Mtf RSI Candles on Current Chart MT4
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Shashikant Jawahar Dhuri
Shashikant Dhuri — Índia
Trabalho no mercado de trading há 8 anos e, nos últimos 5 anos, dedico-me a ele a tempo inteiro.
Operar e desenvolver ferramentas de trading são a minha paixão. Trabalho com as linguagens MQL4, MQL5 e Pine Script. - Versão: 1.0
MTF RSI Candles on Current Chart MT4
Non-repainting multi timeframe RSI candle colouring
Overview
MTF RSI Candles colours the candles on your chart using the RSI of a higher timeframe.
You keep working on the timeframe you normally trade. In the background the indicator watches RSI on a higher timeframe you choose. When that higher timeframe closes a candle, the RSI is read once and the colour is set:
• MTF RSI candle closed above the level – Current chart candles turn the Buy colour.
• MTF RSI candle closed below the level – Current chart candles turn the Sell colour.
• Not enough history yet - candles stay neutral grey.
Your chart timeframe is detected automatically. There is nothing to set for it.
For scalping and intraday trading you can try M1 vs M15
A repainting indicator changes its own history. A signal appears, you look away, you look back, and the signal has moved or disappeared. What you see on an old chart is not what you would have seen at the time. Backtesting such a tool tells you nothing.
This indicator cannot do that, and the reason is simple.
The colour of every candle comes from a higher timeframe candle that had already CLOSED before that candle even opened. A closed candle is finished. Its RSI is a fixed number. It cannot be recalculated, so the colour cannot change.
What you see on screen
A small display sits in the top right corner of the chart:
• RSI CURRENT BAR - the RSI of the higher timeframe candle that is still forming. This number moves. It is information only and does not colour anything.
• RSI PREVIOUS BAR - the RSI of the last closed higher timeframe candle. This is the number that is actually colouring your candles right now. It does not move.
• A countdown showing how long until the higher timeframe candle closes.
The countdown is useful. If the live RSI has crossed the level but the candle has not closed yet, you can see exactly how many minutes are left before the colour may change. If price pulls back before that close, nothing changes at all.
Notes On Use• The reference timeframe must be higher than your chart timeframe. If it is not, the indicator will not attach and will tell you what to change. Correct one of the two and attach it again.
• When you first attach it, the higher timeframe history may still be downloading. Candles may show neutral for a few seconds until it arrives.
• The countdown keeps running when the market is quiet and no new prices are arriving.
• Your original chart colours are saved when the indicator is attached and put back when it is removed.
• The forming candle is coloured as well, because its colour was already decided before it opened.
• Candle width follows the chart zoom level automatically.
For Expert Advisor DevelopersCall the indicator with iCustom and read mode 6 for the state: 1 for buy, -1 for sell, 0 for neutral. Read shift 1 so you are reading a completed chart candle.
Risk DisclaimerThis indicator is a technical analysis tool. It is not financial advice, not investment advice, and not a trading signal service.
Trading foreign exchange, metals, indices, and cryptocurrencies on margin carries a high level of risk. It is possible to lose more than your initial deposit. These products are not suitable for every investor.
No indicator can predict future price movement. Past behaviour of any tool or market does not indicate future behaviour.
You are responsible for your own trading decisions. Test this indicator on a demo account first and satisfy yourself that you understand how it behaves before using it on a live account. Never risk money you cannot afford to lose.
If you are unsure whether trading is appropriate for you, seek advice from an independent and suitably licensed financial adviser.
