MultiTimeframe Candles for Full Timeframe Continuity Analysis

Inspired by Rob Smith (R.I.P.), creator of TheStrat, this indicator visually maps price movements across higher timeframes to achieve full timeframe continuity—a core principle of TheStrat strategy. Below is a detailed breakdown of the script’s functionality and practical applications.

How the Script Works

1. User Input Configuration

_timeframe_opt = input.timeframe("60", "Select Timeframe", options=["1", "3", "5", "15", "30", "60", "240", "D", "W", "M", "3M", "12M"])_  
_show_hl = input.bool(false, "Show Hi/Lo")_

• Custom Timeframe Selection: Users can choose timeframes from 1 minute to 12 months (default: 60 minutes).
• High/Low Toggle: Optional markers for candle highs/lows.

2. Detecting New Candles

_is_new_candle = (time(timeframe_opt) != time(timeframe_opt)[1])_

A new candle is identified when the timestamp of the current bar differs from the previous bar in the selected timeframe.

3. Variable Initialization

var float open_offset = na  
var float high_offset = na  
var float low_offset = na  
var float close_offset = na  
var line ln = na

Stores dynamic values for custom candle plotting relative to the chosen timeframe.

4. Calculating Candle Values

New Candle Logic:

if is_new_candle  
  open_offset := open  
  high_offset := high - open_offset  
  low_offset := low - open_offset  
  close_offset := close - open_offset

Existing Candle Updates:

else  
  high_offset := math.max(high - open_offset, high_offset[1])  
  low_offset := math.min(low - open_offset, low_offset[1])  
  close_offset := close - open_offset

5. Plotting Custom Candles

plotcandle(  
  open_offset - open_offset, high_offset, low_offset, close_offset,  
  title="Custom Timeframe Candle",  
  color=(close_offset >= 0 ? color.green : color.red),  
  bordercolor=color.black, wickcolor=color.black  
)

• Color Rules: Green if close ≥ open; red otherwise.
• Visual Customization: Black borders/wicks for clarity.

6. High/Low Markers (Optional)

plot(show_hl ? high_offset : na, color=color.black, style=plot.style_circles)  
plot(show_hl ? low_offset : na, color=color.black, style=plot.style_circles)

7. Dashed Line for Intraday Candles

if is_new_candle and timeframe.isintraday  
  ln := line.new(  
    bar_index, 2.22, bar_index, -2.22,  
    color=color.new(color.black, 45),  
    style=line.style_dashed  
  )

Marks new intraday candles with a vertical dashed line.

8. Timeframe Display Table

var table tf_table = table.new(position.top_right, columns=1, rows=1)  
if is_new_candle  
  table.cell(tf_table, 0, 0, "Timeframe: " + timeframe_opt, text_color=color.white)

How to Use the Indicator

Achieve multi-timeframe analysis by overlaying this indicator for each desired timeframe (e.g., hourly, daily, weekly).

Steps:

1. Add the indicator to your chart.
2. Repeat for each timeframe (e.g., 4 instances for hourly/daily/weekly/monthly).
3. Select the target timeframe via the dropdown menu in each instance.

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FAQs

Q1: Why is timeframe continuity important?

A: It aligns short-term trades with the broader market trend, reducing false signals and improving win rates.

Q2: Can I use this for crypto markets?

A: Yes! The script supports any asset with time-based data, including cryptocurrencies.

Q3: How do I avoid clutter when monitoring multiple timeframes?

A: Use contrasting colors for candles and disable high/low markers for cleaner charts.

Q4: Is this compatible with TradingView’s free plan?

A: Yes, but custom timeframe inputs may require a Pro+ subscription for full functionality.

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