Mini Charts Indicator
Mini Charts Indicator For MT4 shows minimized candlestick and bar charts of any time frame and symbol on current price chart.
Description
The mini charts indicator for MT4 displays minimized within the current chart. Furthermore, traders can place a maximum of 28 charts of any symbol and time frame. Additionally, the indicator can display the charts as bars or candlesticks. As a result, forex traders can view multiple time frames of a symbol in a glance. So, it helps the trader to identify bullish or bearish trend of multiple time frames and assist in making better trading decisions.
In general, the indicator is simple to use as it only helps the trader to view multiple charts. So, new and advanced forex traders can use the indicator with ease. Furthermore, forex traders can download the indicator and install it easily.
Mini Charts Indicator For MT4 trading Setup
The above GBPUSD H1 candlestick price chart shows the mini charts indicator for MT4 in action. Moreover, forex traders can arrange the charts in multiple locations and adjust them according to their preferences.
Many traders use multi time frame (mtf) trading strategies to identify the trend direction in higher time frames. Because, this helps them choose the best entry in a lower time frame chart. Another trading method is to identify the general trend of all pairs related to a currency and then identify the strength of a currency. So, the mini charts indicator for MT4 helps these forex traders. Generally, these kinds of traders use multiple display monitors for analysis.
Furthermore, it is possible for support and resistance traders to identify and locate them in all time frames. Generally, support and resistance zones that appear in multiple time frames tend to be much stronger and help traders to identify potential reversal points.
Conclusion
Indeed, the mini charts indicator for MT4 is a chart utility that helps forex traders to view and interpret the market conditions. In particular, the indicator is very useful to forex traders using multi time frame ( mtf) trading strategies, trend trading and support resistance trading methods.