Candle Closing Time Remaining (CCTR) also known as time count indicator, helps notify the remaining time of the candle is running on the chart. This indicator is very popular with candlestick traders, especially they are suitable for traders who like to surf or trade day trading (intraday trading). However, the MT4 software does not support CCTR, if you want to use it, you must install it yourself. In the following article, we will show you how to install and use CCTR most effectively.
As you can see, when you look at the upper right corner of the screen in the chart above in H1, you will know that the current candle will close after nearly 39 minutes. If you are a candlestick trader, this is really a feature you should have to support trading better, as well as know the time of entry and exit the most reasonable way.
The CCTR indicator has the following characteristics:
There is an old Western proverb that says "Timing is everything" in the meantime. For traders swing or longer term trading will not need to calculate the entry point too detailed to every second, every minute. They may just need to look at the chart once a day to see what's new. The fact that prices have fallen for an hour doesn't mean much to traders of this type.
However, if we trade in a shorter period of time, accurate calculation of transaction time plays an extremely important role. The short-term traders are always in the mood to prepare for action if the next candle appears, that is, always be ready for potential trading signals. But how to know when the next candle will appear?
Yes, it is the task of time indicators such as CCTR. With such indicators, we can know exactly the remaining minutes and seconds of the candle. As a result, you can seize the opportunity to trade quickly and promptly when the next candle is open.
Here, you can set the following parameters:
You have just read the article: "Setting the indicator to count down the candle end time for MT4"
What is a candle end indicator?
Candle Closing Time Remaining (CCTR) helps you know how much time is left for the current candle to close as illustrated below.As you can see, when you look at the upper right corner of the screen in the chart above in H1, you will know that the current candle will close after nearly 39 minutes. If you are a candlestick trader, this is really a feature you should have to support trading better, as well as know the time of entry and exit the most reasonable way.
The CCTR indicator has the following characteristics:
- Can change the color and size display
- Customizable position appears on the chart
- Show server time.
- Play an alert sound when the candle is about to close.
- Clean code.
Why pay attention to the remaining time of candles?
If you already understand the importance and how to use the remaining time of the candle, you can skip this section and see the instructions for downloading and installing in the next section.There is an old Western proverb that says "Timing is everything" in the meantime. For traders swing or longer term trading will not need to calculate the entry point too detailed to every second, every minute. They may just need to look at the chart once a day to see what's new. The fact that prices have fallen for an hour doesn't mean much to traders of this type.
However, if we trade in a shorter period of time, accurate calculation of transaction time plays an extremely important role. The short-term traders are always in the mood to prepare for action if the next candle appears, that is, always be ready for potential trading signals. But how to know when the next candle will appear?
Yes, it is the task of time indicators such as CCTR. With such indicators, we can know exactly the remaining minutes and seconds of the candle. As a result, you can seize the opportunity to trade quickly and promptly when the next candle is open.
Instructions on how to download CCTR indicator on MT4
The default MetaTrader 4 (MT4) platform will have no countdown indicators. Therefore, we need to manually download and install the CCTR indicator.- Step 1: Download the CCTR indicator here.
- Step 2: Extract the downloaded file and copy it into the MQL4 folder. If you don't know where the MQL4 folder is located on your computer, you can right-click on the MT4 icon on the Desktop and select Open File Location.
- Step 3: Open or restart MT4
- Step 4: From the "Navigator" window, find the Candle Closing Time Remaining indicator and drag it into the chart. If you don't see the "Navigator" window, press Ctrl + N.
- Step 5: Set parameters and click OK. The CCTR indicator will appear on your chart.
Here, you can set the following parameters:
- location: Set where the chart will appear. In the illustration above, this parameter is Top-Left, which means CCTR will appear in the upper left corner of the chart.
- displayServerTime: Set to show the time according to the server
- playAlert: Warning sound. In the illustration that is Off, the indicator will not make a sound when the candle is about to close
- fontSize: Select the font size
- Color: Choose colors.
summary
Through the above article, you surely understand the importance of countdown indicators and know how to install and use CCTR indicator. We hope this knowledge will help you develop your forex trading strategy more fully and effectively, in order to earn profits from the forex market. Good luck!You have just read the article: "Setting the indicator to count down the candle end time for MT4"
Author: Tin Nguyen
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