Introduction to the Clock Indicator
Time is a critical information especially for day traders and scalpers. This is because certain times of the day generally have more price movements and volatility compared to others.
Although time is an important information to many traders, the MT5 platform does not readily provide this information on the chart as a built-in feature. The Clock Indicator is a tool which traders can use for this purpose.
What is the Clock Indicator?
The Clock Indicator is an indicator which displays time on the corner of the chart. It displays three time zones, the Local Time, which is the time based on your time zone, the Brokers Time, which is the time of the broker’s server, and the GMT or Greenwich Mean Time, which is the accepted solar mean time at the Royal Observatory based in Greenwich, London.
The template used here has set the indicator to display time on the upper left corner of the chart, but this can be modified according the user’s preference.
How the Clock Indicator Works?
This indicator retrieves the Brokers Time from the time based on the broker’s server. This is also the same time which the candlesticks are based on when looking at the x-axis of the chart. The Local Time is retrieved from the time on your computer. The indicator script also computes for the Greenwich Mean Time based on the Brokers Time.
How to use the Clock Indicator for MT5
The Clock Indicator has several options that can be modified within its indicator settings. However, these setting options are merely aesthetic in function.
The “Color of Local Time”, “Color of Server Time”, and “Color of GMT Time” are options which allow users to modify the color of the Local Time, Brokers Time, and GMT displayed on the chart.
“Font Size” allows users to modify the size of the text, while “Font Type” modifies the style of text used.
“Location Corner” allows traders to choose which corner on the chart they would prefer time to be displayed.
“Vertical Location” allows users to modify how high or low time is displayed, and “Horizontal Location” modifies the time displayed left or right.
The Clock Indicator is not the type of the indicator that is used to identify trade setups based on technical analysis and indication. It does indicate trend, momentum, or potential reversals.
What it provides is information regarding time, which is also critical for some trading strategies.
Fundamental News Trading require that traders trade at the exact time as the news release. To do this, traders can login to www.forexfactory.com or www.myfxbook.com. Users should register to these sites to be able to match the time of their news calendar and the user’s local time.
Another use would be for trading the open of a major market, such as Tokyo, London, and New York. Traders could also see the opening time of most major markets on these sites.
The Clock Indicator might seem unimportant for some traders. However, time is a very crucial information especially for day traders as it allows traders to trade during times of the day when there is enough market movement to warrant a decent trade. Given that the MT5 platform does not have a built-in clock, the Clock Indicator would be a welcome information.
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