Multi Time Frame Indicator (MTF)
The Multi Time Frame Indicator (MTF) for MT4 gives traders the overall insight of the market structure by displaying the main, intermediate and primary time-frames respectively
Categories: MT4, Informational
There are different participants in the forex market. This means that different forex traders can have different opinions on how a pair is trading. Thus, trends and market sentiments might differ in all the time-frames. For example, a currency pair on the H4 chart may be in a downtrend while it might be in an uptrend on the M30 time-frames.
The fact that different time-frames have different market overview and trends means smart traders need to monitor the chart in each time-frame. Having an overview of different time-frames of a simple currency pair on the same chart can be achieved using the Multi Time Frame Indicator.
The Foundation Multi Time Frame Indicator
The Multi Time Frame Indicator (MTF) for MT4 gives a deeper insight on the forex market by displaying 3 different time-frames of a single currency pair on the same chart. These 3 time-frames are displayed on the indicator window of the chart. This indicator displays the timeframe bars from higher time-frames to the lowest time-frames. These 3 time-frames displayed are the weekly timeframe (W1), daily timeframe (D1) and 4-hours (H4) time-frame respectively.
The diagram below shows how the Multi Timeframe is displayed on the MT4 chart.
From the EUR/USD H1 chart above, the Multi Time Frame displays from the left, the charts of the weekly, daily and H4 time-frames respectively. Using this indicator allows traders to make a decision whether to go long or short in the forex market. This is because of this indicator:
Give different perspectives and views of a currency pair in the three time-frames;
Allow traders to know what other market participants are thinking;
Enable traders to spot trend changes earlier;
Help to confirm the trend change in a higher time-frame;
Enable traders to spot upcoming support or resistance areas;
Enable traders to see the small, the medium, and the big picture of a particular currency pair.
Furthermore, this indicator can help traders to enter or exit trade as early as possible. In the forex market, the higher the time-frames, the more importance the time-frames need to be given. Thus, market analysis should begin from the higher time-frames to the lower time-frames before traders can decide to buy or sell.
The weekly time-frame displayed by this indicator is the main time-frame used to determine the main trend. This time-frame shows the bigger picture of the market. The trend in this time-frame takes time to build up, thus, giving it the most priority.
Also, the daily time-frame displayed by this indicator is the medium or intermediate time-frame. This indicator is used to determine the break in market structure as well as the entry and the exit point.
Finally, the H4 time-frame displayed by this indicator is the primary time-frame used for confirmation to enter or exit a position.
The diagram below gives a quick overview on how to use the Multi Time Frame Indicator for MT4 to make an entry decision.
From the EUR/USD D1 chart above, the weekly time-frame is clearly in an uptrend, indicated by the bullish momentum. Also, on the daily time-frame, the current two candles are bullish. And finally, on the H4 chart, the bullish momentum is gaining. This is a signal that forex traders can enter a buy position.
This indicator can be used by all types of traders: scalpers, intraday traders, swing traders and position traders. Furthermore, scalpers can adjust this indicator to suit their preferred time-frames which are the M30, M5, and M1 or M30, M15 and M1. In addition to this, intraday traders can also adjust this indicator to H4, H1 and M15 time-frames or D1, H4 and H1 time-frames.
Swing traders can adjust this indicator to the W1, D1 and H4 time-frames. Finally, position traders can adjust this indicator to MN, W1 and D1 time-frames.
Conclusion
The Multi Timeframe Indicator for MT4 gives traders the overall insight of the market structure by displaying the main, intermediate and primary time-frames respectively. This indicator can be used by all traders and can be adjusted in the indicator settings to suit traders’ time-frames priorities.
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