Discussing the article: "Price Action Analysis Toolkit Development (Part 48): Multi-Timeframe Harmony Index with Weighted Bias Dashboard"
How should the inputs be configured for scalping?
Christian Benjamin #:
For scalping, try to use lower timeframes, e.g M1 to M5 timeframes and set higher weights on these lower frames.
Could you please specify which items should be change and let me know the exact amounts for M1? For scalping, try to use lower timeframes, e.g M1 to M5 timeframes and set higher weights on these lower frames.
Reduce the smoothing length and bias threshold slightly for faster reactions.
Check out the new article: Price Action Analysis Toolkit Development (Part 48): Multi-Timeframe Harmony Index with Weighted Bias Dashboard.
This article introduces the “Multi-Timeframe Harmony Index”—an advanced Expert Advisor for MetaTrader 5 that calculates a weighted bias from multiple timeframes, smooths the readings using EMA, and displays the results in a clean chart panel dashboard. It includes customizable alerts and automatic buy/sell signal plotting when strong bias thresholds are crossed. Suitable for traders who use multi-timeframe analysis to align entries with overall market structure.
As price action traders, we rely on structural clarity—understanding how the market behaves across different timeframes before committing to an entry. Yet one of the enduring challenges in multi‑timeframe trading is achieving consistency across those layers. A chart may appear bullish on H4 while showing hesitation on H1 or complete reversal on M15, leaving the trader with a conflicting bias and limited confidence.
In this 48th part of the Price Action Analysis Toolkit Development series, we address that problem through the creation of the Multi‑Timeframe Harmony Index (HI)—a mechanism that mathematically expresses agreement among timeframes as a single, normalized value. By summarizing the direction of multiple structural biases into one coherent output, HI allows traders to see, on a single dashboard, whether the market is moving in harmony or discord.
This article explains the conceptual foundation of the Harmony Index, its detection algorithm based on three‑bar structural logic, the method for weighting and smoothing each timeframe’s contribution, and the operational features that transform it into an actionable trading aid. The multi‑layered design makes HI both a visual tool for discretionary traders and a quantitative filter for algorithmic systems built on the MetaTrader 5 platform. By the end of this article, you will understand how to implement the Harmony Index and interpret its color‑coded dashboard, alerts, and signal markers to make decisions with greater precision and confidence in multi‑timeframe environments.
Author: Christian Benjamin