Early in my learning to trade, I wanted to use a 5 minute chart but see inside the 5 minute bar to assess the price action during that bar a bit more clearly. For the longest I had 2 charts that I had to look at, 5 minute and 1 minute. I hated that. So, I wrote an indicator early in the nt 6.5 days that drew rectangles on the chart that represented a 5 minute chart an put it on the 1 minute chart. Been using that indicator for a very long time and still do. You can see a picture of that in the attachments. I was playing around with NT last night and did something that actually does this much better. I'm sure many of you have already done this and is no surprise to you and it really isn't a surprise to me either but just never spent any time on it. Anyway, take a look at the other pictures and you will see how I replicated my indicator by using the multitimeframe capability of NT 7.
The first chart is a 1 minute chart with my 5 minute mtf indicator.
The second chart is a 5 minute chart set up as a box instead of a candlestick with a 1 minute candlestick chart overlayed.
The third chart is a 5 minute chart set up as a box instead of a candlestick with a 150 tick candlestick chart overlayed.
Pretty cool stuff I think. But then I get excited over simple things.
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Thank you...It's nice to hear comments like that. I've been focusing on my stuff and just haven't had time to post.
1. Create a new chart
2. Add your market to the chart 2 times so you have 2 identical DataSeries. In my case, I have 2 instances of CL 12-11.
3. Set the period for the first DataSeries to be 5 minutes for example and change the Chart style to Box.
4. Set the period for the second DataSeris to be 1 minute. Leave the Chart style as candlestick. Change the colors for the candle stick to something that will show up. I am using DarkRed and Green.
5. Set the Panel for the second DataSeries to Panel 1.
6. Click OK and you're done.
I included a template as well.
You can see in the picture that I added a SMA(14) to each of the dataseries. The white line is the SMA(14) for the 1 minute and black line is for the 5 minute.
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It reminds me of long back when i started NT...on demand of a fellow trader i coded an indicator that plots Expiry Candles ( slightly different than monthly ) on daily bars...it was fun and easy but i lost code unfortunately.
It had feature of auto-adjustment for Expiry Thursday ( last Thursday of every month in NSE exchange ) as well as manually setting dates for Expiry if by chance holiday on last Thursday. Some old pic i could digg...
Been experimenting with this multitimeframe chart to help visualize the price action entries and so far I like what I'm seeing. Takes a bit of getting used to to train the eye what you're looking at but not too much effort. This chart is a 5 minute, 1 minute, and 150 tick overlayed. You can see momentum build up in one chart and you know exactly what the relationship between time and ticks is. Don't have to look at multiple charts. Take a look at the 2 sets of zig zags I marked with blue lines. Pretty nice little trades there. I saw the first one but did not take it. No good reason. Just didn't. The second one I watched in detail. Saw the consolidation which really attracted my attention because as we know consolidation is a compression area that will be followed by a break out. I saw the ticks start building at the first green arrow that looked like it might break out but only observed. I didn't want to get caught in a fake out. Saw another consolidation where the low of that area was the high of the previous consolidation area. Figured this might be a good place to go long at 92.22 so I place a stoplimit order and watched it closely. Sure enough, price popped, my order was accepted and got a 29 tick target.
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Something I failed to mention is that on that trade I took, I was only looking to go long because of the price action prior to the consolidation. It price had broken to the down side, I would have skipped.
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