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Knowing the remaining time in a candle can be very useful on many occasions. The MetaTrader platform shows you the current time but does not show you the elapsed time since the start of the candle, nor the remaining time in the current candle. This indicator can show you the remaining candle time and spread on the MetaTrader chart.
What is Myfxpaddy Timer/Spread Indicator?
The Myfxpaddy Timer/Spread Indicator for MetaTrader is available for both the MT4 and MT5 platforms and is very useful when the timing of the entry and exit is important for a trade. It allows you to see the elapsed time since the start of the candle and the remaining time before the next candle starts forming. Furthermore, the indicator also includes the current spread for the instrument. Besides a visual representation of the candle time, this indicator can alert you with some notice before the candle closes.
Why Use the Myfxpaddy Timer Indicator for MetaTrader?
The Myfxpaddy Timer Indicator can be useful in the following situations:
Two Types of Trades
In trading, you can usually identify two types of trades, perhaps three, divided by the duration of the trades:
• Short-term, lasting less than a day
• Medium-term, lasting a few days
• Long-term, lasting several days or weeks
In medium- and long-term trades, the entry timing can span hours or days. However, in short-term trades, timing is crucial for entry and exit. Knowing when the candle is going to close can help.
Candle Time for Candlestick Pattern Strategies
If you like trading using candlestick patterns, you might want to know when a candle is about to close. This allows you to check if a known pattern has formed and if there is a trading opportunity. The Candlestick Timer Indicator can alert you before the closure of the candle so you can be prepared for your chart analysis.
Geographic Market Open and Close
The Forex market runs 24 hours a day, closing only during the weekend. Market activity is higher during the day of geographical location, and many strategies are based on specific behaviors at market open or close. The Candle Time Indicator for MetaTrader can help you prepare for market open and close.
News and Events
Many trading strategies are based on trading news and events. If you are using one of these strategies, you probably want to know how the market reacts to a scheduled event or news. You can set the candlestick timer to alert you before the time of scheduled news so you can check the market response.
Input Parameters of Myfxpaddy Timer Indicator for MT4/MT5
The Myfxpaddy Timer Indicator has useful features you can customize through input parameters:
Graphical Interface
You can choose between:
• Minimal Interface: Only a small countdown to the next candle.
• Extended Interface: Includes information about the current instrument, the elapsed time since the start of the candle, and the remaining time for the current candle.
Alert Notifications
You can configure the indicator to send you an alert a set number of seconds before the candle closes. Notifications can be sent to:
• On-screen alert
• Mobile app
Why Use the Spread Indicator for MetaTrader?
This tool makes the spread more visible, which is usually very small or hidden in the Market Watch. Many options are available, but the choice depends on the features you need. This indicator is easy to use and shows a countdown, alerting the trader. You can download it for free.
MT4 Candle Timer
If you are trading on short timeframes like 30 minutes or less, timing is key. The MT4 Candle Timer Indicator shows a countdown to the next candle and notifies you in advance.
What is MT4 Candle Timer Indicator?
The MT4 Candle Timer Indicator is an on-chart indicator that helps you identify when a new bar is going to form. It continuously checks the time elapsed since the start of a candle and the remaining time before it closes. The indicator has a simple window to show the desired information.
Why is MT4 Candlestick Timer Indicator Useful?
If you trade long-term, you probably don’t need a candle timer indicator because your entry will not be affected too much by a minute or an hour. However, if you are a scalper or trade on short timeframes, timing is crucial. The MT4 Candle Timer Indicator shows the remaining time in the current candle so you can be prepared for the next candle opening.
Examples of situations that can benefit from this indicator are:
• Scheduled news coming out
• Geographic market open and close
• Scheduled financial, economic, or political events
Also, consider that many algorithms running automated trading might trigger orders at the start of a new candlestick.
Downloads
You can download the MT4 Candle Timer Indicator for free and install it using the provided instructions. Installation is easy, and once you run the indicator, you can choose between an extended interface or a simple countdown.
➥ Download MQLTA MT4 Candlestick Timer With Alert.zip
Indicator Installation Instructions
1. Download the indicator archive file.
2. Open the MetaTrader 4 data folder (via File→Open Data Folder).
3. Open the MQL4 folder.
4. Copy all the folders from the archive directly to the MQL4 folder.
5. Restart MetaTrader 4 or refresh the indicators list by right-clicking the Navigator subwindow and choosing Refresh.
For detailed installation instructions and a tutorial video, please visit this page.
MT5 Candle Timer
➥ Download MQLTA MT5 Candlestick Timer With Alert.zip
Indicator Installation Instructions
1. Download the indicator archive file.
2. Open the MetaTrader 5 data folder (via File→Open Data Folder).
3. Open the MQL5 folder.
4. Copy all the folders from the archive directly to the MQL5 folder.
5. Restart MetaTrader 5 or refresh the indicators list by right-clicking the Navigator subwindow and choosing Refresh.
Conclusion
In this article, you learned about the Myfxpaddy Timer/Spread Indicator for MT4 and MT5 and its usefulness in trading. You also have download links for our version of the indicator so that you can download and test it.
Original build credits to: earnforex, indicator revamped and improved by myfxxpaddy.
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