OPEN-SOURCE SCRIPT
Multi-Timeframe Structure Overlay [ITA]
🟠 OVERVIEW
Multi-Timeframe Structure Overlay draws the structure of two higher timeframes
onto the chart you are actually trading.
Most multi-timeframe tools put the answer in a corner table: one hour bullish,
four hour bearish. That tells you the state but not where it sits, and price
does not trade against a table. Here the swing highs and lows those timeframes
are working with become lines on your chart, so you can see how far price is
from the level that would flip them.
Breaks are marked at the price where they happened, not in a corner.
🟠 CONCEPTS
* Higher Timeframe Structure - The swing highs and lows a larger timeframe has
confirmed. They are the levels that decide its direction, and they usually sit
somewhere your own timeframe never draws.
* Break of Structure - A close beyond the last confirmed swing in the direction
the timeframe was already going. Continuation.
* Change of Character - A break in the opposite direction to the previous one.
The first sign that the higher timeframe has turned, and marked separately
because it means something different.
* Bias - Which way each timeframe is currently pointing, based on its last
confirmed break. Shown as a small tag at the right edge rather than a panel.
* Alignment - Both higher timeframes pointing the same way. It has its own
alert, because that is usually the condition people are waiting for.
🟠 FEATURES
🔹 Two higher timeframes at once, each with its own colour, drawn as levels on
your chart rather than listed in a table
🔹 BOS and CHoCH labelled at the price where the break occurred, tagged with
which timeframe produced it
🔹 Bias tags at the right edge, offset from each other so they never overlap
🔹 A warning on the chart if a selected timeframe is lower than the one you are
viewing, instead of quietly drawing values that look plausible and mean nothing
🔹 Alignment alert for when both higher timeframes agree
🔹 Levels are requested with lookahead off and read from confirmed bars only,
so nothing shifts after the fact
🔹 Independent swing sensitivity, applied on each higher timeframe rather than
on your chart
🟠 HOW TO USE
Pick two timeframes above the one you are on. Working a 15 minute chart, one
hour and four hour is the usual pair. On a daily chart, use weekly and monthly.
Read the lines first. A higher timeframe level sitting just above price is the
level that flips its bias, and it is often nowhere near anything your own
timeframe would have drawn.
A CHoCH tag matters more than a BOS tag. Continuation is expected, a change of
character is the first evidence the larger move is turning.
When both bias tags point the same way, the higher timeframes agree. That is
the alignment alert, and it is usually a better filter than either timeframe on
its own.
Swing Lookback controls sensitivity on the higher timeframes. Raise it for
fewer and more significant levels.
🟠 CONCLUSION
Knowing the higher timeframe is bullish is not the same as knowing what price
has to do for that to change. This puts the second thing on the chart, where it
can actually be used.
Multi-Timeframe Structure Overlay draws the structure of two higher timeframes
onto the chart you are actually trading.
Most multi-timeframe tools put the answer in a corner table: one hour bullish,
four hour bearish. That tells you the state but not where it sits, and price
does not trade against a table. Here the swing highs and lows those timeframes
are working with become lines on your chart, so you can see how far price is
from the level that would flip them.
Breaks are marked at the price where they happened, not in a corner.
🟠 CONCEPTS
* Higher Timeframe Structure - The swing highs and lows a larger timeframe has
confirmed. They are the levels that decide its direction, and they usually sit
somewhere your own timeframe never draws.
* Break of Structure - A close beyond the last confirmed swing in the direction
the timeframe was already going. Continuation.
* Change of Character - A break in the opposite direction to the previous one.
The first sign that the higher timeframe has turned, and marked separately
because it means something different.
* Bias - Which way each timeframe is currently pointing, based on its last
confirmed break. Shown as a small tag at the right edge rather than a panel.
* Alignment - Both higher timeframes pointing the same way. It has its own
alert, because that is usually the condition people are waiting for.
🟠 FEATURES
🔹 Two higher timeframes at once, each with its own colour, drawn as levels on
your chart rather than listed in a table
🔹 BOS and CHoCH labelled at the price where the break occurred, tagged with
which timeframe produced it
🔹 Bias tags at the right edge, offset from each other so they never overlap
🔹 A warning on the chart if a selected timeframe is lower than the one you are
viewing, instead of quietly drawing values that look plausible and mean nothing
🔹 Alignment alert for when both higher timeframes agree
🔹 Levels are requested with lookahead off and read from confirmed bars only,
so nothing shifts after the fact
🔹 Independent swing sensitivity, applied on each higher timeframe rather than
on your chart
🟠 HOW TO USE
Pick two timeframes above the one you are on. Working a 15 minute chart, one
hour and four hour is the usual pair. On a daily chart, use weekly and monthly.
Read the lines first. A higher timeframe level sitting just above price is the
level that flips its bias, and it is often nowhere near anything your own
timeframe would have drawn.
A CHoCH tag matters more than a BOS tag. Continuation is expected, a change of
character is the first evidence the larger move is turning.
When both bias tags point the same way, the higher timeframes agree. That is
the alignment alert, and it is usually a better filter than either timeframe on
its own.
Swing Lookback controls sensitivity on the higher timeframes. Raise it for
fewer and more significant levels.
🟠 CONCLUSION
Knowing the higher timeframe is bullish is not the same as knowing what price
has to do for that to change. This puts the second thing on the chart, where it
can actually be used.
نص برمجي مفتوح المصدر
بروح TradingView الحقيقية، قام مبتكر هذا النص البرمجي بجعله مفتوح المصدر، بحيث يمكن للمتداولين مراجعة وظائفه والتحقق منها. شكرا للمؤلف! بينما يمكنك استخدامه مجانًا، تذكر أن إعادة نشر الكود يخضع لقواعد الموقع الخاصة بنا.
Pine Script developer & trader. I build clean indicators - Smart Money Concepts, scanners, risk tools. ITAtradingtools.com
إخلاء المسؤولية
لا يُقصد بالمعلومات والمنشورات أن تكون، أو تشكل، أي نصيحة مالية أو استثمارية أو تجارية أو أنواع أخرى من النصائح أو التوصيات المقدمة أو المعتمدة من TradingView. اقرأ المزيد في شروط الاستخدام.
نص برمجي مفتوح المصدر
بروح TradingView الحقيقية، قام مبتكر هذا النص البرمجي بجعله مفتوح المصدر، بحيث يمكن للمتداولين مراجعة وظائفه والتحقق منها. شكرا للمؤلف! بينما يمكنك استخدامه مجانًا، تذكر أن إعادة نشر الكود يخضع لقواعد الموقع الخاصة بنا.
Pine Script developer & trader. I build clean indicators - Smart Money Concepts, scanners, risk tools. ITAtradingtools.com
إخلاء المسؤولية
لا يُقصد بالمعلومات والمنشورات أن تكون، أو تشكل، أي نصيحة مالية أو استثمارية أو تجارية أو أنواع أخرى من النصائح أو التوصيات المقدمة أو المعتمدة من TradingView. اقرأ المزيد في شروط الاستخدام.