread/...94#post8580394 {image}
Hi Shabs, thanks for stopping by and for the suggestion. CJA's dashboards are wondrous indeed, but for me there's nothing like looking directly at a clean chart. Hence the request.

Maybe there is a talented coder around who'll take up the challenge. Considering there are tools like that for all sorts of indicators, why not have one that works with price itself.
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  • #5
  • Feb 12, 2021 9:37am Feb 12, 2021 9:37am
Quoting finessence
{quote} Hi Shabs, thanks for stopping by and for the suggestion. CJA's dashboards are wondrous indeed, but for me there's nothing like looking directly at a clean chart. Hence the request. Maybe there is a talented coder around who'll take up the challenge. Considering there are tools like that for all sorts of indicators, why not have one that works with price itself.
Your idea sounds great, but in reality the the previous days' Daily candle will be correctly showing all in the inner LTF's.
As the current daily candle could change at any point during the day until is it completed at 24.00

Another idea is to use an Overlay indicator, placed multiple times over your chart.
It never gets easier, you just get better
  • #6
  • Feb 12, 2021 10:44am Feb 12, 2021 10:44am
Quoting Shabs19
{quote} Your idea sounds great, but in reality the the previous days' Daily candle will be correctly showing all in the inner LTF's. As the current daily candle could change at any point during the day until is it completed at 24.00 Another idea is to use an Overlay indicator, placed multiple times over your chart.
Hmm, I see it differently. The indi should take one M5 candle at a time, compare it to the current state of the higher time frames for as long as it's open, and then on close: a/ paint it a chosen colour, if all time frames agree or b/ not paint it, if any of the time frames, including the M5, doesn't agree.

The point is for the indi to work in real time on a bar after bar basis, not looking back or repainting once a higher time frame closed.
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  • #7
  • Feb 12, 2021 10:57am Feb 12, 2021 10:57am
Here's the source file of the Genesis matrix candles by Cody_R. Maybe it'll inspire one of the talented coders passing by to modify it accordingly. I'm sure not only myself would appreciate it very much.
Attached Image (click to enlarge)
Click to Enlarge Name: genesis.png Size: 6 KB
Attached File(s)
File Type: mq4 Genesis_ESET_Candles_2.00 nmc.mq4   5 KB | 1,345 downloads
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  • #8
  • Edited 2:01pm Feb 12, 2021 1:46pm | Edited 2:01pm
Can be done like this, by using a mix of hollow & filled ( Does take getting used to ) :


Attached Image (click to enlarge)
Click to Enlarge Name: mtf candles.png Size: 107 KB
It never gets easier, you just get better
  • #9
  • Edited 3:48pm Feb 12, 2021 3:28pm | Edited 3:48pm
Quoting Shabs19
Can be done like this, by using a mix of hollow & filled ( Does take getting used to ) : {image}
Thanks, Shabs, good effort, but it's still a mess to look at. With an indi working as intended, we'd have a clean chart, with only the relevant bits highlighted in chosen colours. Something like that:
Attached Image (click to enlarge)
Click to Enlarge Name: overlap.png Size: 112 KB
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  • #10
  • Feb 12, 2021 4:38pm Feb 12, 2021 4:38pm
Just playing about, if you add a filter Fractal breaks on the M15 maybe ?
It never gets easier, you just get better
  • #11
  • Feb 12, 2021 6:13pm Feb 12, 2021 6:13pm
Quoting Shabs19
Just playing about, if you add a filter Fractal breaks on the M15 maybe ?
You really are just playing about, aren't you? No filters, no fractals for me, thank you.
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  • #12
  • Edited 8:44pm Feb 12, 2021 8:33pm | Edited 8:44pm
hi finessence

how are you?

i'm not a coder, but i think i was able to do the indicator.


i think this is what you need

give it a try, and let's see if it is (:

Attached File(s)
File Type: mq4 fi-candles.mq4   4 KB | 1,868 downloads

Attached Image (click to enlarge)
Click to Enlarge Name: fi-candles.png Size: 54 KB


the 5 min blue candles are the ones that met your bull conditions, and the 5 min red candles are the ones that met your bear conditions .. the other ones that doesn't met bull or bear conditions are not painted.

