Non-standard timeframes and purposes of use

  • Sep 02 2021
  • by
  • Analyst AZA
Non-standard timeframes and purposes of use

Non-standard timeframes and purposes of use

The choice of timeframe directly depends on the trading strategy of the trader. The trader's job is to analyze the market situation, and based on the assessment of the exchange, he should know what data he should use when concluding trading operations. The result of trading is the final effectiveness of the chosen strategy by the player - the tactics used by each player in the forex market.

In Forex, many standard strategies accordingly require the use of standard market instruments. But, there are also such systems that traders create on their own, and then, the use of non-standard time intervals is a prerequisite for successful trading. If such a need arises, the trader needs to have an idea of ​​how to set up custom indicators in his trading terminal, and, therefore, what result can be expected.

So, non-standard timeframes. Ideally, the MetaTrader-4 terminal provides us with the opportunity to work with a large number of time charts: there are about 9 charts in the program - from minute charts to charts lasting a month.

A good feature of the terminal: it allows you to measure these charts (or rather, a list of them). But let's talk about everything in order: before talking about a non-standard time interval, you need to understand what a timeframe is. A timeframe is a time interval, which is reflected on the chart in the form of only one figure - a bar or a candle. In other words, this parameter is a value that is used to better understand the market situation and to visualize it better. These figures show us the price movement in different patterns: this allows the player to choose a time interval that is more suitable for himself.

In MetaTrader-4, non-standard timeframes are an opportunity for a trader to realize all the most interesting ideas and extraordinary plans. In reality, more market players use the hourly chart. But if we go to the curve image (4-5 minutes section), then we can significantly change the trading approach and discover new signals that indicate market entry. Non-standard format charts also make it possible to apply wave analysis. This visualization can be used for several reasons, and it works effectively. If a player has created his tactics, then he needs to apply a special time interval and strives to adhere to such rules: trade using a script that is part of the trader's terminal.

In other words, everyone can adjust their usual tools that demonstrate the price movement.

A timeframe is a time interval, which is reflected on the chart in the form of only one figure - a bar or a candle.


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