Candle Time and Spread Indicator for MetaTrader

Knowing the remaining time in a candle can be very useful in many occasions. The MetaTrader platform shows you the current time but it does not show you the elapsed time since the start of the candle. MetaTrader does not show the remaining time in the current candle either. This indicator can show you the remaining candle time and spread in the MetaTrader chart.

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What is Candle Time and Spread indicator for MetaTrader

The Candle Time and Spread Indicator for MetaTrader is available for both the MT4 and MT5 platforms and is very useful when the timing of the entry and exit is important for a trade.

The Candlestick Timer for MT4 and MT5 allows you to see on the chart the elapsed time since the start of the candle and the remaining time before the next candle starts forming.

Furthermore, the indicator also includes the current spread for the instrument.

Other than a visual representation of the candle time, this indicator can also alert you with some notice before the candle closes.

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Why use Candle Time indicator for MetaTrader

The MT4 and MT5 Candle Time Indicator can be useful in the following situations.

Two types of trades

In trading you can usually identify two types of trades, perhaps three. These Types are divided by the duration of the trades.

These types are:

• Short-term, lasting less than a day
• Medium-term, lasting a few days
• Long-term, lasting several days or weeks

In medium- and long-term trades the entry timing can span in hours or days, however, if you are involved in short-term trades the timing is one of the most important aspects of entry and exit.

This is why knowing when the candle is going to close can help.

Candle time for candlestick pattern strategies

If you like trading using candlestick patterns you might want to know when a candle is about to close.

This will allow you to check if a known pattern formed and if there is a trading opportunity.

The Candlestick Timer Indicator can alert you before the closure of the candle so you can be prepared for your chart analysis.

Geographic market open and close

As you know the Forex market runs 24 hours a day, closing only during the weekend.

The market activity is higher during the day of geographical location and many strategies are based on specific behaviors happening at market open or market close.

The Candle Time Indicator for MetaTrader can assist you in be prepared for a market open and a market close.

News and events

Many trading strategies are based on trading news and events.

If you are using one of these strategies you probably want to know how the market reacts to a scheduled event or news.

You can set the candlestick timer for MetaTrader to alert you before the time of a scheduled news so you can check the market response to it.

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Input parameters of Candle Time indicator for MT4/MT5

The Candle Timer Indicator for MT4 and MT5 has some useful features you can customize through input parameters:

Graphical interface

You can choose between:

• Minimal Interface, with only a small countdown to the next candle.
• Extended Interface, which includes some information about the current instrument, the elapsed time since the start of the candle and the remaining time for the current candle.

Alert notifications

You can configure the indicator to send you an alert a set seconds before the candle closes.

Notifications can be sent to the following:

• On-screen alert
• Email
• Mobile app

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Why use Spread indicator for MetaTrader

This is a good tool just to make more visible the spread, which is usually very small or hidden in the Market Watch.

If you search for a candle time or spread indicator, you can see how there are many options available, however, it is a very personal choice and it really depends on the options that you are looking for.

I decided to create an indicator easy to use and able to show a countdown and alert the trader and you can download it for free.

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MT4 Candle Timer

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 MT4 Candle Timer Indicator allows you to see a countdown to the next candles and also be notified in advance before it happens.

What is MT4 Candle Timer indicator

The MT4 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.

Why is MT4 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 MT4 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.

Indicator Installation Instructions

To install the Indicator please follow the instructions below:

1. Download the indicator archive file.
2. Open the MetaTrader 5 data folder (via File→Open Data Folder).
3. Open the MQL5 Folder.
4. Copy all the folders from the archive directly to the MQL5 folder.
5. Restart MetaTrader 5 or refresh the indicators list by right-clicking the Navigator subwindow of the platform and choosing Refresh.

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Conclusion

In this article you discovered Candle Time and Spread Indicator for MT4 and MT5 and learned about how it can be useful in your trading.

You also have some download links for our version of the indicator so that you can download and test it.

Discussion

Do you have any suggestions or questions regarding this indicator? You can always discuss Candle Time and Spread with the other FX traders and MQL programmers on the indicators forums.

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Changelog

1.02 — 2023-05-31

• Added an option to create panel in a chart corner of your choice.
• Added input parameters to control the panel colors.
• Added support for hi-DPI screens.
• Added the "HH:MM:SS" format to display time.
• Fixed refreshing the timer values in MT5.