nubcake's MTF Indicator

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As with most things I have rolled my own version of a multi-timeframe indicator. If you are backtesting and want to be able to see the candle representation of a higher timeframe then you can easily do so with this indicator.

You can also add multiple versions of the indicator onto the same chart.

And finally, you can drop standard mt4 objects onto the indicator sub-window and they will remain in their correct position and not drift to the left with each new candle on the main chart. Try placing a trendline or fib object onto the mtf indicator and it will remain in the correct position.

Inputs

The indicator takes only a handful of inputs...

MTFCombineBars = The number of main chart candles you want to compress into one MTF candle in the indicator window. E.g. if you are looking at an M1 chart and want to see H1 candles then you would set this value to 60. The indicator will then compress 60 candles into one. If you are looking at an H1 chart and want to see a D1 candle then you would set MTFCombineBars to 24 as there are 24 H1 bars in a D1 candle... and so on.

TotalMTFBars = The number of bars to display in the indicator window. If you go crazy and set this value exceptionally high then you will no-doubt bog-down the indicator if there is actually enough chart history to support calculating MTF bars for this setting.

BidColour = There is a line drawn on the indicator window representing the last known Bid. Set to whatever colour you like.

BullColour = Set to the colour you prefer to represent bull candles.

BearColour = As above, but for bear candles.

WickColour = As above, but for the top and bottom wicks (even though they are actually boxes the concept is the same)

BlockingColour = This should be set to the background colour of your chart.

Notes

The name of this indicator is nbMTFIndi2. The '2' is because I have another MTF indicator I wrote ages ago which was very limited and very poor work on my part. This indicator is a completely new indicator from scratch, and is quite frankly, 10 times better than the first attempt and superior in all ways.

If you set the MTFCombineBars value to something odd then be aware that all MTF candles are aligned from midnight at the start of 2011 and will be standardized according to this alignment. That is to say, don't expect any partially-formed candles to be cut-off and a new MTF candle begin to form at the rollover of the hour / day / week / etc. The start and end of each MTF candle is not aligned to these events at all. Non-standard combining of bars will result in non-standard MTF candles.

This indicator is a take it or leave it affair. If you do not want to use it then don't. If you use it and do not like it then stop using it. I am not responsible for what this indicator does to you, your computer, or your souffle baking in the oven. If this indicator digs a hole in your front lawn and buries your favorite fluffy slippers then so be it. Use at your own risk.

If you find any issues / bugs let me know and I might attend to it. If you have any other feedback then feel free to leave it in this thread.

Quoting nubcake

Disliked

As with most things I have rolled my own version of a multi-timeframe indicator. If you are backtesting and want to be able to see the candle representation of a higher timeframe then you can easily do so with this indicator.

You can also add multiple versions of the indicator onto the same chart.

And finally, you can drop standard mt4 objects onto the indicator sub-window and they will remain in their correct position and not drift to the left with each new candle on the main chart. Try placing a trendline or fib object onto the mtf indicator...

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