![]() It then plots the last four bars representing the price action of the chosen timeframe. ![]() The MTF Candles Indicator has an algorithm which uses the price feed from the broker. Light blue vertical bars indicate a bullish bar, while red bars indicate a bearish bar. The color of the vertical bar indicates the direction of the candle. The horizontal line on the left of the vertical bar represents the open price, while the horizontal line on the right of the vertical bar represents the close price of the bar. This indicator plots a horizontal line to indicate the open and close price levels and a vertical line to represent the range of the period on the chosen timeframe. Instead, it plots a bar chart type of display to represent the price action from the chosen timeframe. ![]() The MTF Candles Indicator is a custom technical indicator which displays the price action on a chosen timeframe different from the current timeframe on the price chart.Īlthough this indicator is named “MTF Candles”, this indicator does not display a candle chart formation to represent the chosen timeframe. As the name suggests, the MTF Candles Indicator displays the candles from various timeframes. The abbreviation “MTF” stands for “Multi Timeframe”. The MTF Candles Indicator is a useful tool that can help traders observe price action on multiple timeframes. This gives them a better picture of what the market is doing on the short-term and long-term. Most successful traders would consider multiple timeframes whenever they trade. Introduction to the MTF Candles Indicator
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