those lines in the picture and the 30 min candles are not part of indcator .. just for illustration.

let me know if something isn't right and we will try to fix it

luís (:
  • #13
  • Feb 12, 2021 9:17pm Feb 12, 2021 9:17pm
Quoting luisinho
hi finessence how are you? i'm not a coder, but i think i was able to do the indicator. i think this is what you need give it a try, and let's see if it is (: {file} {image} the 5 min blue candles are the ones that met your bull conditions, and the 5 min red candles are the ones that met your bear conditions .. the other ones that doesn't met bull or bear conditions are not painted. those lines in the picture and the 30 min candles are not part of indcator .. just for illustration. let me know if something isn't right and we will try to fix it luís...
Hi Luis,

Thank you very much! You're a perfect example of what a can do attitude can achieve. Not a coder, but you've put together an indicator quicker than any seasoned coder here.

Just taken a quick look at it. It looks promising, but it doesn't seem to paint all the relevant candles. Just highlighted the ones that stand out. Will take a closer look tomorrow.

Once again, thank you very much for taking the time to put it together.

EDIT: the chart is EURAUD M5, 11.02.2021
Attached Image (click to enlarge)
Click to Enlarge Name: luis.png Size: 25 KB
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  • #14
  • Feb 12, 2021 10:18pm Feb 12, 2021 10:18pm
So you could have a closed 5m candle paint red because the 1h candle was red at the time, even though the 1h candle may have moved up to closed green?
Good Trading
  • #15
  • Feb 13, 2021 12:19am Feb 13, 2021 12:19am
Quoting finessence
Hi Luis,

hi finessence

i see .. found it strange because i put it on euraud chart and in mine they are painted

Attached Image (click to enlarge)
Click to Enlarge Name: euraud 5m.png Size: 34 KB


but if in yours they aren't, there's an issue .. we'll try to find a solution


Quoting aud
So you could have a closed 5m candle paint red because the 1h candle was red at the time, even though the 1h candle may have moved up to closed green?
hi aud

yes, that's how it work's.

luís
  • #16
  • Feb 13, 2021 1:50am Feb 13, 2021 1:50am
very good idea finessense,to achieve this i am using these 2 little indcators to see if all timeframes agrees,so definately your idea of candle color shows agreement in all time frame will be good.
Attached Image (click to enlarge)
Click to Enlarge Name: 2021-02-13_09h50_26.png Size: 26 KB
  • #17
  • Feb 13, 2021 8:45am Feb 13, 2021 8:45am
Quoting luisinho
{quote} hi finessence i see .. found it strange because i put it on euraud chart and in mine they are painted
Luis, sorry, it's not you, it's me. The problem is not your indicator, but the broker/server time. The one I posted earlier was FTMO; they are GMT+1
Now checked on IC Markets and it's perfect! You are offcially a genius
Attached Image (click to enlarge)
Click to Enlarge Name: eaicm.png Size: 34 KB
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  • #18
  • Feb 13, 2021 8:52am Feb 13, 2021 8:52am
Quoting aud
So you could have a closed 5m candle paint red because the 1h candle was red at the time, even though the 1h candle may have moved up to closed green?
Luis already answered, but I confirm and add that not only H1, but all of the selected higher time frames at the same time must agree in direction with the M5. Only then the M5 candle will get painted at the close.
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  • #19
  • Feb 13, 2021 9:04am Feb 13, 2021 9:04am
Quoting T4Trade
very good idea finessense,to achieve this i am using these 2 little indcators to see if all timeframes agrees,so definately your idea of candle color shows agreement in all time frame will be good. {image}
Thanks for stopping by, T. Happy to hear you see the point of my idea.

I know and have used AnyCandle, but I find it distractive to have more than one to look at. You can't see the past PA with them, either.
The other one is MTF Heiken Ashi, which I did use in the past, but moved on to plain candles.
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  • #20
  • Feb 13, 2021 10:02am Feb 13, 2021 10:02am
Quoting finessence
{quote} Luis... but the broker/server time.


i'll try to make it work for that situation too.

Quoting finessence
Now checked on IC Markets and ...

glad i could help you.

have a nice day / weekend.

luís

(:
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