Spread and time indicator for mt5
The spread and time indicator represents a technical indicator that plots the remaining time of each candlestick and the live spread of the currency pair on the chart in the MetaTrader 5.
This indicator will only work on MetaTrader 5 because it is coded in mql5.
Using informational indicators has many benefits because it will help you increase your trading potential. Sometimes it is difficult to check the remaining time of each candlestick manually from a watch or clock. So this indicator made it easy by showing a counter on the mt5 chart.
The other major benefit is the spread counter on the chart that shows the real-time spread of a financial asset. It will help you in managing trades.
How does the spread and time indicator work in mt5?
The spread and time indicator is an informational type indicator that will plot helpful information on the candlestick chart. It will show the following information:
- Time remaining for the closing of the current candlestick
- Live spread of currency pair (difference between actual and ask/bid price)
Keep in mind that you should use it on a candlestick chart only.
The precision of time is in seconds.
Why is the closing time of candlestick and spread essential for a trader?
Candlestick closing time is important in terms of technical analysis. Because if you’re a trend breakout trader, then you must confirm the breakout once the candlestick closes above/below the line. And once a breakout happens, you must open a trade using money management tools. A trader should also include the spread for accurate risk management in calculating the lot size.
So these are the two ways to use spread and time indicators in the mt5 platform.
The bottom line
Indicators are useful in trading. However, we don’t suggest entirely depending on indicators. Instead, you should use the indicators to save time and effort, then put that effort somewhere else that’s more important.
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