MT4 is the world most popular Forex trading platform for retail traders. MT4 is so popular because of it’s ability to add custom indicators and EA's.
… One of MT4′s biggest drawbacks is that it only supports nine chart time frames. These time frames are M1, M5, M15, M30, H1, H4, D1, W1 and MN. While most people are happy with these time frames many traders, including me, are starting to explore other chat time frames. For example, this year I started trading the H8 charts and it has fast become my favorite time frame.
8 Hour Charts
Since early 2012 I have been trading the H8 charts. I have found set ups on this time frame to be incredibly accurate. I have had a higher percentage of profitable trade on the H8 than I have had on the 4H or D1 this year. The problem is that people who use MT4 do not have access to this awesome time frame. Until now….
MT4 Period Converter
The MT4 Period Converter is a indicator that allows you to create charts of any time frame in MT4. You can create H8 charts, M181 charts, D3 charts and any time frame that is a multiple of one minute.
How it Works
This indicator takes a standard chart time frame and multiplies it to create a different time frame. So if you take an H1 EUR/USD chart and multiply it by eight you will have an H8 EUR/USD chart. You could also take an H4 GBP/USD chart and multiply it by two to get an H8 GBP/USD chart.
Download & Usage
- Install both files in the MT4 indicator file.
- Open a one hour chart if you want to convert to higher hourly TF.
- Drag the indicator onto the chart.
- In the parameters box of the indicator you will see a ‘period multiplier’. The number in here is what the current chart is multiplied by. For an H8 chart put in the number 8. If you choose to apply the indicator to a H4 chart then to get an H8 you need to type 2 into the period multiplier field.
- Go to ‘file’ on the top left of MT4.
- Find an option called ‘offline chart’. Don’t worry about the name, the charts are not actually offline, they are live.
- Scroll down in the list of files and find the chart you want. For this example it would be an H8 chart.
- Click on it and the new 8 hour chart will open.
Remember, offline charts update like normal charts. I am not sure why they are called ‘offline’.
If you found this article helpful or require any assistance at all leave a comment below.