From: Chris “Pip Maven” Lee, Singapore
Candlestick analysis is crucial for understanding short term price action. This, in turn, enables us to enter trades with a higher probability of a win (and lower probability of a loss).
To do this efficiently, I created the Candle Countdown indicator that I now use to trade with, every single day.
Candle Countdown is an MT4 custom indicator that displays how much time is left before the current candlestick (or bar) closes.
As a trader, you already know that a candlestick can change dramatically over the duration of its time frame.
For example, on the 1 hour chart, the current candlestick looks like this:
Without Candle Countdown, an amateur trader may enter a BUY trade, thinking that prices may go further up.
With Candle Countdown, however, the experienced trader knows that this candlestick is only half-formed.
(The Candle Countdown indicator shows there is 30 minutes to go before the candle is fully formed)
Now let’s see what happens just before the candle is fully formed:
It turns out that the move was just a temporary spike, not a legitimate bullish move.
With the advantage of Candle Countdown, the experienced trader avoids making rash decisions.
Meanwhile, the amateur trader continues to be confused and frustrated with the market price fluctuations, and loses money.
This is just one of the many ways of using Candle Countdown. It’s an invaluable tool for candlestick analysis.
You can set the indicator to be displayed at the top-right, bottom-left, or bottom-right corner of the trading chart.
You can use your favorite colors.
When applied to the M1, M5, M15, and H1 charts, Candle Countdown will display ‘Minutes and Seconds’ left.
When applied to the H4 and D1 charts, Candle Countdown will display ‘Hours and Minutes’ left.
All this will be done automatically. No extra configuration needed.
With just two clicks, you can set the indicator to show large or small fonts.
Simply drag and drop the indicator file into your trading platform folder, and setup the indicator to your preference.
Full setup instructions will be provided.
Nope! I personally use Candle Countdown on the MetaTrader 4 (MT4) platform, so it’s the only version available.
M1, M5, M15, H1, H4, and D1
Nope! This is a one-time purchase and it’s yours to keep forever.