Large Time Frame 104 Indicator
The Large Time Frame 104 indicator is a forex trading tool that draws the candlestick of the weekly timeframe (W1) on the smaller time frames.
Description
The Large Time Frame 104 indicator for MetaTrader 4 (MT4) is simply a tool for financial trading that draws the candlestick formation of the weekly timeframe (W1) on the smaller time frames. It shows all the features of the candlesticks (e.g., wick, full body candlesticks, and big/small candlesticks) that were formed on the W1 time frame.
The indicator isn’t a trend analyzer that determines different market conditions. However, it can come in handy during technical analysis to give traders an insight into the pattern of candlesticks formed on the W1 timeframe.
Furthermore, the indicator would be of benefit to day/intraday and swing traders because it makes it easier to refer to the W1 time frame during a top-down technical analysis.
How to trade with the Large Time Frame 104 indicator for MT4
The above image shows how the Large Time Frame indicator for MT4 displayed the W1 candlesticks of the EURUSD pair on a lower time frame. It displays the bearish candlesticks in a navy color, while the bullish candlesticks are colored Maroon.
The image also shows that the W1 has been printing bearish candlesticks, which implies that the current weekly bias of the EUR/USD pair is bearish. Therefore, day/intraday and swing traders may look for opportunities to sell/short the EUR/USD pair.
Conclusion
The Large Time Frame 104 indicator for MT4 is a trading tool designed to enhance and make technical analysis more convenient. What’s more, it is free to download.