Multi-Timeframe MACD Histogram Indicator (v03)

Related: Multi-Timeframe Moving Average Indicator (v03) - another powerful indicator for MetaTrader 5 traders.

Multi-Timeframe MACD Histogram Indicator

Also recommended: Multi-Timeframe Relative Strength Index (MTF RSI) Indicator for MT4/MT5 - similar indicator with strong performance on MetaTrader 5.

This MACD indicator can be applied to any timeframe, higher or lower than the current chart's timeframe.

The indicator's values can be calculated based on any of the usual price types. When the indicator is applied to a timeframe lower than the current chart's time frame, it may not be possible to display all values. In such cases, depending on the price type chosen, a different approach is used to provide the most appropriate value.

Examples:

Scenario 1: timeframe_1=5 minutes, timeframe_2=1 minute, calculations based on Close price series.
For any bar on timeframe_1, the indicator will display the latest bar of timeframe_2 with a Close time that is before or at the Close time of the bar on timeframe_1. This applies to both closed bars and the current bar that is still open.

Scenario 2: timeframe_1=5 minutes, timeframe_2=1 minute, calculations based on Open price series.
For any bar on timeframe_1, the indicator will display the latest bar of timeframe_2 with an Open time that is before or at the Open time of the bar on timeframe_1. This also applies to both closed and open bars. The logic is that if you choose to calculate indicators based on the Open time of a bar, you likely trade at the bar's open. At the open of a new 5-minute bar, you will only know the Open time of the first of the five 1-minute bars comprising it. The Open times of the second to fifth 1-minute bars are therefore disregarded in the calculations.

You can mix any timeframe with any other timeframe, even if they are not synchronized (e.g., timeframe_1 = 5 minutes and timeframe_2 = 12 minutes). The indicator ensures they remain synchronized. The mechanism is similar to the examples provided.

The attached zip file (Conversion between timeframes.zip) contains examples illustrating all possible combination types and a visual explanation. Reviewing the source code will also provide insights into the implementation.

When switching between timeframes, allow a few seconds for the price data to load. If the indicator does not display correctly, refresh the chart manually.

Requires:
- MovingAverages.mqh (default include file located in terminal_data_folder\MQL5\Include)
- MACD_Histogram_MC (also posted at mql5.com)

Place both MACD_Histogram_MTF_MC.mq5 and MACD_Histogram_MC.mq5 in the terminal_data_folder\MQL5\Indicators folder for the indicator to function.

To enable or disable error messages for debugging, modify the following line in the source code:
bool ShowErrorMessages=false;

Update History:

2010 09 26: v03
- Improved display of values on timeframes lower than the chart's timeframe.
- Set buffers to EMPTY_VALUE instead of 0 after: if(convertedTime<tempTimeArray_TF2[0]);
- Code optimization.
- Removed PLOT_DRAW_BEGIN from OnInit() - inherited from single timeframe indicator.
- Moved ArraySetAsSeries of buffers and arrays into OnInit().
- Added MODE_SMMA and MODE_LWMA as MA methods for the Signal line.
- Made ENUM_APPLIED_PRICE the last input parameter.

2010 08 28: v02B
- Indicator first published.

You may also like: Stochastic Multi-Timeframe Indicator - excellent alternative for indicator users on MetaTrader 5.

• This tool is provided for educational and testing purposes only.
• Past performance does not guarantee future results.
• Trading involves substantial risk of loss. Use on a demo account first.
• Results may vary depending on market conditions, broker, and settings.
• We recommend thorough backtesting and forward testing before using with real funds.