I used to trade with several TRO indicators including TRO multimeter candle color and TRO multimeter pablopluto. But when you're trading with a trend bar, over time you're facing one big problem.
When you see that other timeframes than the one you're trading on are in the same trend, you can see this as a good signal to enter the market, but your problem is that the trend bar just give you trend on the other timeframes, it doesn't tell you where this trend starts, and if it coming to an end.
So often you jump into the market, and right after that the market starts moving against your position.
One of my favorite indicator is Parabolic Sar, I think we can avoid those kind of situations with this indicator.
Has anyone know the existence or ever coded a multi-timeframe Psar?
or can someone here code a Psar that will consider data on 3 tf, like M1, M5 & M15.
The color code could be as follow:
M1 trend = M5 trend, Yellow dot
M1 trend = M5 trend = M15 trend, Green dot
M1 trend different from M5 trend, Gray dot.
Of course the user should be able to change the parameters.
I don't know anything in MQL4 programming so if someone can code this and share it, I'll appreciate it.
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TheRumpledOne wrote:I think I wrote a PSAR multimeter years ago.
if it's a the same multimeter format it will not solve the problem. I think about an indicator that will draw dot on the chart like regular Psar does, but only the dot color will depend on the trend direction on M1, M5 & M15. You see my point? Can you code this one please and share it?