Thank you Mladlen. Good luck to you!
One more version of rsi chart bars rsi_chart_bars.mq4
Anyone know how to add rsi value on each high-low of zigzag ? The indi is based on Mladen's code
Mr Mladen, I want to thank you very much for this indi and would like to know if it is possable to have an alert when three time frames are all green or all red , see my picture. I hope this may not be too much to ask but if so, thankyou anyway for the indi,
It is possible, but combining multiple time frame signals is not a good practice. Imagine that you want to combine a signal on 1 month closed bar and 1 minute closed bar. You would be combining signal 1 month ago and 1 minute ago which does not have any sense
Hello mr Mladen and thank you for your reply. If you were to look at the attached trend following system the idea was to match the 1hr rsi with the two longer trend times together with cross of two moving averages. TEB: 20 RSI and 5 & 12 EMAs @ Forex Factory
Thank you again
Please read my post again for an explanation what is happening when multiple time frames are combined into a signal, Combining current values is going to give you a lot of false signals and combining previous value incompatible values (that were nothing like that most of the time)
Thankyou. I understand what your saying. I have heard so many people say to trade only in the direction of the longer term trend. I guess I need to revisit things. Bless
Trading in the direction of the longer time frame is one thing (when you are looking for signals on a lower time frame for entries) and is usal in any trend trading system.
Combining multiple time frames in one "signal" is a completely different thing. See your example picture and imagine what was the value of the higher time frame at some point and how many signals are rendered worthless just because higher time frame changed in the mean time. Use it for some time and you shall see that the only way to use multiple time frames is not in signaling mode but in manual decision mode. But then, that is just my opinion after a couple of years of trading. I guess a lot of people will disagree and I hope they can help you with a system that will work OK
Mladen is right, best way to use them is to see market condition (overbought/oversold), not for signal...