Today we present to your attention – the indicator of displaying candles of a higher timeframe on the current chart – Show High TF Candle.
First of all, this indicator will be useful for traders using a multi-timeframe trading strategy, where in order to make a certain decision, it is necessary to switch to a different, higher timeframe. Now you can see the candles of the higher TF in the same window with the chart.
The indicator is as simple and convenient to use as possible. And most importantly, it allows you to customize the presentation of candles on a higher timeframe to suit your individual requirements for displaying on a chart in the MT4 terminal.
After installing the indicator on the chart, the first thing you need to decide on is what timeframe you want to visualize on this financial instrument, as well as the number of candles on which the construction will take place. This can be done using the High Chart TimeFrame and High TF Candle Count parameters, respectively.
In our example, we have selected a candlestick of the older TF equal to one day and the number of candles for plotting – 50. Also, using the Rectangle Border Width parameter, we set the thickness of the border of candles under construction at level 2 and turned on the display of the candlestick background for better visualization using the Rectangle Show Background.
Here’s what we got:
In addition to the above parameters of the indicator, it is also possible to display a text label with the values of the candlestick prices of a higher timeframe, and in addition with the values of the candlestick body length, as well as the distance from High to Low. All this can be easily configured using the Show Text: Price and Show Text: Candle Size variables.
|Basic indicator settings|
|High Chart TimeFrame||Higher timeframe for plotting candles on the current chart|
|High TF Candle Count||Number of candles to plot|
|Rectangle Border Width||The thickness of the borders of the candle rectangles|
|Rectangle Show Background||Show candles background|
|Show Text: Price||Display a text label with the price values of a candle of a higher timeframe (Open, Close, High, Low)|
|Show Text: Candle Size||Display a text label with the candle body length and distance from High to Low|
|Font Size||The size of the display text.|
|Color Bull Candle Background||Bullish candle background color|
|Color Bear Candle Background||Bearish candle background color|
|Color Bull Candle Border||Bullish candle border color|
|Color Bear Candle Border||Bearish candle border color|
The indicator of displaying candles of a higher timeframe on the current chart Show High TF Candle will be an excellent tool in the arsenal of a trader who uses multi-timeframe trading strategies in international financial markets. And the simplicity of its settings and use will allow a trader of any skill level to join the use of a consolidated approach to analyzing different timeframes on one chart.
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