OPEN-SOURCE SCRIPT
MTF Trend Fusion - V2
MTF Trend Fusion - V2 (Pine Script® v5)
Description
This indicator is developed to support trading decisions by performing trend analysis based on multiple timeframes. An EMA (Exponential Moving Average) is calculated for three different timeframes (15 minutes, 1 hour, and 4 hours). Each of these EMAs is visualized separately, and buy and sell signals are generated based on these indicators. It provides users with information about trend direction and strong buying/selling opportunities.
Features
EMA Calculations: Three EMAs are calculated and plotted for different timeframes (15 minutes, 1 hour, 4 hours).
Trend Direction Detection: The trend direction is determined based on whether the price is above or below the three EMAs.
Trend Strength: The trend strength is calculated based on price movement relative to the EMAs.
Signals:
Buy Signal: When the price is above all the EMAs in all timeframes, a buy signal is generated.
Sell Signal: When the price is below all the EMAs in all timeframes, a sell signal is generated.
Background Color: The background color changes based on trend strength (green, lime, teal, red, etc.).
Usage
EMA Length: The length of the EMA to be calculated by the indicator is defined. The default value is 50.
Timeframes:
Timeframe 1: 15 minutes (tf1)
Timeframe 2: 1 hour (tf2)
Timeframe 3: 4 hours (tf3)
Buy and Sell Signals:
Buy Signal: A buy signal is generated when the price is above the EMAs in all three timeframes.
Sell Signal: A sell signal is generated when the price is below the EMAs in all three timeframes.
Background Color:
Green: Strong uptrend.
Lime: Medium strength uptrend.
Teal: Weak uptrend.
Red: Strong downtrend.
Maroon: Medium strength downtrend.
Gray: Uncertain trend.
Benefits to the User
Multiple Timeframe Analysis: This indicator uses EMAs calculated across three different timeframes, increasing the accuracy of trading decisions.
Easy Trend Detection: It's easy to determine whether the price is above or below the EMAs, allowing clear identification of the trend direction.
Signal Generation: Buy and sell signals are generated based on the trend strength, helping users make more accurate decisions.
Visual Aids: Background colors and signals are visually easy to track, enabling quick decision-making.
Code Explanations
EMA Calculations:
pinescript
Kopyala
Düzenle
ema1 = request.security(syminfo.tickerid, tf1, ta.ema(price, emaLength))
This code snippet calculates the EMA for the specified timeframe (tf1).
Trend Direction Detection:
pinescript
Kopyala
Düzenle
isAbove1 = price >= ema1
This checks if the price is greater than or equal to the EMA1.
Background Color Change: The background color is assigned based on trend strength:
pinescript
Kopyala
Düzenle
if aboveCount == 3
bgColor := color.new(color.green, 70)
When the trend is upward in all three timeframes, the background turns green.
Signal Generation: Buy and sell signals are generated based on specific conditions:
pinescript
Kopyala
Düzenle
bullishSignal = aboveCount == 3
bearishSignal = belowCount == 3
Alerts and Notifications
Buy Signal: A notification message titled "📈 Buy Signal" is sent to the user.
Sell Signal: A notification message titled "📉 Sell Signal" is sent to the user.
Use Cases of the Indicator
Trading Strategies: This indicator is especially useful in trend-following strategies. The EMAs and trend signals help identify entry and exit points.
Advanced Trading Decisions: Thanks to the multiple timeframe analysis, users get a broader perspective, rather than relying on just one timeframe.
Automated Trading: It can be integrated into automated trading strategies by using Pine Script's alert conditions.
Important Notes
Data Latency: Pine Script works only with available data. Therefore, the speed of data transitions can impact trading decisions.
Optimization: The indicator should be tested on longer timeframes. Caution is advised when using it for short-term trading.
This documentation can be shared with others or made public in compliance with TradingView policies.
Description
This indicator is developed to support trading decisions by performing trend analysis based on multiple timeframes. An EMA (Exponential Moving Average) is calculated for three different timeframes (15 minutes, 1 hour, and 4 hours). Each of these EMAs is visualized separately, and buy and sell signals are generated based on these indicators. It provides users with information about trend direction and strong buying/selling opportunities.
Features
EMA Calculations: Three EMAs are calculated and plotted for different timeframes (15 minutes, 1 hour, 4 hours).
Trend Direction Detection: The trend direction is determined based on whether the price is above or below the three EMAs.
Trend Strength: The trend strength is calculated based on price movement relative to the EMAs.
Signals:
Buy Signal: When the price is above all the EMAs in all timeframes, a buy signal is generated.
Sell Signal: When the price is below all the EMAs in all timeframes, a sell signal is generated.
