Candle Closing Time Remaining Indicator

  • Post category:MT4
  • Post comments:0 Comments
Candle Closing Time Remaining Indicator

Introduction to the Candle Closing Time Remaining Indicator
Table of Contents [show]

Many new traders are faked out into making trades that become invalid simply because they did not wait for the candle to close. The Candle Closing Time Remaining is a tool that can help traders time trades effectively.

What is the Candle Closing Time Remaining Indicator?
The Candle Closing Time Remaining indicator is an indicator that displays the remaining time before the current candle period closes. In addition to the time remaining, it could also display the current time of the broker’s server.

How the Candle Closing Time Remaining Indicator Works?
The Candle Closing Time Remaining indicator basically computes for the difference between the time the next candle would open and the current candle time. This is then displayed as the “Remaining Time”. This figure is displayed on the upper right corner of the screen as the number outside of the square brackets.

This indicator can also be set to display the “Server Time”, which is the time where the broker’s server is located. This time is displayed beside the Remaining Time and is the time inside the square brackets “[ ]”.

https://www.forexmt4indicators.com/wp-content/uploads/2014/10/Candle-Closing-Time-Remaining-Indicator-for-MT4.png

We can choose the option to display the server time by changing the “Display Time Server” variable under the “Inputs” tab from 0 to 1.

https://www.forexmt4indicators.com/wp-content/uploads/2014/10/How-to-Use-the-Candle-Closing-Time-Remaining-Indicator-for-MT4-768×546.png

https://www.forexmt4indicators.com/wp-content/uploads/2014/10/How-to-Use-the-Candle-Closing-Time-Remaining-Indicator-for-MT4-768×546.png

How to Use the Candle Closing Time Remaining Indicator for MT4
Between the Remaining Time and the Server Time, the Remaining Time could be more useful for most traders. However the Server Time can still be used by traders who would like to time their trades based on the open or close of the market, or news releases based on the local time of the market. This is especially useful for timing breakout trades that typically occur on the open of the market or during news releases. However, forex broker servers have the same time across all currency pairs. As such, if you would like to time your trade based on this, you would still have to convert that to the local time of the market you are trading.

The Remaining Time on the other hand can be used by traders trading on different currency pairs or tradeable instruments across different timeframes. This is typically used to time trades which require the open and close of each candle to confirm a trade setup, such as candlestick reversal pattern signals or momentum breakout entries.

Buy Trade Setup
When to Enter?

Identify a bullish trade setup such as a bullish reversal pattern or a bullish momentum breakout setup. Open the buy trade only as the “Remaining Time” drops to zero and the setup is still valid. Set the stop loss on the support below the entry candle.

When to Exit?

Set the take profit target based on the trade setup and allow price to reach the target.

https://www.forexmt4indicators.com/wp-content/uploads/2014/10/Candle-Closing-Time-Remaining-Indicator-for-MT4-Buy-Trade-768×528.png

Sell Trade Setup
When to Enter?

Identify a bearish trade setup such as a bearish reversal pattern or a bearish momentum breakout setup. Open the sell trade only as the “Remaining Time” drops to zero and the setup is still valid. Set the stop loss on the resistance above the entry candle.

When to Exit?

Set the take profit target based on the trade setup and allow price to reach the target.

https://www.forexmt4indicators.com/wp-content/uploads/2014/10/Candle-Closing-Time-Remaining-Indicator-for-MT4-Sell-Trade-768×528.png

Conclusion
This indicator does not provide trade entry signals or trend direction indications. However, what it provides is critical for traders who would want to trade based on accurate trade setups.


Download Now

Leave a Reply