MTF Inside Bar:
A tool to better visualize price action using a higher timeframe.
With this indicator we can visualize price action in other (higher) timeframe without leaving our current chart.
Just choose wich timeframe you desire (ex: TFup=3 means third timeframe up from the current timeframe in the chart).
Forum on trading, automated trading systems and testing trading strategies
newdigital, 2013.07.09 12:26
I did not find education trading articles about repainting and non-repainting. I think - you should look at the forum posts.
For example - there are the following indicators by categories :
- non-repainting. Most of the indicators are inside this category (most of the indicators are non-repainting). It means: if you see the signal so wait for the bar with the signal to be closed and new bar is opened. Traders are using non-repainting indicators to trade on close bar (classical way of trading for most of the traders). Some people confused 'non-repainting' with 'continuing painting'. For example, open bar is continuing paiting by itself together with value of any indicator. Close bar is not repainting by value together with non-repainting indicator.
- repainting indicators. There are many of them which were created especially for some different cases. Zigzag for example. Some of those indicators are used as the filters to filter false 'non-repainting signals' from the other indicators.
- re-calculating indicators. The values of those indicators are recalculated for n number of the bars. Indicators can be used a the filters or for technical analysis (not for direct trading).
- repainting by mistake made by coders. There are many examples of the indicators coded by coders in repainting way as the mistake (such as super signals etc).
Sometimes - the people confused repainting with contrinuing painting,
and trading on open bar with trading on close bar. We are having a lot
of threads/articles about programming but just few threads about how to trade in
practical way with a lot of indicators in CodeBase for example :)
This indicator is actually very helpful but it deletes all of my trend lines, vertical/hor lines and also Fibonacci & Pitchfork lines.
I suggest you to make some modification so it don't change any other object in the chart.
Also please make the note at the bottom "Inside MTF Bar" can change color according to the last inside bar, and make it not too big.
I'll waiting for your update.
Thanks for great work.
I uploaded today a new version.
Check it out when available.