Bar Timer Indicator
Bar Timer Indicator For MT4 shows percentage of time left for bar close, Best tool for forex scalpers and breakout traders.
Description
The bar timer indicator for MT4 is a handy tool for forex scalpers and breakout traders. The indicator displays the percentage of time left before the current candle closes. Though it helps other forex traders to understand the time left before a candlestick or bar closes, it helps the scalpers and breakout traders specifically. So, forex traders entering and exiting upon candle close can benefit from this indicator.
The indicator works well in all intraday charts and the daily, weekly, and monthly price charts. Moreover, the indicator is helpful for new and advanced forex traders. Additionally, the indicator is free to download and install.
Bar Timer Indicator For MT4 Trade Setup
The above EURUSD H4 candlestick price chart shows the bar timer indicator for MT4 in action. The indicator shows the bar time in Gray and can be customized from the input settings to display at any corner of the chart. Moreover, forex traders can adjust the location of the bar timer vertically and horizontally.
Generally, the volatility of price increases at the end of the candle or the beginning of the candle. The same can be applied to all time frames. Scalpers should use the bar timer indicator to identify the best times of a candlestick for scalping and BUY and SELL accordingly.
Similarly, forex technical traders using breakout strategy should wait for a candle closing before entering or exiting the market. Trendlines, in particular, are vulnerable to fake breakouts so traders should consider the breakout only after the current candle closes. There is always a possibility of increased volatility as the closing time of the candle approaches. The closing of the candle may make a difference between and breakout and a false breakout and in turn decide the win or loss of a trade.
Similarly, chart patterns involving trend lines such as triangle patterns and wedge patterns should be validated only after the bar closes. In general, most reversal patterns generate false signals as the price movement in the new direction is against the existing market trend. Traders should approach such situations with caution and use the bar timer to identify as the price nears the bar closing.
Conclusion
The bar timer indicator for MT4 is a very useful tool for scalpers and forex traders interested in breakout trading. However, the indicator does not add value to technical analysis or in formulating trading strategies. Additionally, technical forex traders can download the indicator for free and install it easily.