What is the P4l Candletime Indicator for MT4?

The P4l Candletime Indicator is designed to help Forex traders decide when to enter and exit trades. The indicator uses moving average signals and exponential smoothing to give forex traders accurate timing information.

P4l Candletime Indicator

Download the Free P4l Candletime Indicator

How to use the P4l Candletime Indicator for MT4?

The Candletime Indicator uses moving averages to track price action over time. It works best for short-term Forex trading and can be part of your overall trade strategy. Using this indicator, you can determine when prices are too high or too low based on the current trend conditions.

To use the Candletime Indicator in MT4:

1) OpenMT4 and click on “Indicators,” then select “P4L Candle Time.”

2) To get started, choose either “Long” or “Short” sessions (depending on whether you’re bullish or bearish), set up a buy/sell signal type (buy if the candlestick is above resistance; sell if the candlestick is below support), and define your stop loss level(s). That’s it! You’re ready to start tracking forex markets with this handy indicator!

P4l Candletime Indicator MT4 trading settings

P4l Candletime Indicator MT4 trading settings are critical to making the most of your forex trades.

There are a few things you need to keep in mind when setting up your P4l Candletime indicator:

-The timeframe you want to use – The P4l Candletime indicator can be used with any timeframe, but it is especially effective with longer timeframes, such as 30 minutes or 1 hour.

-The type of chart you’re using – The P4l Candletime indicator works best on candlestick charts. However, it can also be used on bar and OHLC (Open High Low Close) charts.

-The detection algorithm – You will have different options for the detection algorithm depending on which chart type you’re using. For candlestick charts, the default option is “High Frequency,” which uses a moving average calculation; for bar and OHLC charts, the default option is “Advanced Detection.”

P4l Candletime Indicator Advantages

Forex P4l Candletime Indicator is among the most popular and effective forex trading indicators. It helps traders identify potential trade setups by monitoring four time periods – 1, 3, 6, and 9 candlesticks. Each period corresponds to a specific timeframe, allowing you to see all possible signals in context.

Here are some of its benefits:

-It’s simple to use and can be integrated into your existing trading strategy.

-The indicator provides accurate insights about current market conditions, helping you make informed decisions about whether or not to enter a trade.

-It’s reliable and has been used by professional traders for years without problems.

P4l Candletime Indicator Disadvantages

There are a few disadvantages to using the forex P4l Candletime Indicator. First, it is not as accurate as more traditional indicators. This means that trades can be made based on signals that may not be reliable or timely. Second, it can be challenging to understand and follow the indicator’s signals. Third, investors may find it hard to make consistent profits with this trading strategy. Fourth, you risk losing money if you trade with this indicator alone instead of following other methods (such as technical analysis).

Indicator installation on MT4

To install the P4L Candletime Indicator on the MetaTrader 4 (MT4) platform, you can follow these steps:

  1. Download the P4L Candletime Indicator file in the “.ex4” format.
  2. Open your MT4 platform and click on the “File” menu at the top of the screen.
  3. Select “Open Data Folder” from the drop-down menu.
  4. Open the “MQL4” folder and the “Indicators” folder.
  5. Pathe the site and the downloaded P4L Candletime Indicator file into the “Indicators” folder.
  6. Close and reopen your MT4 platform.
  7. In the “Navigator” window, under the “Custom Indicators” section, you should now see the P4L Candletime Indicator.
  8. Drag and drop the indicator onto a chart to apply it.

Please note that you should use the indicator from a trusted source and ensure that the hand is compatible with your MT4 version. Also, it might be a good idea to test the writing on a demo account before using it on a live performance.

Also, it is essential to know that the P4L Candletime Indicator is a custom indicator created by the author “PipsofForex,” and is not an official indicator that comes with MetaTrader 4.

P4l Candletime Indicator mt4

P4l Candletime Indicator mt4 free download


The P4L Candletime Indicator is a custom indicator that can help you time your trades better. However, it is essential to note that this type of trading strategy may not be reliable or timely, and it can be challenging to understand the indicator’s signals. Additionally, profits with this type of trading strategy might not always be consistent. Finally, you risk losing money if you trade with this indicator alone instead of following other methods (such as technical analysis).

Author: Dominic Walsh

I am a highly regarded trader, author & coach with over 16 years of experience trading financial markets. Today I am recognized by many as a forex strategy developer. After starting blogging in 2014, I became one of the world's most widely followed forex trading coaches, with a monthly readership of more than 40,000 traders! Make sure to follow me on social media: Instagram | Facebook | Linkedin | Youtube| Twitter | Pinterest | Medium | Telegram Channel | Quora | Reddit

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