Multi-Chart Widget

The Multi-Chart Widget is an essential trading tool designed for traders and investors aiming to analyze multiple financial instruments at once. This feature-rich tool seamlessly displays up to three additional charts, allowing users to customize each chart by selecting different financial instruments and timeframes. Users can integrate various popular technical indicators, including the relative strength index, Supertrend, moving averages, and Bollinger Bands, to enhance their trading strategies.

How to Utilize the Multi-Chart Widget?

The Multi-Chart Widget is perfect for traders looking for a comprehensive view of multiple financial markets. By showcasing up to three additional charts alongside the main one, users can efficiently analyze assets over different timeframes, compare performances, and make well-informed trading decisions. The widget empowers users with the flexibility to choose from an array of customizable chart types, featuring the newly added "Volume Candles" option.

Enhance your charts with widely acclaimed technical indicators, including the Supertrend, Bollinger Bands, and a variety of moving averages for an improved strategy.

Beyond charting, the widget includes a dynamic statistics panel providing vital metrics and insights into selected assets. Track performance indicators like relative strength, trend, and volatility to spot trends, patterns, and trading opportunities effortlessly.

Key Features of Multi-Chart Widget

Get acquainted with the indicators featured in the statistics panel detailed as follows:

Dual Supertrend: A Deep Dive

The Dual Supertrend is a sophisticated version of the standard Supertrend indicator, focusing on trend following strategies. It generates buy or sell signals through analysis of price dynamics. This dual approach incorporates two Supertrend indicators with distinct parameters for potentially more precise signals, assisting traders in detecting trend reversals and establishing trend direction more responsively.

Grasp the Relative Strength Index

The Relative Strength Index (RSI) is a popular momentum oscillator analyzing the speed and change in price movements. Oscillating between 0 and 100, it's often utilized to identify overbought or oversold market conditions. An RSI higher than 70 typically suggests an overbought state, whereas values under 30 hint at oversold situations, unveiling potential buying opportunities.

Understanding Volatility in Trading

Volatility in the trading world denotes the degree of price fluctuation of a financial instrument within a certain timeframe. Representing the intensity and scale of price shifts, volatility is indicative of the market’s risk and uncertainty. High volatility equates to quick and notable price movements, whereas low volatility signifies relative price stability. Traders leverage volatility to gauge investment risks and returns, optimizing trade entry and exit decisions.

Decoding R-Squared (R²)

R-squared, or the coefficient of determination, is a statistical value measuring how well independent variables predict changes in the dependent variable. It measures the regression model’s fitness on observed data, ranging between 0% and 100%. A high R-squared (85%-100%) in investing indicates a stock or fund’s performance aligns closely with an index, whereas a low R-squared (around 70% or less) shows significant performance deviation from the index movements.

Configuration Settings in Multi-Chart Widget

General Settings for Mini Charts

• Mini Charts Separator: Toggle the visibility of separator lines.
• Number Of Bars: Define the number of bars displayed per mini chart.
• Horizontal Offset: Adjust the distance of mini charts from the primary chart.

Mini Chart Specific Settings

• Visibility: Toggle visibility for top, middle, or bottom mini charts.
• Symbol: Select the financial instrument for mini charts. Defaults to current chart instrument if left blank.
• Timeframe: Set timeframe for mini charts. Lower timeframes default to the main chart’s timeframe.
• Chart Type: Choose from candles, volume candles, line, area, columns, high-low, Heikin Ashi, etc.
• Chart Size: Define mini chart size relative to others.
• Technical Indicator: Opt for technical indicators to add to the mini charts.

Note: Chart size is relative; consistent proportions between mini charts ensure visual coherence despite scale differences.

Customizing Supertrend

• ATR Length: Configure lookback period for ATR calculation.
• Factor: Adjust multiplier for ATR to offset bands from price.
• Color: Customize band colors.

Moving Average Adjustments

• Type: Select moving average type like SMA, EMA, RMA, HMA, WMA, VWMA.
• Source: Determine data source from bars for calculations.
• Length: Specify period for Moving Average calculation.
• Color: Choose color options.

Bollinger Bands Customization

• Basis Type: Moveable Average type for basis line.
• Source: Select data from bars for calculations.
• Length: Set period for Moving Average forming Upper/Lower Bands.
• StdDev: Define Standard Deviations for Upper/Lower Bands.
• Color: Adjust color settings for basis and bands.

Mini Chart(s) Panel Features

• Display Panel: Manage visibility of mini charts panel.
• Dual Supertrend: Display evaluated dual supertrend according to settings.
• RSI Display: Enable analyzed RSI based on defined settings.
• Volatility Visualization: Showcase calculated Volatility.
• R-Squared Display: View calculated R-Squared values.

Limitations of the Multi-Chart Widget

This tool is designed to display mini charts of various instruments beside the primary chart instrument. A limitation exists in that the primary chart must have an ACTIVE market status. If inactive, the chosen mini chart instruments must belong to the same exchange and type as the primary chart.

FAQs

How can I access the Multi-Chart Widget?

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

What are the benefits of using multiple charts simultaneously?

Using multiple charts allows traders to analyze different instruments at once, understand market trends across timeframes, and make strategic decisions quickly.

Can I customize the types of charts displayed?

Yes, you can select from various chart types, including candles, volume candles, and more, tailoring the Mini-Chart Widget to your trading preferences.