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MTF Indicators
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MTF Indicators

  #1 (permalink)
Elite Member
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Futures Experience: Beginner
Platform: Multicharts, R
Favorite Futures: EUR / USD
 
Posts: 185 since Feb 2010
Thanks: 106 given, 98 received

MTF Indicators

Hi

I have created a MTF signal in MC, one timeframe (for trend) is the daily chart and the other for trading is 60 minute chart.

I have defined the trend based upon the daily chart using:
 
Code
                            
if (DayEma[0] > DayEma[1]) then
    trend 
1
else if (DayEma[0] < DayEma[1]) then
    trend 
= -1
else if (DayEma[0] = DayEma[1]) then trend 0
else trend trend
However this only worked for one hour bar in the day i.e. when the session ended. Otherwise DayEma[0] = DayEma[1].

I sort of solved the problem by calculating the hour bar to reference back to the end of the session to get the correct daily EMA value:

 
Code
                            
if (DayEma[0] > DayEma[Mod(BarNumber -1,  24)]) then
    trend 
1
else if (DayEma[0] < DayEma[Mod(BarNumber -1,  24)]) then
    trend 
= -1
else if (DayEma[0] = DayEma[Mod(BarNumber -1,  24)]) then trend 0
else trend trend
This would work for time based trade charts but not any exotic bar types (e.g. Range).

Does anyone know how to solve this elegantly?

Cheers,

Daniel

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  #2 (permalink)
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  #3 (permalink)
Site Administrator
Manta, Ecuador
 
Futures Experience: Advanced
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Big Mike's Avatar
 
Posts: 46,240 since Jun 2009
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I just use a

 
Code
                            
if date <> date[1
block in my code for processing new day events. It may work here too, I'm not 100% sure what you are trying to do.

Mike

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  #4 (permalink)
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Posts: 30 since Nov 2010
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I think I realize the root of the problem. When you use any indicator from a higher timerame on a lower one you have equal values for all bars except the first corresponding to the higher timeframe bar. And you seem to want the condition like ma1 > ma2 be true over the whole lower timeframe span (day in your example). If my guess is true then it's very easy to implement. You simply write:

ma1 = xaverage(close of data2, N);
condition1 = ma1 of data2 > ma1[1] of data2;

In this case the condition should be true during the whole day on the lower timeframe.

Hope this helps. If this is not what you're looking for please ask for more, I'll try to help.

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