Candle Countdown Indicator

MetaTrader M

aster Edition

◚⯎

Table of contents

1. Overview 3

2. Using the Candle Countdown indicator 42.1 Adding the indicator to a chart 4

2.2 Timeframe 4

2.3 Local clock 4

2.4 Label font and position 4

2.5 Alerts 5

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1. Overview

The Candle Countdown indicator shows the time remaining in the current bar.

By default, it will use the timeframe of the chart on which it is running. However, you can use the Input settings for the indicator to display the time remaining on a different timeframe. You can also add multiple copies of the indicator to show the time remaining in different bar timeframes.

You can also configure the indicator to alert you when a bar is about to end.

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2. Using the Candle Countdown indicator

2.1 Adding the indicator to a chartYou add the Candle Countdown indicator to a chart in the usual MT4 way, either by dragging it from the Navigator onto a chart, or by double-clicking on it in the Navigator. You can also use standard MT4 features such as adding the indicator to your list of Favorites, or assigning a Hotkey to it.

The indicator can be configured in a number of ways using the settings on its Inputs tab, as described below.

2.2 TimeframeYou can set the timeframe for the countdown: either whatever is the period of the current chart, or a fixed period.

2.3 Local clockBy default, the indicator will use your computer’s local clock, and will continue to count down even when the market is quiet and there are no new ticks from the broker. If you turn off this setting then the countdown will only update when there are new ticks.

2.4 Label font and positionYou can set the label position (e.g. bottom-right of chart, top-left of chart), the font, and the colour. If you are putting multiple copies of the indicator on a single chart then you will need to alter the X and/or Y positions so that the labels do not overlap.

You can also set the text of the label, using the variable {TIME} which the indicator replaces with the time remaining. Again, if you are using multiple copies of the indicator on the same chart then you will typically want to change the labels to remind you which timeframe each copy refers to.

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2.5 AlertsYou can configure the indicator to give you an alert N seconds before a bar ends. The alerts can be issued as pop-up messages and/or as sounds. To turn off either the pop-up message or the sound, simply leave the value blank.

The content of this guide is purely informative and does not constitute an offer or a recommendation to trade a specific product and is not to be understood as a piece of advice of any sort, in particular regarding trading, tax and legal questions. The information or opinion regarding a product expressed in this guide do not take into consideration the investment objectives, the assets, the experience or the knowledge of a single investor. Swissquote Bank Ltd and its employees shall in no event be liable for damages or losses arising directly or indirectly from decisions made on the basis of the content of this guide. The content of this guide was produced by Swissquote Bank Ltd as per the current date and may be subject to change without prior notification. Although the content of this guide has been obtained from and is based upon sources that Swissquote Bank Ltd believes to be reliable, Swissquote Bank Ltd assumes no responsibility for the quality, correctness, timeliness or completeness of the content of this guide. This guide may not be reproduced in part or full without the written prior consent of Swissquote Bank Ltd. Forex transactions are highly speculative, involve an extreme degree of risk and are generally suitable only for persons who can assume and sustain a risk of loss in excess of their Forex margin. Forex transactions may, by their nature, generate losses that are in theory unlimited. In the absence of prior intervention, the loss could greatly exceed all the client’s assets deposited with the Swissquote Bank Ltd.

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