P4L CANDLETIME
Watch the testing video here:
P4L CANDLETIME
4L CandleTime is an mt4 (MetaTrader 4) indicator and it can be used with any forex trading systems / strategies for additional confirmation of trading entries or exits.
(Downloadable file P4L Candle Time.rar contains P4L CandleTime.ex4 & P4L CandleTime.mq4)
Free Download P4L CandleTime forex Mt4 Indicator
How to install P4L CandleTime mt4 indicator in forex trading platform MetaTrader 4?
Extract the downloaded P4L CandleTime.rar.
Go to “File menu” in Mt4 trading platform and click “open data folder”. Open Mql4 folder and open the indicators folder. Now paste the P4L CandleTime.mq4 and P4L CandleTime.ex4 files into indicators folder and restart the MetaTrader 4.
Forex Trading Systems / Strategies using P4L CandleTime indicator.
- Double Super Trend System
Like in other facets of life, timing is everything. This is the reason why the P4L CandleTime indicator is a great addition to your trading tools. The indicator is simple but incredibly powerful.
As the name implies, the indicator shows the remaining time before the candlestick closes. It is suitable for use in any time frame and currency pairs. Additionally, the indicator is suitable for both scalpers and day traders. However, it has pretty much a unique attribute. Unlike other indicators, it does not provide sell and buy signals.
Besides candle time, it is also identified with the following names: candlestick clock, time indicator, candle time remaining, candle countdown, bar clock, bar timer, and candle timer.
How to Trade Using the Candle Time Indicator
Now, how can you use the P4L CandleTime indicator to trade on MT4?
While the indicator does not generate buying or selling signals, it is a handy tool for organizing trading schedules. The indicator will prove very useful if you are a price action trader. For instance, if you are trading on a one-hour time frame, it will tell you how many minutes are remaining before the close of the candlestick. Tracking next candle formation on short time frames can mean profit or loss for scalpers.
As you know the market closes on the weekend. Depending on your location, the indicator can help you determine the minutes before the close of the candlestick or lapse of the trading day. This feature is particularly useful on Friday. In other words it can help you close running trades before the market closes for weekends.
The P4L CandleTime indicator for mt4 – download free helps track how the market responds to certain market events. In addition, it shows the remaining time before release market news. This can help you close the trade before the news event causes seismic volatility.
Trading Example
The chart above shows Australian Dollar against the Canadian dollar set on a one-hour timeframe. According to the indicator there are only 15 minutes and 37 seconds remaining before the candlestick close.
Conclusion
The candle time indicator is a unique but quite useful indicator. It alerts you on the remaining time before close of current candle. The best part is that this indicator is free of charge. You should try it out.
