The Trade Time Forex indicator for Metatrader 5 draws a time sensitive box around the candlesticks enabling traders to identify potential price breakouts.
By setting your preferred start and stop times, the indicator draws a box around the relevant candlesticks.
To effectively use the Trade Time indicator, adhere to these straightforward instructions:
- When a candle closes above the upper boundary of the box, it generates a buy signal.
- When a candle closes below the lower boundary of the box, it generates a sell signal.
This indicator comes with adjustable inputs and parameters, allowing you to customize settings such as trade start time, trade stop time, colors, and filling.
Make yourself familiar with the Trade Time Forex indicator and test it first on a demo account until you fully understand how it works.
It supports all time frames and trading instruments offered by the MT5 charting platform.
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Here is how the Trade Time Forex indicator appears when applied to the MT5 chart.
How To Buy And Sell Currency Pairs With The Trade Time Forex indicator Indicator?
Find a simple trading example below:
- A buy signal is given when the candle closes above the previous box high price.
- Execute a buy trade and place a stop loss below short-term support.
- Exit the buy position for a fixed take profit target of your preference, or await a sell signal.
- A sell signal is given when the candle closes below the previous box low price.
- Execute a sell trade and place a stop loss above short-term resistance.
- Exit the sell position for a fixed take profit target of your preference, or await a buy signal.
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Frequently Asked Questions
How Do I Install This Custom Indicator On Metatrader 5?
- Open the MT5 trading platform
- Click on the File menu button located at the top left part of the platform
- Click on Open Data Folder > MQL5 folder > Indicators
- Copy the trade_time.mq5 indicator file in the Indicators folder
- Close and restart the trading platform
- You will find the indicator here (Navigator window > Indicators)
- Drag the indicator to the chart to get started with it!
How Do I Edit This Indicator?
- Click in the open chart with your right mouse button
- In the dropdown menu, click on Indicator List
- Select the indicator and click on properties
- Now you can edit the inputs, colors, levels, scale and visualization
- Finally click the OK button to save the new configuration