Multi Timeframe Candle/Retracement (MTCR)

12 thg 12, 2024

This script provides a visual representation of candlestick and pivot point information from higher timeframes within a lower timeframe chart. It is ideal for traders looking to analyze price movements and identify potential support and resistance zones in the context of a broader timeframe.

Key Features:

Multi-Timeframe Candlestick Visualization:

• Displays candlesticks of the selected higher timeframe.
  
• Highlights bullish and bearish candles with distinct colors to identify trends.
  

Pivot Point Analysis:

• Calculates and visualizes pivot points based on the standard or Fibonacci model.
  
• Supports customizable step sizes (rounding pivot values).
  
• Highlights resistance levels (R1, R2, R3), support zones (S1, S2, S3), and a central base line.
  

Medians and High/Low Zones:

• Visualizes median lines between pivot levels.
  
• Optionally displays high and low zones.
  

Dynamic Updates:

• Automatically updates lines and boxes with new candles or pivot calculations.
  
• Visually marks when the current price touches key levels.
  

Settings:

Timeframe Selection:

• Choose a higher timeframe for candlestick and pivot point visualization.
  

Customizable Colors:

• Adjust colors for bullish and bearish candles, as well as for pivot point zones.
  

Flexible Display Options:

• Display only the desired elements, such as pivot lines, median lines, high/low zones, or the base line.
  

Use Cases:

• Identify key support and resistance zones using pivot points.
  
• Analyze price movements on higher timeframes while trading on lower ones.
  
• Utilize median lines to find potential reversal zones or areas for risk/reward analysis.
  

Notes:

• This script is designed for advanced users with a solid understanding of multi-timeframe analysis and pivot points.
  
• It uses multiple drawing objects (lines, boxes), so ensure your chart does not hit its drawing object limit.
  

Good luck with your trading! 🚀

13 thg 12, 2024

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