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Wednesday, 5 December 2018

Time Indicator: As long as the candles are "alive"

That time is something that is not less important than price to produce successful trade in the dynamic structure of Forex. Members of this Time indicator family display the time characteristics on the price chart where this information is very important to better understand the exchange, to evaluate a position correctly and to choose an effective trading strategy.

There are several indicators for technical analysis, with complex mathematical calculations and many graphic elements. The time indicators we submit here work like conventional assistants who perform a variety of support functions, but make the trading process more visually clearer and more comfortable.

Of the many choices available about time indicators, there are two of the most famous: Time Indicators and Time II (VBO) indicators. These two devices do not use complicated mathematical calculations, because they use time parameters and specifications rather than the trading instruments used that are obtained from the broker's place. From the point of view of software, they are more referring to the script than the full technical analysis tool. Their goal is to display background information on your price chart and follow it over time.

For both of these indicators paired in the same way, using the standard method: Files with the extension * .mq4 are copied to \ ProgramFiles \ MetaTrader 4 \ MQL4 \ indicators, then through the "Navigaro" screen rather than the terminal skin, you select "Custom Indicators ", then - Time or TimeII (VBO) and drag them into the price graph. Let's look at each of these indicators below.

The main function of this indicator is to indicate the time rather than the current candle: the opening time of the bar (min: seconds), the current time, and the remaining time until the closing of the candle occurs. Plus, on the screen can be seen the value of the current spread and the trading instruments used (very useful for use with brokers that use floating spreads), the cost of 1 point and several other parameters that can differ from other versions than indicators this.

These parameters can usually be seen at the top rather than the trade screen and do not interfere with the work of other indicators and processes to monitor price movements.

Some of these parameter settings differ with the different versions of the Time indicator, but the following parameters must be present in each variant:

  • nColor - color than the text used (the initial setting is MediumBlue);
  • IcountDown - settings for reverse calculation: 1 - displayed, 0 - not displayed;
  • IInfo - setting to show additional information: 1 - displayed, 0 - not displayed;
  • The "Width" option in the "Colors" tab determines the font size used.

Important: this indicator reads server time rather than broker from terminal settings automatically.

Use of this indicator in actual trade

This indicator does not provide entry points or other trade recommendations. Its main task is to show the latest background information on each trading instrument that is used and accurately calculate it when changing over time.

Information about the time until the closing of the current candle is very important to make a decision to close a position. Information about the latest spread values ​​and price per point (for trading with one standard lot in dollars) is very useful when you want to choose better choices from the many available trading devices.

Time II (VBO) Indicator Settings

As with every process that occurs, financial exchanges are also linked to a tight work schedule - the opening and closing of trading sessions throughout the world allows for a continuous process of trading within a week.

The indicators mentioned here show the time limits in trading sessions on the price and working hours chart of the main stock exchanges in the world, also pay attention to the time and daylight saving time differences.

There will be some differences in settings rather than different versions of the Time II (VBO) indicator, but the following settings must exist in all of these versions:

  • Broker_standard_time_zone - setting for the time zone of the terminal user (set in hours from UTC standard time, the initial setting is EST (Eastern Standard Time);
  • Broker_DST_start - specific server time according to the broker that the trader uses: date / time for daylight saving time;
  • Broker_DST_end - same (as above): date / time to return to normal time (winter hours).

This indicator shows: the time of the trader, the time used by the broker and UTC (Greenwich Mean Time), which is not related to the financial instrument used.

This indicator has two graphical modes to show the boundaries of trading sessions: in the form of colored frames on the main price chart and as a colored ribbon on the additional screen below the terminal. The "mouse" icon in the bottom right of the indicator window will change the mode by dragging it to the symbol below.

Important: in the M30 and H1 periods, this indicator shows only the time frame of the trading sessions, in the H4 period and above - only time in hours.

Use of VBO Time II indicators in trading

The main reason for using each indicator in trading sessions is to show the opening and closing of each major stock exchange, because at this time there will be a sharp change in trading volume. The well-known strategy called "London Bombings" was built on a surge in prices that occurred at the opening of the London stock exchange caused by a very large trading volume. The same surge, often even against the daily trend, can be seen at the opening of the trading session in America. The closure of the main stock exchanges is usually accompanied by a surge in trading volume - there will be many closures of positions at that time.

After all, each trader prefers to trade at a convenient time for each person, by choosing a device and the volatility he likes: The Asian session is usually suitable for traders who like flat trading, the opening times of the European session are perfect for scalping strategies , and overlapping hours between European and American sessions are suitable for those who like aggressive trading.

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