Multiple time frame bar chart
Multiple time frame bar chart is an indicator that draws another timeframe candle stick bar chart on the current chart.
For example, on an M5 chart, we can put the indicator to draw H4 bars.
This indicator is very useful to see bigger trends on a low timeframe chart.
- Support for all MT4 standard timeframes, up to MN.
- Support all time zones, no matter it's New York close chart, or London close, or any time zone.
- TimeFrame - timeframe, of which the chart is drawn. It should be higher than the current timeframe. Default is H4.
- DrawBackground - true to draw a solid background on the bar, false to only draw the rectangle. Default is true.
- BorderWidth - line width of the bar body border. This only works when DrawBackground is false. Default is 5.
- WickWidth - line width of the wicks. Default is 3.
- UpColor - color of a bullish bar. Default is blue.
- DownColor - color of a bearish bar. Default is red.
How can Multiple time frame bar chart help us trading
- We can see the outline on a higher timeframe while watching on a lower timeframe.
- With this indicator, we do not have to switch between timeframes any more!
- If there is an even number of bars under one multiple timeframe bar, the wick is drawn on one bar right to the center. This is limited by how MT4 works.
- If the chart is not New York close, the day time may not start from 0:00. This is correct and how it tends to work.