iClock Mod1

For many traders, time may not appear to be a crucial data point. Most traders would prefer to have information about price changes as well as predictions about where prices might go next. However, market timing is also important because it ensures that the trade signals they rely on are still valid at the close of the candle. The iClock Mod1 Indicator is a trading tool that can help traders time their trades to the second.

What is the iClock Mod1 Indicator?

As in other parts of life, time is crucial. As a result, the iClock Mod1 indicator could be a good addition to your trading tools. The indicator is straightforward but quite effective. The indicator, as the name implies, displays the amount of time till the candle closes. It can be used on any timeframe and with any currency pair. Furthermore, the indicator is appropriate for both scalpers and day traders. It does, however, have a largely unique feature. It does not provide buy or sell signals, unlike some other indicators.

Setting up the iClock Mod1 Indicator
Setting up the iClock Mod1 Indicator

iClock Mod1 Strategy

Although it does not generate buy or sell signals, the iClock Mod1 indicator is a useful tool for organizing trading charts. If you trade price action, this indicator may come in handy. The indicator can assist you in determining the minutes until a candle closes or a trading day expires.  Scalpers and day traders can benefit from using the iClock Mod1 Indicator, particularly on lower time frames. This is due to the fact that most scalpers and day traders rely heavily on market timing. If the price moves erratically, the trade signals they use can be nullified in seconds. This is common for trade signals based on price action and reversal candlestick patterns. However, this is also common for trade signals based on technical indicators. This is due to the fact that most technical indicators repaint, especially if their algorithm runs in real time rather than at candle close. Scalpers and day traders can enter trades based on their identified trade setups and strategies as soon as the indicator indicates that there are only a few seconds until the candle closes. It is safe to assume that when there are only a few seconds remaining, the trade signal identified for scalping or day trading is more likely to remain and not be nullified.

Buy Signal

This could be your checklist for a buy trade:

  • When the timer’s information corresponds with your strategy for a long trade.

Once this event occurs:


  • You could open a buy position based on your strategy after you confirm your entry with bullish candlestick patterns.
  • You could set your stop loss just below the nearest swing low.
  • You could set your take profit at the nearest resistance zone, or you could exit trade based on your strategy’s exit plan.
  • For good risk management, I would only consider trades with a risk to reward ratio of at least 1:2.
iClock Mod1 Indicator Buy Setup
iClock Mod1 Indicator Buy Setup

Sell Signal

This could be your checklist for a sell trade:

  • When the timer’s information corresponds with your strategy for a short trade.

Once this event occurs:

  • You could open a sell position based on your strategy after you confirm your entry with bearish candlestick patterns.
  • You could set your stop loss just above the nearest swing high.
  • You could set your take profit at the nearest support zone, or you could exit trade based on your strategy’s exit plan.
  • For good risk management, I would only consider trades with a risk to reward ratio of at least 1:2.
iClock Mod1 Indicator Sell Setup
iClock Mod1 Indicator Sell Setup

iClock Mod1 Pros & Cons

Pros

  • The iClock Mod1 Indicator is an indicator that displays the amount of time until the current candlestick closes, and it may be useful for new traders who are unsure how long they must wait until the current candlestick closes.
  • This indicator may assist traders in saving more time as they may not have to keep an eye on the price movement all day because the indicator predicts when a new candle will appear.

Cons

  • The iClock Mod1 Indicator do not give signals based on chart analysis, hence the trader ought to have a strategy already.
  • This indicator may require knowledge of price action by the traders in order for them to be able to carry out their technical analysis.

Conclusion

The iClock Mod1 Indicator is not a technical indicator that generates trade signals or other important technical indicators like trend or momentum direction or reversals, as well as overbought and oversold price levels. It also does not distinguish levels of support and resistance. However, the information it provides is useful for traders, particularly scalpers and day traders, because it can help them time their trades near the close of a candle and ensure that the trade signal they are relying on has not been nullified by recent price movements.

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