My heartfelt greetings, dear readers and blog visitors Deipara.com. In this article I want to talk to You about how to create a custom timeframe in terminal, and what are they generally used?
In my opinion, the ability to create custom time frames is a kind of feature of MT4 terminal.
Of course, this property of the trading platform is used not so often, but I think that it makes sense to consider it, you never know, perhaps someone it will be very opportunely!
We all know that by default in the terminal we have nine different time intervals from one minute to one month. However, the MT4 platform has the ability to create intervals with non-standard time indicator.
Why is it necessary? – You will ask. Now you can find quite a large number of trading systems, which involve the use of non-standard time frames.
If to speak very roughly, that a standard timeframe is enough to create a competent strategy and is quite a peaceful trade. But some traders believe that the use of non-standard timeframes can give the trader some advantage.
For example, trader in their system uses the interval N1 – it is the main. For example, it can optionally create a custom timeframe M45.
In theory, the M45 timeframe signal may appear sooner, which will give the possibility to enter the market at a competitive price. And all at the same time, M45 is less than H1, but not so low, compared to the M30 timeframe.
Again, much depends directly from the trading system, which was created for the trader. For example, can go so that in the context of the trading system H1 timeframe may be very low, but the interval H4 doesn’t work for the system, because it will be very large.
In this case, just very useful to have some average value, namely, the interval H2. In this case it will be something of a cross between a large and a relatively low interval.
Additionally, this also fully applies to scalping! Let’s say that minute interval very low, but with all this, the following interval M5 will be already large enough. In this case, you can create a custom interval M3, which would represent a mean value.
Now let’s talk about how to set custom timeframes in the terminal. Unfortunately, many new traders do not know this, but in my subjective opinion, a competent acquaintance with the capabilities of the terminal is a priority question for novice traders.
Roughly speaking, before considering any trading strategy, and other information for a start it is recommended to see the interface of the terminal. Believe me, these knowledge is really make your life easier and You’ll be surprised how many chips has the MT4 terminal.
So, let’s consider an example of creating a custom interval. Imagine that You have a certain trading system and You were able to establish that the timeframe M30 not suitable for her, due to the fact that it is very low!
But all this does not suit You, and time interval, because it can lag! There is an informal situation, because none of the terminals are not suitable, but on the toolbar, other intervals are not.
What to do in this case? In this case the topic will be to create a custom interval M45. How to create it? Initially, you must open interval, which is closest to the time frame we seek to create.
In this case, the nearest to us is a half-hour interval, but in all of this, how to multiply M30 to M45 timeframe? As You can see, the M30 is absolutely not suitable, because we don’t have all multiplier by which we can multiply 30 in order to 45.
In this case, you must open the interval M15. Why? Quite simply, because if we multiply 15 by 3, just get the required number of 45 – this is just what we need!
Let’s take a detailed consider the example of creating a custom interval! For example, we choose the interval M15 on GBPUSD. Further, we need to go to Navigator-scripts and choose the PERIOD CONVENTER.
At the same time that the script was working, You need to make all the settings, which are described in the picture below!
In the settings tab of the script You will find only one variable – Period Multiplier. In this case, this represents a multiplier by which to multiply the current timeframe. In our example, the interval M15 will be multiplied by 3, and thus we get the interval M45.
After this we click OK and go to the tab “EXPERTS”. There we should see that the Converter automatically created the necessary for us intervals. You should see the information that is shown in the chart below.
After that, we go to the FILE tab and select OPEN OFFLINE. There You should see the M45 interval and clicking on it, it opens in offline mode!
When opens the necessary chart M45, You can fully customize the desktop, change the colors and stuff, You just can’t change the time frames.
Though this schedule and will be included in the offline mode, You will see that the evidence will clearly change over time and in appearance it differs greatly from that of the same interval M30.
While I necessarily want to see, in order for non-standard time frames to work correctly, not removed the desired intervals. That is, that in our example, consistently worked TF M45, it is impossible to remove from the chart, the interval M15.
In addition, no need to change the interval that has the Period Converter, as this can directly affect the operation of Autonomous graphics! And keep in mind that when the terminal is restarted all the settings are confused and need to be re-installed! Thank you, dear friends, I hope the information provided was useful for You!