OPEN-SOURCE SCRIPT
MultiTimeframe Mediator Indicator
This is a multitimeframe indicator where the mediators are based off different timeframes.
There are mediators defined in the indicator
1. Hourly (Green by default)
2. Daily (Blue by default)
3. Weekly (Purple by default)
4. Monthly (Orange by default)
For day trading there are 1m and 5m mediators.
How to use it :
(Identifying trends)
1. Bullish Trend : Hourly > Daily > Weekly > Monthly
2. Bearish Trend : Monthly > Weekly > Daily > Hourly
(Taking trades)
1. Long trades : when the price closes above the Hourly Mediator take an entry with SL below the Hourly Mediator. TP can be any of the mediators that is immediately on top of the Hourly Mediator. In a fully Bullish trend it can be 2x-3x from the SL.
2. Short trades : when the price closes below the Hourly Mediator take an entry with SL below the Hourly Mediator. TP can be any of othe mediators that is immediately below the Hourly Mediator. In a fully Bearish trend it can be 2x-3x from the SL.
There are mediators defined in the indicator
1. Hourly (Green by default)
2. Daily (Blue by default)
3. Weekly (Purple by default)
4. Monthly (Orange by default)
For day trading there are 1m and 5m mediators.
How to use it :
(Identifying trends)
1. Bullish Trend : Hourly > Daily > Weekly > Monthly
2. Bearish Trend : Monthly > Weekly > Daily > Hourly
(Taking trades)
1. Long trades : when the price closes above the Hourly Mediator take an entry with SL below the Hourly Mediator. TP can be any of the mediators that is immediately on top of the Hourly Mediator. In a fully Bullish trend it can be 2x-3x from the SL.
2. Short trades : when the price closes below the Hourly Mediator take an entry with SL below the Hourly Mediator. TP can be any of othe mediators that is immediately below the Hourly Mediator. In a fully Bearish trend it can be 2x-3x from the SL.
Script de código abierto
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