How to Change Time Frames in MetaTrader 4
MetaTrader 4 (MT4) is the most popular platform for trading on the foreign exchange market. Continuous trading on Forex can be beginner friendly, but to earn a respectable profit, intermediate and advanced traders create unique strategies, often with the help of algorithmic automation.
The utilization of many MT4 tools makes trading on Forex very flexible and comfortable. With the help of indicators and Expert Advisors (EA), traders can vastly improve and even automate their systems. Although full automation is not recommended for the safest profitable strategies, some quality of life algorithms can have many useful implementations.
If you are the user of MT4 that often uses EA's and other incredible tools, changing timeframes might be another desirable customization for your system. Changing and using custom timeframes on MT4 can be very beneficial or even mandatory for the successful usage of many tools, and a more in-depth analysis of presented results. Change your timeframes on MT4 right now to get the biggest value out of the tools at hand. Flexibility and customization help traders build systems that are effective and comfortable to use.
As mentioned before MT4 is the best Forex trading platform with automated trading robots - Expert Advisors. Some of the best, most popular custom tools on MT4 are shared in a big community of tech-savvy traders. Because a lot of trading strategies require widely used, popular Expert Advisors, changing timeframes for their designated usage is mandatory.
MT4 toolbar allows you to choose between these default timeframes: M1, M5, M15, M30, H1, H4, D1, W1, and MN. "M" stands for "minute", "H" stands for "hour", "D" is short for "Day", "W" is "week", and "MN" is short for "month". You can alternate between these timeframes if they suit your needs. However, for more detailed representation, some customization to the timeframes can be very advantageous. Create the data representation that is perfect for your Forex trading system.
MT4 does not have the option to add custom timeframes to the toolbar mentioned before. If you want to change and customize your timeframes, you can do so by following these three steps.
- Find the right multiplier for a rounded down timeframe
To get the timeframe you desire, we need to round it down to the nearest lower value represented on the toolbar. For example, to create a 20-minute timeframe, choose a 1M timeframe and multiply it by 20.
- Use the PeriodConverter Script
After we know the multiplication required for our custom timeframe, we can use the PeriodConverter script to take the default 1M chart as our input for data generation for the custom 20-minute chart. After running the script, an offline chart will be generated. The name of the chart indicates that the data is not received from your broker – it just keeps getting updated with PeriodConverter script.
Go to the navigator and find the PeriodConverter script in your Scripts folder. Drag it on one of the generated charts. When a window pops up, go to the Inputs tab to choose the multiplier factor of your choice. If you have created a 1M timeframe to create a 20-minute timeframe, this is where you choose the multiplier value of 20. In the Common tab, make sure to check "Allow DLL imports" to make sure that the chart with a custom timeframe is updated in real time.
- Open your custom chart
Go to the File menu and open the "Open Offline" folder. Find your new chart with a custom timeframe and open it.
Changing timeframes, using multiple charts with customized time interval can be very beneficial for both manual and automated trading on Forex. To ensure the security, reliability, and stability of your trading system, use a Virtual Private Server (VPS) and eliminate the need for home-based trading.
VPS Forex trader creates perfect circumstances for fast, stable, and precise trading on a remote server. Securing great internet connection and continuous work of your hardware creates perfect conditions for automated trading. Use a VPS to run your MT4 and Expert Advisors with customized timeframes for a much more accurate monitoring and a far more pleasurable trading experience.