With this indicator for MT4, you will be able to display the candlesticks of other timeframes on any timeframe. This indicator is another great tool for those who want to do multiple timeframe analysis. It also makes it easier to trade more accurately as you can see the price movements of other time frames. Here we will explain the "MTF Candles" indicator which can be used in various ways.
In the above image, 10 candlesticks per day are displayed on the 1-hour chart. In this way, displaying the candlesticks of other timeframes makes it easier to analyze the current price movement. Also, by using this indicator, you may get unexpected discoveries such as "If such a movement in the upper timeframe occurs it would have such an effect on the current time frame".
Tips on how to use:
1. High and low prices for upper timeframes and candles used as resistance and support bands may be resistance and support bands on lower timeframes also. Hence, if the price approaches the highs and lows on the upper timeframes, good trading opportunities may be created.
2. Trendlines of support or resistance on the upper timeframes affect the lower timeframes. For example, if there is a trendline showing a downtrend on the upper timeframe, it is usually better to refrain from entering buy trades on lower timeframes.
Timeframe: Determines timeframe for this indicator
BullColor: Color for bull candle
BearColor: Color for bear candle
CandleNumber: Determines the number of candles displayed on the chart
Note: This indicator does not show MTF (multiple time frame) candles if you select a lower or the same timeframe on this indicator than the current (opened) timeframe. For example, If the current timeframe is H1 and you select H1 or M30 on this indicator, it won't show MTF candles in that case. So, if your current timeframe is H1, you must also choose H4 or D1 on the indicator.
Download the "MTF Candles" indicator from the button below for free
Do you need help with installing this indicator into MT4 for Windows or Mac OS? Our guide HERE will help you.