The Spread Screener And Candle Timer Indicator is a trading tool used in technical analysis to aid traders in their decision-making process. This indicator can be utilized by traders of all levels of experience.
What is the Spread Screener And Candle Timer Indicator?
The spread screener and candle time Indicator is a trading tool that can assist forex traders in a variety of ways. In general, it is critical for scalpers who are sensitive to shifts in spreads. Furthermore, news traders may find it fascinating to place trades while trading important economic news releases while taking spreads into account. Furthermore, forex technical traders seeking arbitrage trades and swaps may find this tool helpful in their day-to-day trading activities. This tool, in particular, does not provide buy or sell forex trading signals. Another feature of this indicator is the candle timer, which shows the amount of time until the current candle closes.
The indicator has a straightforward interface and is useful for both novice and experienced forex traders. It is applicable to all intraday price charts, as well as daily, weekly, and monthly forecasts. Furthermore, because the indicator pulls data and shows it without performing any calculations, it is lightweight and does not consume a lot of computer resources.
Spread Screener And Candle Timer Strategy
The indicator gathers spread data from the currency pairs specified in the settings and displays the spread changes in various colors. The indicator also includes a candle timer, which allows forex traders to estimate how much time is remaining until the current candle closes.
The indicator tracks the spreads of numerous currency pairs at the same time and uses the server time instead of the local time.
Buy Signal
This could be your checklist for a buy trade:
- When the indicator’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.
Sell Signal
This could be your checklist for a sell trade:
- When the indicator’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.
Spread Screener And Candle Timer Pros & Cons
Pros
- The Spread Screener And Candle Timer 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 monitoring shift in spreads while trading and also 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 Spread Screener And Candle Timer 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
To recapitulate, the spread screener and candle timer indicator scans the spreads of the desired currency pairs and displays them on the price chart in a non-intrusive manner. As a result, forex traders can keep an eye on the spreads and use them to make buy and sell choices.
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