The Multi Time Frame Mtf indicator is a MetaTrader 5 (MT5) technical trading tool that displays the trend conditions of multiple time frames simultaneously. It is designed to help traders keep a tab on the trend condition of an instrument across multiple time frames without switching between them.
Therefore, the indicator is suited for a top-down analysis of the market, which enhances better trading decisions. Thus, it can be an invaluable supporting tool for scalpers, day/intraday, and swing traders in making technical analyses and trade execution.
Features of the Multi Time Frame Mtf Indicator for MT5
The indicator is beginner-friendly; it shows the price chart of multiple time frames on a separate window below the main chart. By default, it displays the market trend conditions of 3 time frames – Weekly, Daily, and the H4 time frame. The time frames are displayed in descending order, from the highest to the least. So, the first, second, and third charts on the indicator’s window represent the chart of the W1, D1, and H4 timeframes, respectively.
Moreover, the indicator’s parameters are flexible, allowing traders to customize the time frames to suit their preferences. For example, a day/intraday trader might set the indicator to display charts of the H4, H1, and M30 time frames.
Benefits of Using the Indicator
- Suitable for Top-down Analysis: The indicator can come in handy as a supporting tool for analyzing the market from the higher time frames to the lower ones.
- Enhances Trading Decisions: The indicator helps traders keep a tab on multiple time frames and make decisions based on the trend condition of the higher time frame. Thus, it improves better trading decisions.
Indicator Settings Description
The indicator comes with the following customizable settings:
TF1: Determines the first time frame to analyze.
TF2: Determines the second time frame to analyze.
TF3: Determines the third time frame to analyze.
BarsPerTF: Defines the number of candlestick bars per time frame.
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