This indicator for MT4 displays candlesticks of a higher timeframe on charts of lower timeframes. It displays the candles in a unique place - covers the candlestick of the current time frame.
Keep reading to find out how this “HigherTimeframe” indicator for Metatrader 4 works and to download it for free.
Example of displaying the candlestick of the daily chart on the 4-hour chart
In the above image, the candlestick of the daily chart is displayed on the 4-hour chart. This should also help you understand the relationship between the current timeframe and the upper timeframe.
Also, this indicator cannot display the candlestick of the lower time frame. For example, it is not possible to display the candlestick of the 5-minute chart on the 1-hour chart. This indicator does not support weekly/monthly charts.
How to use:
These indicators are simple but have various uses. For example, you can use it to know the price movement of the upper timeframe. If the candlestick in the upper timeframe is bullish, you may want to refrain from selling.
It can also be used for trading more directly. For example, you may trade with reference to the candlestick pattern in the upper time frame.
Look at the image below. In image A below, you can see that a staggering line has occurred in the upper timeframe. The price reversed after this stagnation occurred. On the other hand, at point B, the helix line occurs in the upper timeframe. After this, you should also see that the price has dropped. In this way, this indicator can also be used for analyzing the candles.
Example of displaying candlesticks of the 4-hour timeframe on a 1-hour chart
- TF - The timeframe defined by this parameter will be used
Download the "HigherTimeframe" indicator from the button below
Tip: Can’t open the downloaded archive file (ZIP or RAR)?
Do you need help with installing this indicator into MT4 for Windows or Mac OS? Our guide HERE will help you.