Trend Meter [MMT]

The Trend Meter [MMT] is a dynamic Pine Script indicator designed to provide traders with a clear, multi-dimensional view of market trends and momentum across different timeframes and metrics. By integrating Exponential Moving Averages (EMAs), Volume-Weighted Average Price (VWAP), higher timeframe (HTF) analysis, and Regular Trading Hours (RTH) breakouts, this indicator offers a comprehensive tool for identifying bullish, bearish, or neutral market conditions. Its customizable visual display and label system make it ideal for traders seeking actionable insights for trend-following, breakout, or reversal strategies.

Key Features:

1. Multi-Metric Trend Analysis:
- Trend Meter: Compares a Fast EMA (default: 9) and Slow EMA (default: 21) to determine short-term trend direction.
- Bias Meter: Uses a longer-term Bias EMA (default: 35) to assess the overall market bias based on the close price.
- VWAP Meter: Evaluates price position relative to the VWAP for dynamic support/resistance insights.
- HTF Meter: Analyzes higher timeframe (default: 60-minute) price action, detecting breakouts of previous highs/lows and candle direction.
- RTH Meter: Tracks price breakouts above/below the US Regular Trading Hours (09:30–16:00 EST) 15m opening range (09:30–09:45 EST).

2. Color-Coded Visuals:
- Each metric is displayed as a horizontal line with customizable colors (green for bullish, red for bearish, gray for neutral).
- Visual style options (dotted, dashed, or solid lines) allow for personalized chart clarity.

3. Dynamic Labels:
- Optional labels for each metric (Trend, Bias, VWAP, HTF, RTH) with customizable text, size (tiny to huge), and color.
- Labels update in real-time, providing clear identification of each meter’s role and current state.

4. Flexible Metric Selection:
- Toggle individual metrics (EMA, VWAP, HTF, RTH) on/off to focus on relevant indicators for your trading style.
- Option to use the previous bar’s close price for calculations, reducing noise in volatile markets.

5. RTH and Opening Range Analysis:
- Calculates the high/low of the opening range (09:30–09:45 EST) during RTH sessions.
- Signals bullish or bearish conditions when the price breaks above/below the opening range outside the initial 15-minute window.

6. Higher Timeframe Breakout Detection:
- Monitors HTF price action to identify breakouts of the previous candle’s high or low, combined with the HTF candle’s direction for trend confirmation.

How to Use:
- Trend Confirmation: Use the Trend and Bias Meters to confirm short-term and long-term market direction.
- Breakout Trading: Leverage the RTH Meter for breakout setups above/below the opening range during US trading hours.
- Support/Resistance: Utilize the VWAP Meter to identify dynamic price levels for entries or exits.
- Higher Timeframe Context: Monitor the HTF Meter for broader market trend alignment, ideal for swing or position trading.
- Customization: Adjust EMA lengths, toggle metrics, and customize visual styles and labels to suit your chart preferences.

Settings:
- Bias Settings:
- Fast EMA (default: 9), Slow EMA (default: 21), Bias EMA (default: 35).
- Higher Timeframe (default: 60-minute).
- Option to use previous close price for calculations.
- Enable/disable individual metrics (EMA, VWAP, HTF, RTH).
- Visual Settings:
- Bullish (green), bearish (red), and neutral (gray) colors.
- Line style (dotted, dashed, solid).
- Label Settings:
- Enable/disable labels.
- Customize label size (tiny, small, normal, large, huge) and text color.
- Custom text for each meter’s label (Trend, Bias, VWAP, HTF, RTH).

Notes:
- Optimized for intraday trading (e.g., 1m, 5m, 15m) but adaptable to any timeframe.
- RTH and opening range calculations are tailored for US markets (EST timezone); adjust session times in the code for other markets.
- Higher timeframe analysis enhances context for multi-timeframe strategies.

Ideal For:
- Intraday traders targeting RTH breakout opportunities.
- Swing traders aligning with higher timeframe trends.
- Traders using VWAP and EMA-based strategies for trend and momentum analysis.
- Those seeking a clean, customizable dashboard for multi-metric market analysis.