MTF RSI + Average (Multi-Timeframe)

The MTF RSI + Average (Multi-Timeframe) indicator provides a comprehensive momentum analysis tool that displays Relative Strength Index (RSI) values from up to five different timeframes simultaneously. By eliminating the need to switch chart intervals, it allows traders to identify confluence and trend strength across multiple horizons in a single oscillator pane.

Usage

The script is designed to help traders monitor momentum across different timeframes to confirm trend direction or identify exhaustion. Users can plot individual MTF RSI lines or calculate a combined average of selected timeframes to smooth out noise.

Key usage scenarios include:

• Multi-Timeframe Analysis: Monitor up to 5 different timeframes (e.g., 15m, 1h, 4h, Daily) to see if momentum is aligned.
• Averaged RSI: Combine multiple RSI inputs into a single "Average" line to identify the broad trend across different scales.
• Table Overlay: Use the on-chart info box to quickly reference current RSI values for all selected timeframes without cluttering the oscillator pane.
• Divergence Detection: Identify regular and hidden divergences between price and the RSI/Average to spot potential reversals or trend continuations.

Details

This tool supports 17 different types of momentum calculations, including traditional Wilder’s RSI, Money Flow Index (MFI), Laguerre RSI, and Connors RSI. It includes a repainting toggle; when disabled, the script uses the prior closed bar of the higher timeframe to ensure signals remain fixed. The script also includes advanced smoothing options and dynamic length adjustments (DRSI) to adapt to changing market volatility.

Settings

RSI Configuration

• RSI Type: Select from 17 variants (e.g., RSI, MFI, Laguerre, Connors, VRSI).
• Source: The price source used for calculations (default is Close).
• Repaint?: Toggle whether to use live higher-timeframe data or the last confirmed closed bar.
• Timeframes 1-5: Set the specific intervals for each of the five RSI calculations.
• Lengths: Individual period settings for each RSI timeframe.

Averaging & Display

• Average 1/2: Select which timeframe slots are included in the two available average calculations.
• Display MA: Choose a Moving Average type (SMA, EMA, WMA, etc.) to apply to a specific RSI or the Average.
• Table Display: Toggle the info box on/off and adjust its position on the chart.

Divergences & Signals

• Show Divergences: Enables visual markers for Bullish/Bearish and Regular/Hidden divergences.
• Lookback Period: The window used to find peaks and troughs for divergence calculation.
• OB/OS Levels: Customizable thresholds for Overbought (default 70) and Oversold (default 30) zones.

FAQ

How do I access MTF RSI + Average (Multi-Timeframe)?

You can get access on the LuxAlgo Library for charting platforms like TradingView, MetaTrader (MT4/MT5), and NinjaTrader for free.

Why do the values change when I toggle the "Repaint" setting?

When "Repaint" is enabled, the indicator uses the live, developing candle of the higher timeframe. When disabled, it uses the "prior close" of that timeframe to ensure the data remains static and does not change after the current chart bar closes.

Can I use this for volume-based momentum?

Yes, by changing the RSI Type to MFI (Money Flow Index) or VRSI (Volume-Weighted RSI), the indicator will incorporate volume data into its momentum calculations.