Common uses in short-term Forex trading involve tracking the opening of Tokyo, London, or New York trading sessions.
In addition, stock and leveraged products traders and long-term traders can count down earnings release times or the release of scheduled economic data with this indicator.
With the Candle Timer, you can start trading with a more in-sync market pulse, with more acceptable trade entry, exit, and management.
Input Parameters
Importance of Timing in Day Trading
Successful day trading requires the correct predictions, and when it comes to prediction, timing matters a lot. If your timing is off, you can still lose money even if your forecast holds correct.
As a responsible trader, you should definitely include this indicator in your technical analysis to time your entries and exits accordingly.
A Unique Indicator Missing From Default indicator packages in MT4/MT5
MT4 and MT5 may not have the unique combination of Candle Timing and Spread Indicators in one summary view. To overcome this, you should download this indicator.
In the FX world, it's also known as the MT4 Bar timer indicator or MT4 candlestick timer.
More Features
- It works on all time frames, including monthly, weekly, daily, hourly, and minute charts.
- It offers two convenient timer display positions; the chart corner or next to the current bar. If you display next to the current bar, make sure you have a chart shift to the left to leave enough screen space!
- It offers full customization from colors to text size according to user preferences.
- It is optimized to work without using extensive computing resources
- A bonus feature is that it also shows the Symbol spreads
- The inputs tab is minimalistic with few settings; it’s straightforward to get the indicator up and running!
Key Uses of Candle Timer Indicator for Market Open Traders
Short-term traders often wait to trade after the market opens, when a proper setup is identified on the charts before that.
It happens because open market activity often involves sharp moves and increased volatility. If you like to trade the market open as soon as it occurs, you can use this indicator to countdown the seconds till the market opens.
Key Uses for Post News Traders
Some traders and prop firms have a policy of not putting in any trades 15 minutes after a critical news event. In these cases, when waiting for a trade, you can use this indicator on a 15min candle to countdown when you can trade.
Key Uses for General Pattern Traders
Many trading signals such as breakouts are activated only at the candle close, which may carry a high chance of success.
But sometimes, you may want to get in at an earlier part of the breakout if the pattern is valid until 75% of the candle’s running open time.
In such cases, the candle time indicator can give you valuable information about knowing if you are close to the candle close to help you decide whether it’s worth entering the trade slightly before the close.
Combining it with Other Indicators
You can combine the KT Candlestick Timer Indicator with other indicators such as the Candlestick patterns indicator, Moving Average or Expert Advisors (EAs) to run automated strategies that get triggered during a candle countdown.
Summary
This MT4 candle timer indicator is straightforward. You can try it risk-free on a demo trading account. With this indicator, you can say goodbye to using the Windows Clock Countdown Timer to wait for the candle to close.
Fun fact: I used to do that before I thought ‘there must be a better way’ and created this indicator!
