The time and spread indicator represent a technical indicator that plots each candlestick’s remaining time and the currency pair’s live spread on the chart in the MetaTrader 5.
This indicator will only work on MetaTrader 5 because it is coded in mql5.
Using informational indicators has many benefits because it will help you increase your trading potential. For example, sometimes, it is difficult to manually check each candlestick‘s remaining time manually from a watch or clock. So this indicator made it easy by showing a counter on the mt5 chart.
The other significant benefit is the spread counter on the chart showing a financial asset’s real-time spread. It will help you in managing trades.
How do the time and spread indicator work in mt5?
The spread and time indicator is an informational indicator that will plot helpful information on the candlestick chart. It will show the following information:
- Time remaining for the closing of the current candlestick
- Live spread of currency pair (difference between actual and ask/bid price)
Keep in mind that you should use it on a candlestick chart only.
The precision of time is in seconds.
Why is the closing time of candlestick and spread essential for a trader?
Candlestick closing time is essential in terms of technical analysis. Because if you’re a trend breakout trader, you must confirm the breakout once the candlestick closes above/below the line. And once a breakout happens, you must open a trade using money management tools. A trader should also include the spread for accurate risk management in calculating the lot size.
So these are the two ways to use spread and time indicators in the mt5 platform.
The bottom line
Indicators are useful in trading. However, we don’t suggest entirely depending on indicators. Instead, it would help if you used the indicators to save time and effort, then put that effort somewhere else that’s more important.