Are you looking for a bar or candlestick timer for MetaTrader 4? An indicator to count down the time until the next candle or bar? Then you’re in luck. I’ve found a pretty cool candlestick timer to share with you guys.
The timing of your candles or bars can be an invaluable tool, especially in day trading, and even more so if you happen to be a scalper. I’m not sure why MetaQuotes (creators of MT4) didn’t include this feature in their MetaTrader 4 platform, but luckily for us there are some talented programmers that are willing to share their work with the MT4 community.
As some of you may know, I use a countdown timer in my own trading. In the past, I used a premium indicator for this feature (the one that comes with the Top Dog Trading indicators). I switched to the CCTR (Candle Closing Time Remaining) indicator a couple of years ago, and I haven’t looked back.
This is one indicator that I can’t trade without. I use this indicator daily with my main trading system, along with a trading sessions indicator, a true MACD indicator, and a break even Expert Advisor.
How to Use This MT4 Candlestick Timer Indicator
In the picture above, I’ve marked the candlestick timer positions (0-4). Under the “Inputs” tab of this indicator, change the “location” variable to these numbers to place the timer in its corresponding position.
Location 0 – Put the name of the indicator and a small version of the timer in the upper-left corner.
Location 1 – Put the candlestick timer in the upper-right corner.
Location 2 – Put the timer in the lower-left corner.
Location 3 – Put the timer in the lower-right corner.
Location 4 – Put the timer in the upper-left corner.
I personally use location value 3 (lower-right corner). That way, when I use an Expert Advisor, the two aren’t fighting for space in the upper-right corner.
You can display your broker’s server time with this indicator by turning the “displayServerTime” function on. By default, this function is turned off (0). Set the value to 1 to turn this function on.
You can also change the font size of the clock as well as the color. The default font size and color are 9 and silver respectively. I use 12 and black on my own charts (see the image above).
- Download and extract the Candle Closing Time Remaining indicator.
- Move it to your “Indicators” folder (MetaTrader 4 > MQL4 > Indicators).
- Start or restart MT4.
- Open your “Navigator” window, if it’s not already open (Ctrl+N).
- Drag the Candle Closing Time Remaining indicator onto your chart.
- Adjust the settings and colors, if needed, and hit the “OK” button.
There are other MT4 candlestick timers (or bar timers) out there, but I prefer this one. Once you get used to using a candlestick timer, you will probably also wonder why MetaQuotes did not include something like this in the default platform. I use this indicator every day that I trade, so I hope you find this candlestick timer for MetaTrader 4 as useful as I have.
This article was originally posted in 2012.