This is a second attempt at an easy to understand multiple time frame strategy. This one uses ATR for exits. If the position is long, and the price closes below the ATR multiplier, it triggers a close. If the position is short, and the price closes above the ATR/multiplier, it triggers a close. This generates a lot of little trades but is useful because it uses multiple time frames along with cutting losses when the ATR disagrees.
Is "BB Length" actually used?
If I look at the code, it looks like the bb() function is never called.
trading-guide
⋅
I dont know what you wanted to do in this script, but most functions and variables or not used at all (copy/paste from other scripts?). What it basically does is to compare open and close prices in different timeframes ;-)
IgorPleten
⋅
Hi Rich, i m trying to use your indicator on small timeframes but ve got orders limit, is it possible to use it, thanks a lot
PabloHernanCura
⋅
Very good MTF Indicator....With Renko its very useful and very clear.
Do you use exit points? Thanks