8 Hour Timeframe on MT4

M

mark8par

Forum Helper
Moderator
I have added the mt4 indicator so i can view 8 hour timeframes.

The problem I have is this,

I want to be able to view the Daily chart and 8 hour fairly quickly. The problem is that I need to set the indicator up to multiply another timeframe e.g. multiply 4 hour by 2 = 8 hour. Then i need to keep a 4 hour chart and 8 hour open all of the time so the 8 hour updates.
I have setup another profile that just has 4 hour and 8 hour charts but because of the number of charts it takes a lifetime to switch profiles :(

I have tried to get the indicator to work by using daily and then minus to get the 8 hour but it does not work.

I hope this makes sense

thanks

Mark
 
TheForexGuy

TheForexGuy

Forex Mentor
Hey mate,

You can't apply negatives to that indicator because of how it works internally. It builds smaller candles together to make larger ones. It can't break down a daily candle into a smaller ones.

For example, if you want an 8 hour chart, you can give the indicator a multiplier of 8 while applied to the hourly chart, and it will combine 8 x 1 hour candles to make an 8 hour candle.

This indicator is great, but having to deal with offline charts is too messy and is the reason I don't deal with these un conventional time frames via MT4.

When I did use them I just used an MT5 platform - but a lot of brokers haven't fully integrated MT5 because it is expensive to do on their end and not worth the effort.

We can try for a work around for MT4

A custom program could be made to display extra time frames like in this format. The color candles are optional.

The 8 hour time frame could be displayed in the bottom window.

eurusd-resistance-holds.jpg
 
erebus

erebus

TFG Forum Legend
That's easy, just run 2 copies of Metatrader 4, I do it all the time, used to have up to 6 running :cool:
 
erebus

erebus

TFG Forum Legend
takes about 10 minutes; sure this 8 hour is any easier to trade?

Lots of inside bars, might watch it for a week, that's only 15 bars ;) what's the worst that can happen?

18-05-2015 9-49-52 AM.png
 
TheForexGuy

TheForexGuy

Forex Mentor
@erebus I use portable mode a lot at well, otherwise the different installs screw with one another's settings.

But wouldn't it be nice to just have a one stop shop solution.
 
M

mark8par

Forum Helper
Moderator
Thanks Guys, the custom indicator is not really for me. I like to be able to zoom in and out to get a bigger picture, use cross hair etc. Can really run multiple mt4 as i am running on a mac so its not so simple.
 
TheForexGuy

TheForexGuy

Forex Mentor
Grab MT5 off another NY close broker, and just use it for your charting. Then you can just place your orders through Go Markets UK.

That would be the simple fix :)
 
TheForexGuy

TheForexGuy

Forex Mentor
Well they will do stuff like that for us but I need more people to sign up with them under my link so I can have that sort of bargaining power with them :)
 
erebus

erebus

TFG Forum Legend
I just happen to be looking at an easy 8 hour bar solution so I am trying another MT5 demo

What I found out, on the app version, the special time frames are not there

So on an iPad, MT5 is just like MT4, not much help if you like to check while away from computer
 
TheForexGuy

TheForexGuy

Forex Mentor
erebus said:
I just happen to be looking at an easy 8 hour bar solution so I am trying another MT5 demo

What I found out, on the app version, the special time frames are not there

So on an iPad, MT5 is just like MT4, not much help if you like to check while away from computer
Click to expand...

The issue with MT5 I've found is limited history. You can't download the extra history you need, you're limited to what the broker has set.
 
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