If you are among the trader who like to check all the timeframes before taking your position according to your favorite timeframe, you may have some space problems. You need to have several monitors or laptops or you have to change the timeframe of your chart all the time and check the situation of the other times frames and then get back to the main timeframe that you always use to take your position.
Even if you trade just using one timeframe, it is good to know about the situation of at least one or two bigger timeframes. For example if you trade using the one hour chart, you’d better to know about the 4 hours and daily charts. You can also check one smaller timeframe too. This is a big help to know if you are trading against the bigger or smaller timeframes and you can close your position and take your profit on time. Trading against bigger timeframes can be risky. You can do that but you have to be careful and move your stop loss when you are in profit. If it goes against you have to get out before you lose a lot.
As I said checking several timeframes need several monitors or changing the timeframe of you chart in case you have only one monitor. But I have a good tool for you that lets you know about the situation of all bigger timeframes without making any space problem.
By copying few files to your MetaTrader indicators and template folders you can easily see the situation of 4 to 8 timeframes on one chart and through one monitor without having any space problem.
Place the below files in the indicators folder (e.g. C:\Program Files\ABC MetaTrader\experts\indicators\):
1. To save the files on your computer hard disk, just right click on the below links and click on “Save target as …” and then “Save”. Do not change the files name.
2. If after pasting the indicators to your platform, you can not see the charts in the way the below screenshots show, you need to copy the Heikin Ashi and Smoothed Heikin Ashi to your indicators folder and restart your platform.
1- https://www.luckscout.com/downloads/MTF HAS Bar Lower A.ex4
2- https://www.luckscout.com/downloads/MTF HAS Bar Lower B.ex4
3- https://www.luckscout.com/downloads/MTF HAS Bar Upper A.ex4
4- https://www.luckscout.com/downloads/MTF HAS Bar Upper B.ex4
Then put the below file in the templates folder (e.g. C:\Program Files\ABC MetaTrader\templates\):
Now close your MetaTrader and restart it. Open a new chart and right click on it. Go to “Template” and choose “4 timeframes”. You will have the below chart then:
Whatever timeframe that you choose for your chart, the bottom bars show three bigger timeframes. So if you choose one minute, you will have 1, 5, 15 and 30 minutes timeframes at the bottom indicator window. When the small bars are blue, the related timeframe is Bullish and when they are red, it is Bearish. On the price window we have both candlesticks and Smoothed Heikin Ashi.
If you choose the “8 timeframes” as the template, you will have 8 timeframes on your chart:
As you see on the above chart, one minute and also 5, 15, 30 and 60 minutes charts are all Bullish but 4 hours, daily and weekly charts are Bearish. So if you trade according to the one hour chart, you should be aware that you are trading against the 4 hours, daily and weekly chart and it can go against you at any time.
Play with this tool and check different timeframes and back data and see if it can be any of help in your trades. Hope you like it.