Higher TimeFrame Trend Indicator

Description:

This indicator displays the overall trend of a higher timeframe on the current (lower timeframe) chart as follows:

If MA_1 < MA_2 < MA_3 < MA_4 on the higher timeframe MA proper order has been established and a down trend is in place. On the current, lower timeframe chart and red line will appear to indicate this. The red line is based on the PCI (Price Channel Index) indicator and can be used as a support line. If in inbuilt RSI indicator is enabled, any time the RSI goes in overbought territory an alert is given as a warning that a possible reversal is more likely i.e. lower timeframe trend resumes higher timeframe overall trend. Entering on a close below the red PCI support line is recommended. See example picture below.

If MA_1 > MA_2 > MA_3 > MA_4 on the higher timeframe MA proper order has been established and a up trend is in place. On the current, lower timeframe chart and green line will appear to indicate this. The green line is based on the PCI (Price Channel Index) indicator and can be used as a resistance line. If in inbuilt RSI indicator is enabled, any time the RSI goes in oversold territory an alert is given as a warning that a possible reversal is more likely i.e. lower timeframe trend resumes higher timeframe overall trend. Entering on a close above the green PCI resistance line is recommended.

A grey line indicates that no higher timeframe trend is present.

Note: I recommend using the following timeframe combinations:

Higher Timeframe: Current Timeframe:
Daily 1hr
4hr 15min
1hr 5min
5/15min 1min

Image:

Properties:

extern int Upper_Timeframe = 240;      // Upper timeframe in minuter ex. 240 = 4hr
extern int Upper_Timeframe_MA_1 = 10;  // MA_1 must be the fastest MA
extern int Upper_Timeframe_MA_2 = 20;
extern int Upper_Timeframe_MA_3 = 50;
extern int Upper_Timeframe_MA_4 = 100; // MA_4 must be the slowest MA
extern bool RSI_Check_On = true;       // Checks for RSI OverBought OverSold conditions
extern bool RSI_Alert_On = true;       // Audio alert for RSI OverBought OverSold conditions
extern int RSI_Period = 12;            // RSI period
extern int Upper_RSI_Limit = 70;       // Upper limit above which indicates overbought conditions
extern int Lower_RSI_Limit = 30;       // Lower limit below which indicates oversold conditions
extern int PCI_Period = 5;             // PCI period. ex.5 sets support line in down trend to lowest low from the past 5 bars
extern int PCI_Shift = 1;              // PCI Shift, best set to 1
extern double Entry_Buffer = 0.0002;   // Increases width of PCI channel by specified pips. i.e. lowers support line in down trend
extern color Dot_Color = Blue;