Change Chart Symbol Menu Indicator For Meta Trader 4
The Change Chart Symbol Menu Indicator For Meta Trader 4 is an indicator that was primarily built to improve the efficiency of traders by showing them exactly which timeframe of a particular currency pair they are currently on at any given point in time. This helps the trader stay focused and more organized. Some of its other benefits to traders are outlined below.
Benefits of using the Change Chart Symbol Menu Indicator For Meta Trader 4
One of the major benefits of using the Change Chart Symbol Menu Indicator For Meta Trader 4 is that it gives the trader using it a bigger bolder view of the trader's current timeframe. This means that a trader doesn't have to look hard to see the tiny prints that usually come with the default Meta Trader charting software in order to see what timeframe the trader is on, This helps to improve a trader's efficiency as it makes analysis a bit easier for him or her.
Another added advantage is that the Change Chart Symbol Menu Indicator For Meta Trader 4 offers a trader a visual reminder of what timeframe the trader has on his screen at the present moment so that the trader doesn't make unnecessary mistakes. For instance, take a situation where a trader who usually works on the lower timeframes suddenly decides to view the Daily timeframe so that he or she can do a bit of analysis on what direction the price might be moving in the next few days.
The Trader who usually enters trades with maximum stop-loss order sizes of 15 pips and below becomes a little distracted and on return to his chart suddenly decides to place a trade thinking that the time frame he has on his chart is either the 1 minute or the 5 minutes timeframe. He then goes ahead to place a trade on the daily timeframe before realizing that it isn't the 5 minutes timeframe. Such an error can be avoided by using the Change Chart Symbol Menu Indicator For Meta Trader 4 when trading.
Also, the Change Chart Symbol Menu Indicator For Meta Trader 4 is very useful to traders who part of their strategies entails the monitoring of a lot of trading charts. Such traders would need the chart names to be bigger so that they do not have to squint or look hard enough to see exactly what timeframe each chart that they look at is on. Using this indicator can help such traders to stay focused and organized as they immediately know what timeframe each chart they look at is currently on even before they look at the charts.
The Change Chart Symbol Menu Indicator For Meta Trader 4 is very useful also to certain traders who are visually impaired to some extent and cannot afford to be looking hard to see where either the price of a currency pair or what timeframe they are currently on at the moment. Such traders can then use this indicator to increase their focus and ease their stress by displaying the timeframe they are currently on as large enough as they would want so that they can even see it without having to come very close to their trading computers.
The trader that has to monitor several different trading charts during the trading day can also color code each different timeframe so that he or she can even then be able to tell what timeframe they are currently on based on the colors they choose for such timeframes. This can help the trader to stay very organized and greatly improve their efficiency.
The Change Chart Symbol Menu Indicator For Meta Trader 4 offers several features such as the ability to change its text font color, the font size, to make the text bold or not, including to set the position of the chart where the trader would want it to be seen from. This can be either at the corners or in the middle of the chart using the chart's X and Y axis to determine the indicator's display position. The indicator is fully customizable to all of the trader's needs.