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This Multi Time Frame (MTF) BrainTrend indicator has all features from (BrainTrend Indicator all-in-one edition). The only difference is that this version has Multi Time Frame (MTF) feature.
With this MTF version BrainTrend, you can apply any time frame of BrainTrend to your current chart.
As long as the selected MTF time frame is greater than the chart time frame.
Some examples of putting multiple time frames into use would be:
A swing trader, who focuses on daily charts for his or her decisions, could use weekly charts to define the primary trend and 60-minute charts to define the short-term trend.
A day trader could trade off of 15-minute charts, use 60-minute charts to define the primary trend and a five-minute chart (or even a tick chart) to define the short-term trend.
A long-term position trader could focus on weekly charts while using monthly charts to define the primary trend and daily charts to refine entries and exits.
Source: http://www.investopedia.com
BrainTrend is a very popular Indicator, the calculation is based on Stochastic Oscillator and Average True Range (ATR).
- Stochastic Oscillator is based on the observation that as prices increase, closing prices tend to be closer to the upper end of the price range. In downtrends, the closing price tends to be near the lower end of the range.
- ATR calculates the average of true price ranges over a time period. The True Price Range is defined as the greatest of distances between today’s high to today’s low, yesterday’s close to today’s high, and yesterday’s close to today’s low. The Average True Range is a moving average of the True Range over a specified period of time.
Parameters available for you to adjust the BrainTrend Indicator.
- MTF: choose ‘yes’ to enable Multi Time Frame (MTF) on chart.
- timeframe: choos your desired timeframe.
- stoch_period
- stoch_max
- stoch_min
- atr_current_norm_factor
- atr_before_norm_factor
- atr_period
- atr_before_step
Since there already are many explaination and details about this indicator, we don’t repeat it here.
It works on all time frame(Tick, Minutes, Daily, Weekly, Monthly) and all markets(Stocks, Futures, Forex, Options,ETF, etc.)
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