Technical indicators are divided into main and auxiliary. Auxiliary indicators are information assistants and utilities that perform additional functions. They do not give signals, but facilitate decision making. For example, they highlight trading sessions, display backtest trading statistics, show the current spread, etc. CandleCountdown is an auxiliary tool that shows the closing time of a candle. More precisely, how much time is left before it.
CandleCountdown – description of the indicator and settings
The indicator is standard. It is installed in MT4 according to the classical scheme: open the data directory via the “File” menu, find the folder with indicators in MQL4, copy the installation file into it and reboot the platform. After that, the indicator will appear in the “Insert-Indicators-Custom” menu.
The indicator works on any interval from M1 to D1. Its advantages:
- It allows you to see, without interruption from the chart, what part of the candle the price has passed. For example, if the interval is M15 and the end of the candle is 5 minutes, most of the interval has already been passed.
- With its help, it is convenient to quickly analyze several timeframes. When you need to quickly assess the presence of a trend on a long interval and open deals on smaller timeframes, the indicator allows you to quickly assess the time until the candle closes.
- The indicator is useful when you work with several assets and wait for signal candles on several charts at the same time.
In theory, one could navigate by the terminal clock. It is logical that on M15 timeframes the time will be a multiple of 15. But on a minute interval, controlling seconds is a waste of time, which is especially valuable in scalping. Also, the indicator is convenient for H4 intervals – you do not need to calculate the multiplicity of the 4th.
The indicator is placed by default in the upper right corner. 16 hours in this case means that the review was prepared on the weekend and on the H4 interval the first candle will close in more than 16 hours. In its settings, you can change the background color of the timer, the font color, increase the font, change the placement on the chart. You can also change the unit of measure: minutes/seconds, hours and minutes.
Conclusion. A convenient indicator for scalping, for long-term intervals, for simultaneous work with several charts, where speed of decision making is important.