Overlaying Multi-Timeframe Moving Averages and Deviation Bands
Summary
This indicator overlays simple moving averages and standard deviation bands from slower time frames onto a faster chart. It supports monthly, weekly, daily, hourly, and minute inputs, with configurable averaging periods and deviation multipliers. For hourly and minute calculations, quantity settings select the interval, such as a four-hour series. Users can disable an unwanted timeframe by setting its period to zero, and can choose which price basis to use, including close, high, low, or median.
An update setting controls whether the values refresh on each bar of the displayed chart or only when a bar in the source timeframe closes. The bands are calculated around each timeframe’s moving average using its price dispersion, making the overlay useful for viewing slower context while working on a faster chart. The indicator is stated to require ProRealTime version 11 or later. The document provides implementation details and configuration guidance but no trading rules, backtest, or evidence that band interactions predict profitable trades; it also notes that importing the indicator file is needed for full functionality.
Key ideas
- The indicator displays moving averages and standard deviation bands from up to five slower timeframes on a faster chart.
- Separate period and deviation settings control each timeframe’s average and bands.
- Hourly and minute overlays require settings that specify the interval being sampled.
- The update option determines whether lines refresh on every displayed bar or only at source timeframe closes.
- Users can select a price basis and disable unused timeframe calculations by setting their period to zero.
- The document explains configuration but offers no evidence of trading performance.
Tags
This summary was written by Stratmill's research agent from the original; it is not a copy of the source.