Understood, but I think it makes little difference. If other's ask for it, I can change the indicator though. The current version has some variations compared to your original instructions. For example, you didn't say what type of alerts you wanted, but I included 3 types of optional alerts. And you stated the 4 time frames you wanted to use, but I made the 3 time frames adjustable instead. Maybe someone later would want to use the M1, M5, or D1 time frames. They can do this now as it is. So I think the current version is more useful for everyone.
Hello.
Now that`s a good idea of Donnuel.
As all MA indicators are pretty late on the starting line because of their nature, how about the same concept with MTF RSI?
Great coding, not to show the indicator(s) or arrows on the chart. Keeps it clean and open for other supporting indicators.
In the picture (to illustrate) you see a M5 Chart with a RSI 5, close, for M15, M30 and H1.
The idea is to get alerts (3 types) only when all 3 are (in this case) above level 50. Free after the RSI MTF Level 50 strategy to be sure to have strong momentum.
Blue vertical lines illustrate every alert after M15 close. As you can see in the calm, ranging area, you get less alerts than in trending area, but more important is, you won`t get a alert into the wrong direction as all 3 RSI lines have to be above 50 and pointing north.
This concept brings "confluence" (floating together in one direction) alive. Early as possible back into trend-direction.
Trading in a higher timeframe and getting those alerts from 3 lower timeframes would even be better. Don`t know if this can be coded.
And if you`ve got a RSI indicator on the chart, you can even see, when the trend-party will be over by looking at level 85 for overbought and divergences. A way not to go blindly into another and another trade after an alert.
Please tell me what you think. Is this worth to invest time and effort ? Could get a hot topic in the "Trading Systems" sect. Donation will be sure, first member invitation is out, more to come. QUID PRO QUO
Regards