Candle Time Indicator

This article will show you how to download one of the best candle timer indicators available to professional traders for Metatrader 4. We'll also take a look at how such a candle indicator might be used in conjunction with a short-term FX candle trading strategy.

Candle Time Indicator is a countdown for the active price candle This is a Candle Time indicator which shows how much time is left before the candle closes. The indicator shows the time in: hours:minutes:seconds to the end of the current candle.

Why is Timing Important In Forex Trading? There is an old adage which says that in comedy, timing is everything.

There are many short-term investors that would argue the same holds just as true for trading. If you're a long-term trader, the precise timing of when you enter a trade—while still important—isn't totally vital. When you start to shorten up your trading time frame though, the exactness of your timing starts to play an increasingly crucial part.

Consider a long-term trend follower. They might only need to look at their charts once a day, to check whether the latest daily bar is signalling to enter a trade or not. An hour lost here or there makes little difference to their profit, in the context of the weeks or months that they might hold a trade. In comparison, the short-term trader needs to be aware of what is happening much more frequently than this. For the short-term trader, the clock is always ticking.

Being ready for when the next on their chart appears, means being ready for a potential trading signal. That can mean the difference for a between a profit and a loss.

But how can you tell from a mere glance when a new candle will appear? Well, this is where candle timer indicators come into play. A candle timer indicator counts down how much time remains in the current candle of your chart. Candle timers display exactly how many minutes and seconds remain before the current candle closes, and a new one opens.

This allows you to be on the ball as soon as the next candle appears. How to Download a Candle Timer Indicator for MT4 There is no candle timer indicator in that comes as part of the standard package of tools.

This means you'll have to find a custom indicator to download, if you want to use a candle countdown timer. As is usually the case when it comes to custom indicators, there's a fair amount of choice out there.

A quick online search will show you that there's a number of 'Candle Countdown' indicators available, and most will do exactly what they claim to do. The main variation you will find is in how much flexibility they afford you in terms of configuring variables. Some are much better than others in this area. For instance, the Admiral Candle Countdown indicator offers a high degree of flexibility in this area. Luckily, it also comes as part of a larger package of tools and indicators included free with Admiral Markets' plugin. A lot of custom indicators are put together by enthusiasts, but the extensions available with the MetaTrader 4 Special Edition plugin are all coded by professionals. The 15-minute EUR/USD chart (featured below) demonstrates the default style offered with the Admiral Candle Countdown indicator: Source: MetaTrader 4 Supreme Edition - EURUSD 15 Minute Chart - An example of the Admiral Candle Countdown Indicator The countdown appears in white text in the bottom right hand corner of the screen, right next to an hourglass icon.

You can very easily configure the location, the size, and the colour of the indicator, to suit your preferences, along with several other variables. When you first launch the indicator, you can see the list of configurable attributes by selecting the inputs tab. Double-click on a listed input to change its value. Source: MetaTrader 4 Supreme Edition - Custom Indicator - Admiral Candle Countdown With the options available, you can position the MT4 candle timer just about anywhere you want on your chart.

As you can see from the screenshot above, there are five main choices: any of the four corners, or in line with the price. You can also fine tune these positions by entering values for X and Y coordinates. In the screenshot, the trader has selected the countdown timer to appear in line with the price. For this to work, you need to ensure that you have activated 'Chart Shift', which pushes the chart to the left. To do this, select the 'Charts' tab at the top of your MetaTrader 4 terminal, and then click on 'Chart Shift' within the dropdown menu. The Admiral Candle Countdown indicator allows you to modify the timeframe to a value that differs from the chart you are using.