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MT4 Indicator: Tick Count Bar

   

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Time-based intraday charts are based on a fixed time period for price candles like 5, 15, 30 or 60 minutes. Time-based candles don’t take volatility into account and make it very hard for traders to identify the best entry points when the markets finally begin to move.

Tick-based charts are based on any number of price changes of transactions - ticks. In periods of higher market volatility more candles will print, magnifying price action. On the other hand, during periods of lower market activity, fewer candles will print.

In times of high trading activity, for example after the monthly release of the US unemployment data (NFP Friday) time based charts simply don't offer enough information for a news trader to act efficiently. It is nearly impossible to recognize a double top or a double bottom within a 1-minute-candle even if you are staring at this candle.

Tick-based charts visualise all details as they are based on price changes. The TickCountBar indicator is an essential tool, especially in times of high market volatility, when things get very hectic and you need to execute flawlessly.

The number of ticks to use for a tick chart can be derived from Fibonacci numbers.
Popular tick chart intervals are, therefore 14, 23, 61 and 144, 233 and 610 ticks and so on,
depending on the timeframe you usually would trade.

This TickCountBar indicator works on any online chart, without any fiddling with offline charts.
Simply drag & drop the indicator onto your chart and customise your settings instantly.

Just try it out and experiment with it to get a feeling for this new way to look at price action!

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New indicator is now available for all Demo & Real Accounts.

 

Open a Valutrades Demo Account Now

 

Disclaimer:

The information provided herein is for general informational and educational purposes only. It is not intended and should not be construed to constitute advice. If such information is acted upon by you then this should be solely at your discretion and Valutrades will not be held accountable in any way.

This post was written by Graeme Watkins

CEO Valutrades Limited, Graeme Watkins is an FX and CFD market veteran with more than 10 years experience. Key roles include management, senior systems and controls, sales, project management and operations. Graeme has help significant roles for both brokerages and technology platforms.

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