RSI Shaded - MTF

Related to RSI Shaded.

For other multiple time frame indicators see:

Adaptive ATR-ADX Trend
Fisher Transform MTF
Laguerre RSI MTF
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Excuse me sir, Excelent job here, but where are the Divergences? they are ploted? or what? thx!
the best reason that i use MTF RSI is to see the higher TF RSI on a lower timeframe. On this one it automatically switch the next TF according to my series. Yellow line will always be the current TF then the other lines will be a higher TF. It's more convenient to use and no need to switch the TF on the settings.

So why would you ever want to use a MTF version of an indicator. Well...

Maybe you would like to monitor the indicator applied to a higher time frame while your chart is in a lower time frame. This helps with understanding buy/sell conditions in multiple time frames (MTF, duh).

Sometimes an oscillator will "dip in" to OB or OS but it never actually closed OB or OS in the higher time frame. Example on NQ 5m but using a 15m RSI:

The two circled areas managed to dip into oversold, but both instances did not end on an even 15 minute interval for a 5 minute chart interval (8:55, 9:10, 9:25, 9:40... etc).

In real time what you would have seen on the 15 minute chart is the RSI oscillator dipping into the oversold area but never actually closing beneath it. This can be good or bad: the good being that you actually get oversold signals on a chart time frame lower than the indicator time frame, the bad being that those oversold signals on a lower chart time frame are false positives.
mortdiggiddy mortdiggiddy
@mortdiggiddy, I should have clarified the last sentence, the bad being that those oversold signals on a lower chart time frame * MAY BE * false positives.
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