Background Color: The background color changes based on trend strength (green, lime, teal, red, etc.).
Usage
EMA Length: The length of the EMA to be calculated by the indicator is defined. The default value is 50.
Timeframes:
Timeframe 1: 15 minutes (tf1)
Timeframe 2: 1 hour (tf2)
Timeframe 3: 4 hours (tf3)
Buy and Sell Signals:
Buy Signal: A buy signal is generated when the price is above the EMAs in all three timeframes.
Sell Signal: A sell signal is generated when the price is below the EMAs in all three timeframes.
Background Color:
Green: Strong uptrend.
Lime: Medium strength uptrend.
Teal: Weak uptrend.
Red: Strong downtrend.
Maroon: Medium strength downtrend.
Gray: Uncertain trend.
Benefits to the User
Multiple Timeframe Analysis: This indicator uses EMAs calculated across three different timeframes, increasing the accuracy of trading decisions.
Easy Trend Detection: It's easy to determine whether the price is above or below the EMAs, allowing clear identification of the trend direction.
Signal Generation: Buy and sell signals are generated based on the trend strength, helping users make more accurate decisions.
Visual Aids: Background colors and signals are visually easy to track, enabling quick decision-making.
Code Explanations
EMA Calculations:
pinescript
Kopyala
Düzenle
ema1 = request.security(syminfo.tickerid, tf1, ta.ema(price, emaLength))
This code snippet calculates the EMA for the specified timeframe (tf1).
Trend Direction Detection:
pinescript
Kopyala
Düzenle
isAbove1 = price >= ema1
This checks if the price is greater than or equal to the EMA1.
Background Color Change: The background color is assigned based on trend strength:
pinescript
Kopyala
Düzenle
if aboveCount == 3
bgColor := color.new(color.green, 70)
When the trend is upward in all three timeframes, the background turns green.
Signal Generation: Buy and sell signals are generated based on specific conditions:
pinescript
Kopyala
Düzenle
bullishSignal = aboveCount == 3
bearishSignal = belowCount == 3
Alerts and Notifications
Buy Signal: A notification message titled "📈 Buy Signal" is sent to the user.
Sell Signal: A notification message titled "📉 Sell Signal" is sent to the user.
Use Cases of the Indicator
Trading Strategies: This indicator is especially useful in trend-following strategies. The EMAs and trend signals help identify entry and exit points.
Advanced Trading Decisions: Thanks to the multiple timeframe analysis, users get a broader perspective, rather than relying on just one timeframe.
Automated Trading: It can be integrated into automated trading strategies by using Pine Script's alert conditions.
Important Notes
Data Latency: Pine Script works only with available data. Therefore, the speed of data transitions can impact trading decisions.
Optimization: The indicator should be tested on longer timeframes. Caution is advised when using it for short-term trading.
This documentation can be shared with others or made public in compliance with TradingView policies.
Script open-source
In pieno spirito TradingView, il creatore di questo script lo ha reso open-source, in modo che i trader possano esaminarlo e verificarne la funzionalità. Complimenti all'autore! Sebbene sia possibile utilizzarlo gratuitamente, ricorda che la ripubblicazione del codice è soggetta al nostro Regolamento.
Per un accesso rapido a un grafico, aggiungi questo script ai tuoi preferiti: per saperne di più clicca qui.
🔹 Phoenix Algorithmic Trading Systems
🚀 "Ignite Your Edge – Trade Smarter with Phoenix."
🚀 "Ignite Your Edge – Trade Smarter with Phoenix."
Declinazione di responsabilità
Le informazioni ed i contenuti pubblicati non costituiscono in alcun modo una sollecitazione ad investire o ad operare nei mercati finanziari. Non sono inoltre fornite o supportate da TradingView. Maggiori dettagli nelle Condizioni d'uso.
Script open-source
In pieno spirito TradingView, il creatore di questo script lo ha reso open-source, in modo che i trader possano esaminarlo e verificarne la funzionalità. Complimenti all'autore! Sebbene sia possibile utilizzarlo gratuitamente, ricorda che la ripubblicazione del codice è soggetta al nostro Regolamento.
Per un accesso rapido a un grafico, aggiungi questo script ai tuoi preferiti: per saperne di più clicca qui.
🔹 Phoenix Algorithmic Trading Systems
🚀 "Ignite Your Edge – Trade Smarter with Phoenix."
🚀 "Ignite Your Edge – Trade Smarter with Phoenix."
Declinazione di responsabilità
Le informazioni ed i contenuti pubblicati non costituiscono in alcun modo una sollecitazione ad investire o ad operare nei mercati finanziari. Non sono inoltre fornite o supportate da TradingView. Maggiori dettagli nelle Condizioni d'uso.