The Candle time indicator
The Candle time indicator for the MT4 trading platform is a handy tool to have for traders. If you are just starting out trading with forex, then the candle time or the candlestick time indicator can be highly beneficial.
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As the name suggests, the candle time indicator is built for the MT4 trading platform. It shows you the amount of time left for the current session to close. With a visual display, counting down the time of the current session, the candle time indicator displays the amount of time left for the current session to close.
It is a multi-time frame indicator which works on any chart time frame. Therefore, you can use the candle time indicator on a 15-minute chart to a daily chart.
The indicator is relatively easy to use and is highly recommended if you are just starting to trade forex.
Advanced traders do not need this indicator as over a period of time, you will get used to the times on the price chart that you see. The indicator is especially useful if you are switching between multiple time frames.
By allowing you to see the amount of time it takes for the current bar or candlestick to close, you will have a basic idea of the context of time and can help you in your trading.
How to use the candle time indicator?
The indicator, as mentioned is built for the MT4 trading platform. It is very easy in installing and there aren’t any big configurations that you need to do. Most of the settings has to do with configuring the way the display is presented.
This makes it easy to use the candle time indicator on any chart template (dark or white). Once the indicator is installed on your chart, you can simply watch the clock counting down.
The first chart below shows the configuration module of the candle time indicator for the MT4 trading platform.
Figure 1: Candle time indicator settings
The configuration settings as you can see is simple.
- TextColor: This defines the color of the text. You can change the default settings to suit the chart template that you are using.
- FontSize: The font size, as the name suggests allows you configure the size of the font
- FontName: The font name allows you to choose from the various fonts available for the MT4 trading platform
- DisplayTimeBytheBar: This setting when set to true which is the default shows the time remaining close to the bar. If you set this to false, the time disappears from the charts.
- DisplayTimeComment: The default setting is false. When you change this to true, it displays the comment on the top left corner of your chart. You can use this configuration when you set the previous setting to false. This way, instead of the time being displayed next to the bar, you can see it in the comment section.
- TextUsuallyAbovePriceLine: The default setting is false. When set to true, the time value is displayed on top of the price rather than below it.
- SpreadFactor: The default is set to one. But using this feature, you can configure where the display should show. For example, if you set the spread factor to 10, the time value on the chart is displayed very high above the current price.
- AutoTimeShiftAdust: The default setting is true. This enables you to set the indicator to automatically configure the indicator to adjust to the time.
- AdjustWeeklyTimeRemainBy_min: The default is 0. There is not much information available about this.
Once the indicator is configured to your preference, you can then see the indicator on the chart.
The next chart below shows the Candle time indicator displayed on a one hour chart time frame.
Figure 2: Candle time indicator on 1-hour chart
As you can see, the candle time indicator sits pretty next to the latest candlestick. You can switch around time frames and the indicator automatically adjusts the time.
The next chart below shows the candle time indicator on a 4-hour chart time frame.
Figure 3: Candle time indicator on H4 chart
You can see that the indicator now shows a different count down. This basically tells you the amount of time left for the H4 bar to close.
Why use the candle time indicator?
As mentioned earlier, this is an indicator that is ideally used by forex trading beginners. If you have been trading for a while, you can automatically guess when the candlestick will close depending on the time frame that you are looking at.
The indicator is useful when it comes to certain trading strategies as well. Many strategies require you to place a trade at the start of a new trading session. In such cases, the candle time indicator can be helpful in keeping you alert to how long it takes for the next session to start.
But over a period of time, as you get used to the markets, there is no need for using this indicator. However, you can continue using the candle time indicator which is a matter of personal choice.
The candle time indicator for MT4 is a relatively versatile trading tool that can help you to stay alert in the markets. Sometimes switching between different time frames can make you lose the context of time. In other words, you might get confused on when the 15-minute chart would end (you can of course always look at your watch).
But for some traders this can get a bit confusing. This is where the candle time indicator can be put to great use. The configurations allow you to easily add the indicator onto any existing trading strategy. The candle time indicator does not interfere with your existing indicators.
Due to the ease of configuration, it can also easily blend in with any chart template that you use, whether it is the default dark on white template or the white on dark template. The candle time indicator is simple and can be handy for some traders.