Supertrend MTF indicator is a great tool to add to your MetaTrader4 platform. The original Supertrend is a popular indicator that allows you to spot the overall trend of a Forex Pair or any other asset. Supertrend Multi-Timeframe (MTF) indicator improves Supertrend Line indicator by taking into consideration the trend in multiple timeframes.
Original Supertrend Line Indicator
This well-known tool uses a combination of a moving average and average true range to detect the trend. It then shows it as a line following the price. Basically, the indicator takes into account the volatility of the price and draws a line on the chart showing if the price is likely to be in an uptrend or downtrend.
The Supertrend Line Indicator is probably one of the most popular custom indicators for MetaTrader 4. The indicator is ideal for trend following strategies to spot a continuing trend. Also, you can use it to buy when the price switches from downtrend to uptrend and sell in the opposite case.
Supertrend is a very simple indicator to use. However, it is badly affected by a ranging market and can provide false signals. Here comes the Supertrend Multi-Timeframe (MTF) indicator.
Supertrend MTF Indicator Description
Supertrend Multi-Timeframe (MTF) indicator for MT4 aims to improve on Supertrend Line indicator by taking into consideration the trend in multiple timeframes.
Supertrend MTF Indicator tries to minimize the false signals when the market is ranging. It is a combination of Supertrend indicators in different timeframes. Thanks to this combination, you can see Supertrend status across all the selected timeframes in a single place.
Why using Supertrend MTF Indicator
Checking the trend on only one chart can lead to a limited understanding of the overall trend.
For example, if you check Supertrend values of the EUR/USD currency pair on an M30 chart, it might signal an uptrend.
However, once you check Supertrend of the same pair on an H4 chart, you could see a major downtrend.
Watching Supertrend for several timeframes can provide a strategic overview. It can give you a better idea of the overall trend.
Supertrend Multi-Timeframe (MTF) can help you make better decisions while trading because trending conditions for each timeframe are clearly visualized in an easy-to-read table.
I included an informational MTF indicator to one of my own trading systems. Titanium Scalper has a very convenient MTF scanner that displays an overall trend on 12 currency pairs at once!
Supertrend MTF Indicator Parameters
Supertrend Multi-Timeframe indicator is very easy to use and read, and it has only a few parameters to set. Below you can find some of its features.
Selection of Timeframes
In Supertrend Multi-Timeframe, you can select which timeframes to consider — you can enable and disable them to just see the ones of your interest.
Selection of Sensitivity
You can set the multiplier for Supertrend line to make it more or less sensitive to the volatility of the price.
You can set options to get notifications when a trending condition is met.
My conclusion on the Supertrend MTF Indicator
Supertrend MTF Indicator is a great tool that can be used to identify entry and exit points while trading. It is possible because it is based on a high quality, well-known forex Supertrend Line indicator. In addition to this, the improved version doesn’t have its main weakness, since it allows the trades to check the trade on multiple timeframes. Please try out this tool and let me know what you think: