Creating custom chart periods is easy with the free Metatrader 4 platform. Metatrader 4 is an award winning Forex trading platform and is the most popular trading platform on the market today. Users of Metatrader 4 also enjoy a community of traders that program and freely share their own EAs. In fact, most of the custom indicators, scripts, and Expert Advisors are built and distributed by this tech savvy user community.
Almost anything can be found, and just about any trading strategy can be programmed. Even with all its flexibility, Metatrader 4 does have its limitations. That being said, there are some features that Metaquotes creators of MT4 overlooked that can be implemented fairly easily, and without a big headache from a practical standpoint. One such feature that we can add is custom time frames, using a simple custom indicator for MT4 called a period converter.
Use the 7-step process below to create custom time frames in MT4: This number can be changed to whatever you like. The chart that you apply this indicator to will be multiplied by this number.
In other words, you could create your 10 minute and 20 minute chart from the same 5 minute chart. You would just have to add two of the period converter indicators to your original 5 minute chart. See the picture above. Navigate to and open your newly created custom time frames see the picture below.
Your new custom chart times will stay active, as long as the original chart the one that you applied the MT4 period converter to stays open. You must keep the original chart s open the ones that you applied the indicator to or else your newly created custom time frames will not update in real time.
This creates an 8 Hour custom time frame. Next, I apply a second instance of the custom MT4 period converter to my original 4 Hour chart. Now, I have a short, medium, and long time frame group for swing trading setups. I personally use a separate profile for each currency and relative time frame e. Although this custom MT4 period converter is a big improvement over the default script, it can still be resource hungry when many custom charts are open at once.
Multiple time frame trading is a popular technique. If you have any questions, please leave a comment. Are you still looking for a profitable trading system? I recently changed my main trading system after testing a new one for over a year.