EndOfBar Indicator For MT4
The EndOfBar Indicator For MT4 is an indicator that was built based on the Meta Trader 4 charting platform and for all of the different traders who use the platform in their day to day technical analysis of several different trading assets or currency pairs, in their charting of the several different timeframes of the several selected or favorite trading assets or currency pairs and in their active day to day decision making process during the trading day.
The indicator is very solidly built and can function very efficiently. It can help the trader to know exactly when the current candles in any of the timeframes available in the Meta Trader 4 charting platform will end.
Any of the traders who work with the MT4 trading platform, regardless of their trading style and or timeframes of choice can very easily work with the EndOfBar Indicator For MT4. Some of the trading advantages of using the indicator are outlined and discussed extensively below.
Some of the Major Advantages and Disadvantages of using the EndOfBar Indicator For MT4
One of the major advantages of using the EndOfBar Indicator For MT4 is that the trader can very easily derive the closing times of every single one of the timeframes that are available to the Trader who uses the Meta Trader 4 charting platform.
This means that once the indicator is attached to any trader's charts on any timeframe that the trader is currently working from, he or she would immediately be able to identify the exact time down to the exact seconds when all of the timeframes on the Meta Trader 4 charting platform will close.
This will enable the trader using the indicator to be able to visually track the movements of all of the current candles that are forming on their respective charts. This way, the trader will also be able to know exactly when a new candle starts or is starting on each of these timeframes.
This is very important to the trader for several reasons. One of the first reasons why the trader should see this as very important is that most of the time within the Meta Trader 4 charting platform and a lot of other trading and charting platforms available to traders, new trends have always been known to start with new candles.
Hence, if a trader can detect when this new candle starts, he or she can easily also detect if the new candle is bringing a new trend with it on any of the timeframes that the trader wants to monitor.
Another reason why this is very important to the trader is that it will enable him or her to be able to see when the next candle is starting on all of the timeframes from just one chart and at a single glance.
This is easily possible for the trader to be able to see all of the candles close at one single glance since the way that the information is displayed to the trader is very simple and properly arranged so that the trader can then very easily assimilate the information very easily without having to move from one chart to the other or have multiple charts open at the same time on his or her trading platform.
This will also go a long way to help ease the stress on the part of the trader as he or she would then not have to look through several timeframes in order to know exactly when the current candle is supposed to close on all of the different timeframes. This way, it is very easy and possible for the trader to stay very organized and work much more efficiently during the trading day.
Another very important reason why using the EndOfBar Indicator For MT4 is very important is because it helps the trader to be better prepared for the very sharp price moves that usually occur when all or most of the timeframes are closing together.
Usually, whenever all of the current candles on a lot of the trading timeframes are closing at the same time, there is usually a sharp price move or price gap in a particular direction.
Armed with this information, once a trader is in a trade and the time for the close of some of the timeframes is almost there, the trader can then take the necessary steps to ensure that his or her trading position and or trading portfolio is safe from such price spikes.
This protective move could be for the trader to put a protective stop loss order very close to his trading position in case the price runs against his or her profits or could also be to either take off a part of the entire parts of his or her trading positions in case he or she is not comfortable having such price spikes when they are currently in a trade.
The trader could also use this indicator to ensure that his or her trades are placed at the times when he or she is sure that he or she can effectively avoid the spike in the price due to most of the candles or all of the timeframes candles closing at the same time. Using the EndOfBar Indicator For MT4 can also be very beneficial to those traders whose strategies depending on the closing time of the candles on any timeframe they are trading from.
This means that those traders whose signals can only be taken when the current candle has closed in order to avoid the indicator from repainting its signals will greatly benefit from using the indicator. This is generally because the indicator is built in such a way that the trader can set an alert ahead of the close of any of the candles on any of the timeframes.
This way, once the alert sounds, the trader can then easily and quickly check his or her trading signals on any of the trader's charts to see if any signal has been generated so that once the candle then closes, the trader would immediately just take the signal.
This will also make the trader more organized and reduce the stress of constantly watching the trading charts during the trading day.