8413
by chris006
Hi MrTools
I was thinking about the notion of relative timeframes (in relation to the base timeframe of the chart).
Lets say that for example my chart is on the 5 minute timeframe (base timeframe). I have a MTF indicator attached to this that is set on the 1hr timeframe (that is 3 timeframes higher).
Now, if I switch the chart to the 30 minute timeframe how should the indicator respond? Should the MTF indicator remain on the 1hr timeframe? Or should the MTF indicator automatically change its timeframe to 3 timeframes higher (to the Daily timeframe). It all depends on the response we want from the indicator in relation to changing the timeframe of the chart.
I believe it would be useful if you could code this flexibility of behaviour in your MTF indicators.
There could be a switch (YES / NO) in the inputs of the indicator to select "Manual Timeframe vs Relative Timeframe"
The current timeframe field could remain available to feed the option for "Manual Timeframe"
A new Relative Timeframe field would be needed to select the relative timeframe:
0 = the timeframe of the chart
1 = one higher timeframe than the timeframe of the chart
2 = two higher timeframes than the timeframe of the chart etc
I have seen this relative timeframe behaviour in an indicator (not on this forum) - my personal take is that it is useful.
Would you consider this as an improvement possibility on top of the improvements already available (MTF, alerts, arrows/lines, multisymbol etc)?