P4l Candletime Indicator

You can see how much time is left in the current candle on your chart by using a candle timer indicator. Even before the current candle burns out and a new one is lit, candle timers show the precise number of minutes and seconds left. You can then be prepared to act quickly when the next candle comes out.

This guide introduces you to the P4l Candletime Indicator, which helps you track the candlestick timing in multi-timeframes of MT4 charts.

What is the P4l Candletime Indicator?

The P4l Candletime Indicator is an automatic time-tracking tool specially developed for MT4 trading platforms.

Once you apply the indicator on price charts, it displays a candle time tracker, showing you how much time is left to close the ongoing price candle.

This indicator ideally suits technical traders, especially those who consider candlestick pattern signals as a buy/sell confirmation. It also reminds you to wait until the candle closes and avoid early or late entries.

P4l Candletime Indicator Chart Setup
P4l Candletime Indicator Chart Setup

Technically, the P4l Candletime is an MTF indicator. So, you can use it on any timeframe of MetaTrader platforms.

P4l Candletime Strategy

The indicator can be a very useful tool for planning forex trading schedules even though it doesn’t signal buying or selling. If you trade prices frequently, this indicator can be helpful.

For example, trading on an H4 time frame will let you know how many minutes are left in the candlestick’s lifetime. Scalpers could make or lose money by keeping an eye on the pattern of the upcoming chart candle.

As you are well aware, weekends are when the currency market closes. This indication might help you gauge how much time is left before the candlestick closes or the trading day expires, depending on where you are. On Fridays, this feature comes in handy. It will also help you close trades before the market weekends.

Additionally, it displays the amount of time left before market information is released. This will help you stop trading before a news event causes an earthquake.

Buy Signal

  • Check candle time once the price tests resistance.
  • Enter long if the candle closes above the resistance, plotting a bullish breakout.
  • Exit buy on potential bearish candlestick signals.
P4l Candletime Indicator Buy Signal
P4l Candletime Indicator Buy Signal

Sell Signal

  • Check candle time once the price tests support.
  • Enter short if the candle closes below the support, plotting a bearish breakout.
  • Exit sell on potential bullish candlestick signals.
P4l Candletime Indicator Sell Signal
P4l Candletime Indicator Sell Signal

P4l Candletime Indicator Pros & Cons

Pros

  • Clearly shows the remaining time for the price candle to be closed.
  • Suits Multi-timeframe charts.
  • Works offline.
  • Beginner-friendly indicator.
  • Helps avoid buy/sell traps.

Cons

  • Doesn’t offer straightforward buy/sell signals.
  • The time shown near the current price level might create obstacles for chart analysts.

Conclusion

Timing is everything in life, just like anything else. Therefore, the P4L Candletime indicator is necessary to make it a good addition to trading instruments. The indicator is simple to use but extremely effective. Check out the P4l Candletime indicator if you’re seeking an MT4 tool that indicates the candle closing time in all timeframes. Besides, it allows customization of the texts, colors, and positions. It is indeed not a buy/sell indicator but may significantly enhance your decision-making quality.

Free Forex Robot