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Candle Timer

5/5 - (2 votes)

Candle timers for MT4 must be used by scalpers or forex technical traders who use candles close to confirm their trades. The indicator is actually a simple tool that displays the remaining time for the current candle to close. The indicator is not a forex trading signal, but it can help traders in many ways.

It is easy to use and is therefore suitable for both new and experienced forex traders.

Candle Timer Indicator for MT4 Application Setting Up

Candle Timer

In the chart above, you can see how the candle timer indicator works for MT4. The indicator displays the remaining time in the chart. The indicator also updates the time automatically on the chart.

Forex scalpers are primarily interested in entering the market and leaving with a small profit. In general, the direction of the market is not affected if it closes in the same direction as the previous candle. This is a great opportunity for scalpers, and the candle timer in MT4 can help them achieve this.

In the same way, many technical indicators also use closing candle prices as input values. These indicators are based on closing prices, so traders will wait until the candle has closed before deciding to enter.

conclusion:

Technical forex traders use the candle timer indicator on MT4 most often. It is useful for technical analysis, even though it does not generate trading signals.