Introduction to the Dynamic Candle Timer Indicator
Timing trades based on the close of the candle is very important for price action traders.
The Dynamic Candle Timer indicator is a tool that traders can use for this purpose and it also provides additional information which can be very useful for assessing whether the trade is worth taking or not based on trading cost.
What is the Dynamic Candle Timer Indicator?
The Dynamic Candle Timer indicator is a simple custom technical indicator which plots lines representing the bid and ask price levels. The dotted line represents the ask price, while the solid line represents the bid price.
This indicator also displays the current bid price, as well as the remaining time before the candle closes.
How the Dynamic Candle Timer Indicator Works?
The Dynamic Candle Timer indicator retrieves the information regarding the bid and ask price coming from the broker’s price feed. It then plots the dotted line based on the ask price and the solid line based on the bid price.
The color of the bid line also changes depending on the recent direction of price. The line changes to lime green whenever price is moving up, and red whenever price is moving down.
This indicator also displays the current bid price below the bid line. Along with this, it also displays the remaining time before the candle closes.
How to use the Dynamic Candle Timer Indicator for MT4
This indicator allows some modifications on the objects that it would display within its indicator settings.
“Ask Color” refers to the color of the Ask Line represented by the dotted line.
“Show Ask” allows traders to add or remove the Ask Line. Traders can opt to remove the Ask Line and use the Ask Line within MT4 instead which can be added on the Properties of the chart by checking the “Show Ask Line” checkbox.
“Show Text” allows traders to add or remove the text displayed under the Bid Line, which are the current bid price and the candle time remaining.
“Text Color” allows traders to change the color of the text displayed under the Bid Line.
As mentioned earlier, the color of the Bid Line changes depending on the direction of price. These colors can be modified under the “Line Up Color” and “Line DN Color” variables.
This indicator is does not provide technical analysis information such as trend or momentum direction, overbought or oversold price levels, or volatility. As such, it should not be used as a basis for identifying trade setups.
However, this indicator provides information regarding the bid and ask price and presents it visually as lines. This can be very useful for day traders since it would give them information regarding the currency pair’s spread. Day traders should then avoid trading currency pairs with very high spreads since it would be very difficult to recuperate the trading cost per trade.
This indicator also provides the candle remaining time. This information is also very useful for timing trades especially with trade setups that are based on candlestick patterns and breakouts.
Conclusion
This indicator is not intended to be used for identifying trade setups and trade signals. However, the information it provides is very useful for day traders with regards to avoiding large spread gap currencies and timing trades based on candlestick patterns.
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