What is a non-standard or custom timeframe and how to use it?

When trading you use different timeframes of MetaTrader 4. The default timeframes in MetaTrader are M1, M5, M15, M30, H1, H4, D1, W1, and MN1. This means that you can use only these 9 timeframes as the default timeframe. These are also known as standard timeframes. Many people think sometimes if I could somehow see the chart using M10 or M20 or H2 timeframe at this moment, it would be very convenient for me! In fact, only those who are experienced in MetaTrader operations know how to use such custom timeframes. This type of custom timeframe is called a non-standard timeframe. Today I will show you how to use this kind of non-standard or custom timeframe. The matter is very simple. You will learn once you see the process. Below we will discuss step by step how to open a chart of non-standard or custom timeframes.

 

(1) Open your MetaTrader first.

 

(2) Make the running timeframe M1 of the pair you want to use non-standard timeframe. Suppose we want to use a custom timeframe for the EURUSD pair. Then take EURUSD M1.

 

(3) Now expand the box by clicking on the (+) button of the “Scripts” drop-down box from the left side Navigator panel.

 

(4) Now double click on the script called “PeriodConverter”. When the dialog box opens, click on the “Input” tab. Now enter your desired number in the “Period Multiplier Factor” field. Note that the number of minutes you want to use in the timeframe enters that number in this cell. Like you want to use a 10-minute timeframe. Then write 10 for this. If you want to use a 2-hour timeframe, find 2 hours like minutes. 60 * 2 = 120, i.e. write 120 in this cell. Enter the number and click Ok. Now the script will be inserted in the chart. If you right-click on the chart, you will see that the script is running. You must not remove it from the chart unless you use a custom timeframe. This script will analyze your current chart and convert it to your desired timeframe to create another new offline chart. Now we will find and open that offline chart.

 

(5) Now click on File -> Open Offline. The Open Offline Chart dialog box will open.

 

(6) Now find the EURUSD M10 chart from inside this dialog box and double click on it. Then the chart of your desired non-standard or custom timeframe will open.

 

Note that a chart with a non-standard or custom timeframe is an offline chart. It cannot receive tick data directly from the market. But the script that you ran in the aforesaid chart continues to send history and tick data from its original chart to this chart with each new tick data. So the movement of non-standard charts can be seen in the same way as live charts.


Hopefully, this post will be instructive for those who want to do chart analysis in custom timeframes.


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Posted By ebonyroberson : 03 September, 2020
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A conclusion would follow all this.    Head and Shoulder Pattern in Forex Market Head and shoulders is a technical analysis pattern which helps the forex traders to determine the reverse up trends. The design includes three major peak lines, of which the ‘middle line’ is the highest trending one. The other two peak lines are somewhat at the same level. As unique as its name, the pattern forms the shape like of a ‘head’, ‘two shoulders’, and ‘one neckline’. Here, the head is the highest price line, shoulders are the other two lines, and the neckline is the support price line.    In simple words, the head and shoulders pattern helps to identify an uptrend which has exhausted itself and is likely to reverse the trend. Moreover, this pattern is the most trustworthy and reliable, among forex traders, as it is one of the accurate technical indicators for spotting trend reversal.   Just like Head and Shoulders, we have its brother too here!   Inverse Head and Shoulder in Forex Market This indicator was developed after the original one and did the exact opposite work of its counterpart. The inverse head and shoulders pattern helps identify the end of a downtrend and inception of an uptrend of the currency price. It looks like an upside-down hanging ‘head’, ‘shoulder’, & ‘neckline’.   Understanding the Pattern Movements Uptrend: It indicates that the price first rise to a certain higher level but declines back to the average level. After the fall, the currency price rises again and this time, above the previous high. Thus, forming the head of the pattern! However, the highest high line also declines and for one last time, the price line goes up and falls. After this fall, the downtrend has begun. Once the trader confirms this pattern, he should go short or sell the currency, as soon as possible.   Downtrend: The movement of the price line is the same as above. But, this forms after a downtrend, while the above forms after an uptrend. Also, the end of this pattern marks the starting of a bull trend, here. Moreover, once this pattern fully forms, it should be accompanied by buying the currency, by the forex trader.   Important: Other Components  Apart from the main components, i.e. the head and the shoulders, there are some other points too.   Volume: It is a vital component of this pattern. Usually, the Volume should increase when the price line of the last Shoulder is declining. Also, the Volume during the starting of the first Shoulder should be more than the inception of the head.    Neckline: It is the line formed by using the low points of the head, i.e. one point is at the end of the first Shoulder, and second is at the starting of the Right Shoulder. 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Failure in it will nullify the pattern. - The support price level should turn into the resistance level for an uptrend head and shoulders pattern, and vice versa for the inverse model.   So, this was all about the head and shoulders pattern. This famous technical indicator is quite tricky to spot. However, once spotted will benefit significantly. Moreover, it is essential to keep in mind that both the shoulders must not be completely identical; they would only show symmetry.    Rounding Up  Head and Shoulder pattern has not become the trader’s favourite without any reason. It has established itself! First, it is open to all time frames; it can apply to daily, weekly, monthly, or any other duration.    Second, visually easy to spot; thus, any forex trader with little experience can use it. All this makes it the user’s dearest tool. However, it is always best to enter the forex market only when the shape forms and the neckline breaks. 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