Multi-Timeframe Momentum Indicator

The Multi-Timeframe Momentum Indicator tool provides a comprehensive analysis of market momentum across multiple timeframes on a single chart using the Relative Strength Index (RSI). It aims to offer traders a multidimensional perspective on trend strength and direction by aggregating RSI data from various periods into a clear, visual summary.

Usage

The indicator can be used to identify when momentum is aligning across different time horizons. When the RSI value for a specific timeframe is above the user-defined threshold (default 50), that timeframe is considered bullish. Conversely, values below the threshold indicate a bearish trend.

The script calculates an "Average Trend" based on the percentage of active timeframes that are currently bullish or bearish:

• Strong Up: Bullish momentum is dominant across almost all selected timeframes.
• Up: Majority of timeframes show bullish momentum.
• Neutral: Momentum is mixed or balanced.
• Down: Majority of timeframes show bearish momentum.
• Strong Down: Bearish momentum is dominant across almost all selected timeframes.

Details

This script utilizes the request.security function to fetch RSI data from different timeframes (ranging from 1 minute to 1 week). By examining the relationship between the current price and the RSI midpoint across these intervals, it creates a heatmap of market sentiment. The tool provides a table-based dashboard that can be positioned anywhere on the chart, allowing for a clean workspace while maintaining a high-level view of the market state.

Settings

RSI Parameters

• RSI Period: Determines the number of bars used to calculate the RSI.
• RSI Up/Down Threshold: Sets the level (default 50) used to distinguish between bullish and bearish momentum.

Color Settings

• Color style: Choose between "Normal", "Modern", "Monochrome", or "User" defined presets.
• User Colors: Specific color pickers for Strong Up/Down and standard Up/Down when the "User" style is selected.
• Transparency: Adjust the visibility of the table and trend cells.

Trend Display Parameters

• Show [Timeframe] Trend: Toggles for specific timeframes including 1m, 5m, 15m, 1h, 4h, 1d, etc.
• Show AVG: Enables or disables the display of the calculated average trend summary.

Table Position

• Table Position: Adjusts the location of the dashboard (e.g., bottom_right, top_left).

FAQ

How do I interpret the "Strong Up" signal?

A "Strong Up" signal occurs when the RSI values across a vast majority of your selected timeframes are above the threshold, suggesting high-confidence bullish momentum.

Can I change the sensitivity of the trend detection?

Yes, you can adjust the "RSI Up/Down Threshold" in the settings. Increasing it will require higher RSI values for a bullish signal, while decreasing it will make the indicator more sensitive to upside moves.

How do I access Multi-Timeframe Momentum Indicator?

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