Applying other time frame indicator
How to Apply Other Time Frame Indicator
Often, the analyst needs to see an indicator applied on a bigger time frame than the time frame of the chart. For example, to see daily Moving Average on 15-minutes data to check the long-term trend. Before 2011-III the users had to use special (so-called "bigger frame") versions of the indicators to be able to see such data.
In new version you can choose the time frame for any indicator, right in the indicator properties, on the source tab. See the image below:
Why is it Better than "Bigger Time Frame Indicators?"
1) Bigger time frame indicators performs additional calculations in Lua, so works slower and consumes more resources than this option.
2) Bigger time frame indicators doesn't produce continuous time axis, they have "holes" between bars of the smaller time frame. The Marketscope solution is free of this problem. The data applied this way has no holes, so additional indicators can be applied over such "other time frame" indicators.
Examples of Application
The simplest way to use this feature is to try Candle Indicator. This is all you need to show candles of any bigger time frame on your chart and you will be able apply any other indicators on the data of that bigger time frame!
Please note that only the same or bigger time frame can be chosen. You cannot apply the indicator on 1-minute data when the chart is 5-minute. This may cause loading of reasonless amount of the data, for example 1-minute indicator applied on 100-bars 1-day chart will cause loading of 144,000 bars of 1-minute data.
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