MTF Multiple Moving Averages V1

The MTF Multiple Moving Averages V1 indicator provides a comprehensive multi-timeframe visualization of trend direction by plotting up to eight distinct moving averages from higher timeframes onto a single chart. This tool allows traders to monitor hierarchical trend structure and identify key areas of institutional support or resistance across various periodicities simultaneously.

Usage

The Usage section describes how the script can be used to analyze market structure across different time horizons. Traders typically use this indicator to determine if the short-term price action is aligned with higher-timeframe trends.

• Trend Alignment: When multiple dots and lines are colored green (bullish), it indicates a strong upward trend across the selected timeframes. Conversely, red (bearish) signals suggest a synchronized downtrend.
• Support/Resistance: Higher timeframe moving averages often act as dynamic support or resistance levels. The script uses different plot styles (circles and crosses) to distinguish between these timeframes visually.
• Timeframe Selection: Users can choose how many higher timeframes to display (0 to 8) via the settings. This helps declutter the chart based on the trader’s specific focus.

Details

The script executes by requesting data from external timeframes using the request.security function. It calculates a base moving average and then projects that calculation onto the selected timeframes.

• Moving Average Selection: The indicator supports various types, including Simple (SMA), Exponential (EMA), Weighted (WMA), Volume-Weighted (RMA), Hull (HMA), and Weighted Hull Moving Averages (WHMA).
• WHMA Implementation: The WHMA is a custom implementation that updates its value only when the price crosses a specific percentage threshold, effectively filtering out minor price noise.
• Color Logic: The script dynamically changes the color of the plots based on the current price relative to the moving average value at that specific timeframe.

Settings

• Select number of visible TimeFrames: Determines the quantity of higher timeframe averages displayed on the chart (0-8).
• Timeframe 1-8: Sets the specific periodicity for each respective moving average layer (e.g., 15m, 1H, Daily, Weekly).
• Moving Average type: Selects the mathematical formula used for the calculation (SMA, EMA, WMA, RMA, HMA, or WHMA).
• Source: The price data used for the calculation (default is Close).
• Length: The lookback period for the moving average calculation.
• WHMA Threshold: A sensitivity percentage used exclusively for the Weighted Hull Moving Average calculation to filter volatility.

FAQ

How can I see more timeframes on my chart?
Adjust the "Select number of visible TimeFrames" setting to a higher value and ensure the corresponding "Timeframe" inputs are configured to your preferred intervals.

What does the WHMA Threshold do?
The threshold controls how much the price must move away from the current average before the average updates, helping to smooth out sideways price action.

How do I get access to MTF Multiple Moving Averages V1?
You can get access on the LuxAlgo Library for charting platforms like TradingView, MetaTrader (MT4/MT5), and NinjaTrader for free.