The Candle Time and Spread indicator, which we will talk about in this article, does not provide trading signals to enter the market. And he will not help you in analyzing the market situation. But it doesn’t hurt to set it on the chart. Candle Time and Spread reports the time left until the current candle closes, as well as the spread. In some strategies, knowing this is very useful, and sometimes even necessary. The indicator is easy to install and does not overload the trading terminal at all. Therefore, I recommend using it.
The indicator is installed in MT4 in the usual way. If someone does not know about it or has forgotten a little, then read my “Cheat Sheet” . By the way, Candle Time and Spread works well in both MT4 and MT5.
Since the indicator is informational, the parameters in its settings concern only design. It is about the color of the text and its location on the chart of the currency pair you intend to trade. And one more important point. When you place the indicator on the chart, pay attention to the line “Allow DLL imports” in the settings. There should be a check mark. It’s not there by default.
Who can use this indicator
It will be especially useful for those who like trading on very small timeframes: M1 or M5. In this kind of trading, sometimes seconds decide everything. Therefore, having the information written by this indicator before your eyes can be of great help to a trader.
During the release of important news, the spread may change. In order not to miss such moments, you should use the Candle Time and Spread indicator.
If the time or the trading session is an important factor in the trading system, then the indicator we are talking about today will be a good addition.
It can also be in demand when supporting already open transactions and making a decision to close them.
When I talk about any technical analysis tool, I always warn that its immediate use in real trading is unacceptable. It is necessary to test the work of the indicator in demo trading. As for Candle Time and Spread, this requirement does not apply to it (as well as to other information indicators). If desired, this indicator can be immediately installed on the chart and take into account its information in real trading.