Candle Timer Indicator
As in other aspects of life, timing is everything. This is why the Candle Timer indicator is a great addition to your trading tools. The indicator is simple but incredibly powerful.
As the name suggests, the indicator shows the remaining time until the close of the candle. Suitable for use on any timeframes and currency pairs. In addition, the indicator is suitable for both scalpers and day traders. However, it has a largely unique attribute. Unlike other indicators, it does not give buy or sell signals.
Besides candle time, it is also defined by the following names: candle clock, time indicator, candle time remaining, candle countdown, bar clock, bar timer, and candle timer.
How to trade with the Candle Timer
Now, how can you use the Candle Timer indicator to trade on MT5?
Although the indicator does not generate buy or sell signals, it is a handy tool for organizing trading charts. The indicator will prove to be very useful if you are trading price action. For example, if you are trading on the hourly timeframe, it will tell you how many minutes are left before the candle closes. Tracking the formation of the next candle on short timeframes can mean profit or loss for scalpers.
As you know, the market closes on weekends. Depending on your location, the indicator can help you determine the minutes until the close of a candle or the expiration of a trading day. This feature is especially useful on Friday. In other words, it can help you close current trades before the market closes for the weekend.
Candle Timer indicator for MT5 – free download helps to track how the market reacts to certain market events. In addition, it shows the remaining time until the release of market news. This can help you close the trade before a news event triggers seismic volatility.
Trading Example
The chart above shows the Australian dollar against the Canadian dollar on an hourly time frame. According to the indicator, only 15 minutes 37 seconds are left before the candle closes.
Conclusion
The candle time indicator is a unique yet very useful indicator. It warns you about the remaining time until the current candle closes. The best part is that this indicator is free. You must try this.
