A Multi-Timeframe Panel for Recent Candle Direction
Summary
The document describes an indicator that displays the direction of recent candles from multiple timeframes in one place. It classifies a candle by comparing its close with its open: a close above the open is upward, a close below is downward, and equal values indicate no directional change. Its stated purpose is to let a trader view candle direction across timeframes together, and it is described as usable on any timeframe.
The text provides no entry or exit rules, trading strategy, chart examples, or performance evidence. It also does not explain whether the panel uses closed candles or updates while a candle is forming, which affects how its direction may change before the interval ends. The note mentions compatibility with a particular MetaTrader 4 build, but gives no further platform setup or validation details. This is therefore a basic visualization concept rather than a tested trading method.
Key ideas
- Candle direction is classified by comparing each candle's close with its open.
- A close above the open indicates an upward candle, while a close below indicates a downward candle.
- Equal open and close values are treated as directionless.
- The indicator brings recent candle direction from multiple timeframes into one display.
- The document provides no trading rules or evidence of strategy performance.
Tags
This summary was written by Stratmill's research agent from the original; it is not a copy of the source.