ClearEdge Daily Candle MT4
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ClearEdge Daily Candle MT4
New York-close daily candle on any timeframe, with candle countdown, live spread and volatility information.
Overview
ClearEdge Daily Candle draws the current day's candle next to the live price on any chart timeframe. On the 1-minute, 5-minute, 15-minute, 1-hour or higher charts, you can see where the trading day opened, how far price has moved in both directions, and whether the day is currently bullish or bearish, without switching to the daily (D1) chart.
Why broker daily candles differ
MetaTrader builds the daily candle from the broker's server time, and brokers use different server times. As a result, the daily open and close can differ from broker to broker, and some server settings produce a small separate Sunday candle. This affects the daily chart and any calculation based on daily ranges. ClearEdge Daily Candle uses one consistent New York trading day instead.
New York close
The trading day starts at 17:00 New York time, the commonly used rollover time of the forex market. Sunday's opening hours are counted in the following trading day, so the week has five daily candles, and the candle is the same on every broker.
Automatic time handling
You do not need to enter a Greenwich Mean Time (GMT) offset. US daylight saving time changes are detected automatically, and the broker's server time is taken into account when the New York day is placed on the chart.
Live updates
The candle is built from hourly data and updates every second. The high and low extend when price makes a new daily high or low, the close follows the current price, and the body colour changes when the day turns bullish or bearish. If hourly history is not yet available, the broker's daily data is used until it loads.
Position and appearance
The candle is drawn to the right of the current price, so it does not cover historical candles. You can change the body colour, wick colour, body width and horizontal position.
Price, Bid/Ask lines and spread. The current price is shown on the chart and changes colour on each up-tick and down-tick. Bid and Ask lines show the spread around price, and the current spread is shown in pips.
Candle countdown. A countdown shows the time left in the current chart candle, in minutes and seconds, or in hours, minutes and seconds on higher timeframes.
Average True Range (ATR)
ATR is shown in pips, which gives a quick view of how much price is moving on the current timeframe.
Average Daily Range (ADR) percentage
This compares today's New York session range with the average daily range of the last 20 trading days. For example, 60% means today has covered 60% of an average day's movement. The display changes colour at 70% and 100% of ADR; both levels can be adjusted. ADR uses the same New York trading day as the candle, and weekends are excluded.
Volatility ratio. This compares the current ATR with its value a few candles earlier. A value above 1.00 means volatility is increasing; below 1.00 means it is decreasing.
Performance. The indicator updates once per second and reuses previously loaded history, which keeps processor load low with several charts open. It works on forex, metals, indices and cryptocurrency symbols, on any timeframe.
Who it is for
Intraday traders and scalpers, traders who work mainly on lower timeframes, traders who use ATR and ADR, and traders who use several brokers with different server times.
Important
This indicator displays market information only. It does not generate buy or sell signals and does not open, modify or close trades.
To see the price block and daily candle, enable Chart shift (right-click the chart → Properties → General → Chart shift, or the Chart Shift button on the toolbar). ClearEdge
This indicator is part of the ClearEdge range of chart tools.
Try the demo version in the Strategy Tester before purchase. Questions and feedback are welcome in the comments.
