Bar Timer Indicator

Bar Timer Indicator

Bar Timer indicator for MT5 shows the percentage of time left before a bar closes. The best tool for forex scalpers and breakout traders.

The bar timer indicator for MT5 is a handy tool for forex scalpers and breakout traders. The indicator displays the percentage of time left until the current candle closes. While this helps other forex traders understand how much time is left until the close of a candle or bar, it is especially helpful for scalpers and breakout traders.

Thus, Forex traders entering and exiting after the close of the candle can benefit from this indicator.

The indicator works well on all intraday charts as well as daily, weekly and monthly price charts. In addition, the indicator is useful for beginners and experienced forex traders. In addition, the indicator can be downloaded and installed for free.

Bar Timer Indicator For MT5 Trade Setup

The above AUDUSD H1 candlestick chart shows the bar timer indicator for MT5 in action. The indicator shows the bar time in gray and can be configured in the input settings to display in any corner of the chart. Moreover, forex traders can adjust the position of the bar timer vertically and horizontally.

As a rule, price volatility increases at the end of a candle or at the beginning of a candle. The same can be applied to all timeframes. Scalpers should use the bar timer indicator to determine the best candle time for scalping and BUY and SELL accordingly.

Similarly, forex technical traders using a breakout strategy must wait for the candle to close before entering or exiting the market. In particular, trendlines are vulnerable to false breakouts, so traders should only consider a breakout after the current candle closes. There is always a chance for volatility to increase as the close of a candle approaches. The close of a candle can make the difference between a breakout and a false breakout and in turn determine whether a trade is won or lost.

Similarly, chart patterns that include trendlines, such as triangle patterns and wedge patterns, should only be checked after the bar closes. In general, most reversal patterns generate false signals as price moves in a new direction against the existing market trend. Traders should approach these situations with caution and use the bar timer to determine when price is nearing the close of the bar.

Conclusion
The bar timer indicator for MT5 is a very useful tool for scalpers and forex traders interested in trading breakouts. However, the indicator does not add value to technical analysis or the formulation of trading strategies. In addition, technical forex traders can download the indicator for free and install it easily.