There are 2 versions of the alternative price chart display indicator:
1. Svisual:
1. Svisual 2 ( 2 price charts, one fast - white/red and one slow - dark )
Indicator options:
- Timeframe - which timeframe bars are taken for startpoint calculation
- Multiplexor - timeframe bar value, for example: 1st bar represents the last 5 minutes from the 1 minute timeframe, second bar is last 5 + 2 minutes before 1st bar, third bar - last 5 + 2 + 2 minutes before 2nd bar etc, so every previous bar represents 2 minutes more than the following bar. This value is called Multiplexor, in this case Multiplexor = 2.
- Itera - Heiken Ashi smoothing value. Should be 4-6.
The Alternative price chart display indicators are free to use. Download them here
For more information about this indicator read this post
Alternative price chart display indicator for Metatrader 4 / Metatrader 5 - see ALL possible timeframes on 1 price chart!
Forex market is working constant 24/7 etc. So why should we divide the price chart to hours, days, weeks? If we use ticks to draw our chart and take the last 60 minutes for example, then our chart will be different from the standard 1 hour chart. Of course, the both charts will be somewhat similar to each other, but there will be enough difference to make candlestick analysis for example useless.
So the price has gone in both cases the same way, but the charts are different. So there is somehing wrong about the way the charts are builded. The problem is that the stock (session) way of building charts for the forex market is not so good. The division to fixed periods of time like hours, days etc is incorrect.
The answer is simple - candlesticks and bars that work with fixed periods of time give us of course some representation of the market current situation, but they do not take away the overall confusion and haze before the traders eyes. Nonetheless, the forex chart that is extended in time has to be shown, so the separation to timeframes is needed in any case. BUT, the WAY the separation happens is the most important thing. The separation to timeframes must be done independently from the academic hour.
To draw such price chart we must go from the last tick or last minute back to 60 minutes earlier - that will give us the first candle / bar on our price chart. The next 60 minutes back will give us the second bar etc. That means of course that with each tick or minute the price chart will be redrawed, but this is not a problem, the program can do it automatically.
So now we have a price chart that is unbinded from time. It means that the price chart has no beginning and no end, no sessions. The are only bars on the price chart which represent some custom time periods back, 1 hour for example. The chart is also constantly changing.
On the forex market the price is always changing, the low and highs are constantly different etc. The indicators that are interpreting the price are also constantly changing. So how do do we catch a trend on such price charts? To answer this question we have to ask another one: why there is 1H chart, 4H or 1DAy, lets say i want to use a 1.5H chart. With the method described above it is possible to draw any custom timeframe charts that we want.
BUT the question is: what timeframe is needed to make an adequate trading decision? The answer is - all timeframes are needed to make such decision. We must see all timeframes and whole market situation at the same time. Just think about it: when a trend begins, it begins independently from all the timeframes, because the price chart doesn't care what timeframe a trader is using.
Now lets go back to the price chart that is unbinded from time - it represents the whole market situation and all timeframes that are possible. To draw such a chart we use the method that was described above, with the exception that the first bar on the right represents the last minute, the second bar - 2 min., the following - 3 min. etc. So every previous bar represents a several minutes more than the following.
This chart has of course some market noise. To avoid that we use the Heiken Ashi method of smoothing, usually 4-5 times.
Below are some examples of what was described above (the green line represent the usual timeframe)
Usual M5:
Unbinded M5: 1st bar is last 5 minutes from the 1 minute timeframe, second bar is last 5 minutes before 1st bar etc:
Ok, now 1st bar represents the last 5 minutes from the 1 minute timeframe, second bar is last 5 + 1 minutes before 1st bar, third - last 5 + 2 minutes before 2nd bar etc:
Now 1st bar represents the last 5 minutes from the 1 minute timeframe, second bar is last 5 + 2 minutes before 1st bar, third bar - last 5 + 2 + 2 minutes before 2nd bar etc, so every previous bar represents 2 minutes more than the following bar. This value is called Multiplexor, in our case Multiplexor = 2:
Multiplexor = 4:
Multiplexor = 5:
Multiplexor = 5 + Heiken Ashi smoothing 1x:
Multiplexor = 5 + Heiken Ashi smoothing 5x:
Example chart:
Example chart - opening:
Example chart - triangle:
Example chart - trend on all timeframes:
Example chart - trend on all timeframes:
Example chart - trend on all timeframes:
Example chart - trend on all timeframes:
Williams’ Percent Range (Williams %R) is a well known momentum indicator that works much like the Stochastic Oscillator. It is used for measuring the overbought and oversold levels and prediction of trend changing.
The Multi WPR indicator was designed to show the Williams %R not only for the current symbol, but for other symbols as well so a complex analysis of the current market state can be made. You can analyze up to 6 symbols simultaneously on the current chart.
Look at the chart below. Information from other symbols helps to better analyze the current market state before opening a position. In our case all the main symbols were below the -80 level so a trend change could be expected and it happened.
Indicator properties that you can change:
MainPeriod - WPR value;
Smooth - Level of smoothing of a curve;
Width - thickness of a WPR line;
FontName, FontSize;
IndicatorName- For work with several MultiADX indicators their names should differ;
C1... C6 - color of a line of symbol 1... 6;
P1... P6 - symbols for WPR charts;
Current - Color for allocation of the line of current symbol;
The Multi WPR Indicator is free to use. Download it here
Read more about the Williams %R here
ADX (Average Directional Index) is a well known classical indicator that is used to evaluate the strength of a current trend, be it up or down. The main indicator ADX shows the strength of a trend, and two additional +DI and-DI - the bull and bear forces. ADX is mostly used as a confirmation indicator before entering the market. However the information provided by ADX becomes only really valuable if you compare it to the ADX from other symbols. The Multi ADX indicator is designed to do that. It offers a comparison between the ADX of the current symbol and up to 5 other symbols:
Look at the red arrows on the chart below. You can see that the information provided by the the ADX from other symbols (In this case GPBUSD and NZDUSD) helps to analyze the current (complex) market state before opening a position.
Only imposing of ADX charts against each other allows to estimate the current condition of the market for different currency pairs, and not simply to wait from ADX for acknowledgment of the beginning of a trend, but to actively choose for the market with stronger movement.
Indicator properties that you can change:
MainPeriod - ADX Value;
Smooth - Level of smoothing of a curve;
ADX_Width - a thickness of a line of the ADX indicator;
DI_Width - the thickness of DI histogram;
FontName, FontSize;
IndicatorName- For work with several MultiADX indicators their names should differ;
C1... C6 - color of a line of symbol 1... 6;
P1... P6 - symbols for ADX charts;
Current - Color for allocation of the line of current symbol;
DI - DI histogram color.
The Multi ADX indicator is free to use. Download it here
Read more about the ADX here