The Time Indicator MT4 is a simple technical indicator that indicates time. There are a variety of time slots on the market for forex, which means that traders can trade any time. Time indicator shows the current Local Time, which is the time determined by the time zone that you are trading from, and the Server Time, which is the time that is your broker’s time zone.
How does the time indicator work?
The image below illustrates how the indicator appears within the MT4 chart.
In the EUR/USD chart above, The Time indicator displays two different times. The first local time shown in red is that of the server for the broker. However, the second time displayed in lime hue represents the time local to for the time zone of the trader.
This indicator is an essential tool for traders of all kinds. News traders can determine when they should enter the market using the news release. Investors who take advantage of the volatility of trading sessions can utilize this indicator to plan their trades. Additionally, technical traders can use this indicator to determine when to stop trading or the best time from stopping trading.
Also, learn about the Center of Gravity indicator
Trading with Time indicator
The Time Indicator MT4 doesn’t provide any signals for trading. It is used only to determine the exact time to enter and close a trade. The indicator doesn’t give any information about the momentum or trend, volatility, overbought conditions, or too oversold in the market. So, traders should not make use of this indicator to determine signals to buy or sell.
To make the most of it, the traders must utilize it in conjunction with Time Indicator and the Fxr Economic Calendar. The two indicators, when used together, will provide traders with the trading hours that are happening in the market. They will also inform traders of coming announcements as and the current time.
Inputs to the MT4 time indicator
The following table shows the input properties of the time indicator. This indicator allows some visual changes to its settings. It lets traders change the colours of Broker Time and Computer Time, modify the distance to an edge on the left of the chart and alter the zoom level (Font Size) of the displayed time.
Conclusion
The Time Indicator for MT4 provides traders with a clue to execute trading orders promptly. The indicator is beneficial for technical and news traders and traders who trade sessions that overlap.
Please don’t use this indicator to open trades since it doesn’t provide any current market conditions. The hand will give the most effective results when combined with it is paired with the Fxr Economic Calendar. Get your free indicator here
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