If you are trading in short timeframes, like 30 minutes or less, you know that timing is key. In some strategies it is very useful to know when a bar is closing and the next one is going to start. The MT5 Candle Timer Indicator allows you to see a countdown to the next candles and also be notified in advance before it happens.
What Is The MT5 Candle Timer Indicator
The MT5 Candle Timer Indicator is a simple on chart indicator that helps you to identify when a new bar is going to form.
This indicator has a Candlestick Timer that continuously check the time elapsed since the start of a candle and the remaining time before this closes.
The indicator has a simple window to immediately detect the desired information
In this article you can find more details about Candlestick Timer.
Why Is The MT5 Candlestick Timer Indicator Useful
So when is a Candlestick Timer useful? If you are trading 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 a trader in the short timeframes then you know timing is very important.
The Forex Market is open 24 hours and it only closes during the weekend, and some strategies may be heavily affected by a wrong timing in your position entry.
The MT5 Candle Timer Indicator can show you the remaining time in the current candle so that you can be prepared for the next candle opening.
Some examples of situations that can benefit from this indicator are:
- Scheduled News coming out
- Geographic Market Open And Close
- Scheduled Events happening, usually either financial, economic or political
Also consider that many algorithms run in automated trading might trigger orders at the start of a new candlestick.
How To Download And Use The MT5 Candle Timer Indicator
You can Download For FREE the MT5 Candle Timer Indicator with the link at the bottom of this page and install it following the below instructions.
The installation is very easy to perform, so is the use.
Once you run the indicator you can set if you want to see an extended interface or a simple countdown. Furthermore, you can also set a timer to be notified before a new candle starts forming.
The notifications available are:
- On Screen Alert
- Mobile App
MT5 Candle Timer Indicator Installation
To install the MT5 Candle Timer Indicator please follow the instructions below:
- Download the indicator file
- Open the Metatrader Data Folder (In File > Open Data Folder)
- Open the MQL5 Folder
- Copy the file in the Indicators Folder
- Restart Metatrader
For more detailed instruction on how to perform the installation please visit this article.
Please feel free to leave a feedback regarding the indicator or Contact Us for anything else.