If the market makes higher lows and higher highs, the indicator plots a blue dot (indicating UP Trend).
And if the market makes lower lows and lower highs, the indicator plots a black dot (indicating DOWN Trend).
MTF Trend indicator plots instantaneous trend of 10 different time-frames. It divides the timeframe bands into Short, Medium and Long Term trends.
The indicator plots a signal cross below their respective trend bands when all timeframes in their band synchronize.
If all the three bands, short-medium-long, synchronize, the indicator plots a signal circle below the in indicator.
The topmost line plots the trend in the current chart.
Good Luck Trend Traders...
I have a couple of questions , Hope you can help?
1. Does the Signal repaint? For Example Today is Friday and the market has closed down.
On Monday the market opens gap up 500 Points.
Will all the red dots that were shown on Friday Disappear?
2. What is the best way to avoid repainting if any?
Regarding Alerts for MTF Trend based on Price action, add the following script to the indicator script.
alertcondition(signal==1, title='Up Trend Signal', message='Price making Higher Highs in all time frames - Uptrend' )
alertcondition(signal==2, title='Down Trend Signal', message='Price making Lower Lows in all time frames - Downtrend' )
After adding the script, save the indicator and apply it to chart.
Now you can add alerts to MTF Trend indicator.
(You have to manually set the alerts)