Metatrader 4 is an award winning Forex trading platform, and is the most popular trading platform on the market today. With Metatrader 4 (MT4), you can create custom trading robots called Expert Advisors (EAs), and you can even backtest trading strategies.
Users of Metatrader 4 also enjoy a community of traders that program and share their own EAs. In fact, most of the custom indicators, scripts, and expert advisors are built and distributed by this tech savvy user community. Almost anything can be found, and any trading strategy can be programmed.
Even with all its flexibility, Metatrader 4 does have its limitations. For one, tick charts aren’t available for MT4. Tick charts can be invaluable when trading news and other high volatility market situations, but the only tick chart solutions for MT4 so far are crude and frustrating to use.
I’ve yet to find a single tick chart solution that doesn’t have to be reset each time the custom tick chart is closed. If you switch between profiles often, like I do, then something like that is simply not practical.
That being said, there are some features that Metaquotes (creators of MT4) overlooked that can be implemented fairly easily, and without a big headache from a practical standpoint.
One such feature that we can add is custom time frames, using a simple customer indicator for Mt4 called a period converter.
Create Custom Chart Times in MT4 with this Period Converter Indicator
All you have to do is download the Period_Converter_Opt file, and extract it or copy it into the custom indicators folder of your MT4 installation (Metatrader 4 > Experts > Indicators). The next time you start MT4, you can drag your period converter onto any chart.
Note: In the Common tab check ‘Allow DLL imports’ and clear the ‘Confirm DLL function calls’ checkbox, or this indicator will not work.
In the picture above, the PeriodMultiplier is set to 2. This number can be changed to whatever you like. The time frame to which you apply the indicator will be multiplied by this number.
Example: If I applied the indicator with the setting of 2 (above) to a 5 minute chart, this would produce a 10 minute chart. If I changed the PeriodMultiplier to 4, that same 5 minute chart would produce a 20 minute chart.
It is also possible to add multiple instances of the indicator to one chart. In other words, you could create your 10 minute and 20 minute chart from the same 5 minute chart. You would just have to add two of the period converter indicators to your original 5 minute chart.
In order to use these custom time frames in Metatrader 4, you must find and open them. All of your custom time frames can be found in your offline charts (File > Open Offline). See the picture below.
Navigate to and open your new custom time frames for Metatrader 4 (see the picture below). The new custom charts will stay active, as long as the original chart(s) stays open. Setting these custom chart times up in separate profiles can save you some headaches.
Here’s an example of how I use this tool in my trading: I open a GBP/USD chart and select the 1 minute default time frame in Metatrader 4. Then I apply the period converter to my 1 minute time frame with the PeriodMultiplier set to 2. This creates a 2 minute custom time chart.
I then apply the period converter to my new 2 minute chart. Only this time, I change the PeriodMultiplier to 3. This creates a 6 minute custom chart. I repeat the process on the 6 minute to produce a custom 18 minute chart.
Now, I have a short, medium, and long time frame for short term trading. I would then save this setup as a separate profile for this currency, and call it something like GBPUSD Short or GBPUSD Pound Dollar 2-6-18.
This way you can open other charts and profiles, but you can always come back to your custom GBPUSD profile without having to go through these steps again. I personally use a separate profile for each currency and relative time frame (i.e. short GBP, medium GBP, long GBP, swing GBP, etc…).
Multiple time frame trading is a popular technique. It’s great for triggers and fractal energy observations. I typically trade with 3 relatively close time frames, according to the Top Dog Trading method.
I use this everyday, so I figured you guys might find it helpful. I’m not sure who originally contributed this custom indicator, but it has been crucial to my trading system. If you would also like to create your own custom time frames, download this free period converter for Metatrader 4.