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MetaTrader 4 - Creating graphs with new timeframes
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MT4 allows you to create graphs with new timeframes in order to experiment or trade! |
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Creating new timeframes.
Did you know that you are not limited to the 9 default timeframes
of the Metatrader 4 program?
You can create graphs with new timeframes as you need them.
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The MetaTrader 4 program has got 9 different default timeframes which you can select for the graphs.
What now if you want to trade with a 2 hour graph or a 10 minute graph, or any other non-standard timeframe for that matter?
Fortunately the Metatrader developers made provision for a situation like this. |
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Instructions for creating graphs with new non-standard timeframes:
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Method 1:
1. Open a new graph.
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2. Change the time of this graph to 1 minute.
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3. Select the "period-converter" script in the Navigator window under "Scripts" and drag and drop it on top of the 1 minute graph. |
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4. Change the value for ExtPeriod Multiplier to the timeframe of the new graph you want to create.
In this example:
10 = 10 minute graph |
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5. Select on the Menu:
File / Open Offline |
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6. Select the new graph in the Open Offline Chart window and click on Open
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7. The new 10 minute graph is now ready to use. It will update in real time!
You can minimize the 1 minute graph.
Please note: If you close the 1 minute graph, the new 10 minute graph will stop working, as it is getting its data from the 1 minute graph!
Add your indicators and / or templates on the new graph. |
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If you want to create more than one non-standard graph, you will have to add the "period-converter" script on the 1 minute graph more than once - once for each new timeframe that you want to create. It is not necessary to use different 1 minute graphs for each new graph that you create.
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Method 2:
Download the Period_Converter_Opt indicator and save it to the /experts/indicators folder where your version of Metatrader is installed.
Example: Save the indicator to C:/Program Files (x86)/Metatrader/experts/indicators
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1. Open a new graph. |
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2. Change the time of this graph to 1 minute. |
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3. Select the "Period_Converter_Opt" indicator in the Navigator window under "Custom Indicators" and drag and drop it on top of the 1 minute graph. |
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4. Change the value for PeriodMultiplier to the timeframe (in minutes) of the new graph you want to create.
In this example:
10 = 10 minute graph
Select Allow DLL imports in the Common Tab:
Click OK.
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5. Select on the Menu:
File / Open Offline
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6. Select the new graph in the Open Offline Chart window and click on Open
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7. The new 10 minute graph is now ready to use. It will update in real time!
You can minimize the 1 minute graph.
Please note: If you close the 1 minute graph, the new 10 minute graph will stop working, as it is getting its data from the 1 minute graph!
Add your indicators and / or templates on the new graph.
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If you want to create more than one non-standard graph, you will have to add the "Period_Converter_Opt" indicator on the 1 minute graph more than once - once for each new timeframe that you want to create. It is not necessary to use different 1 minute graphs for each new graph that you create.
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Risk Disclosure: Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.