How to create a non-standard timeframe in the MetaTrader 4 terminal

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The MetaTrader 4 trading platform is well respected by an army of millions of traders. Nevertheless, few people use the platform's functionality to the full 100%. Not only that, but most traders are not even aware of all the features of MT4. We can talk about all the features of the terminal for a very long time, but it is not our purpose, because there are a lot of articles and tutorials on this topic. Let us stop our attention on some very interesting and useful features of MetaTrader 4, namely, How to create a non-standard timeframe in the MetaTrader 4 terminal.

Creating a non-standard timeframe

At the service of traders MetaTrader 4 terminal provides a set of nine standard timeframes.

Standard timeframes in MetaTrader 4 — Fig. 1. Standard set of timeframes.

Few people know that in the platform it is very easy to create your own timeframe, which will be in demand when trading in the stock, commodity and other financial markets. And the graphical analysis of the usual currency pairs now takes on a whole new dimension.

To create a custom timeframe the MetaTrader 4 platform uses the built-in PeriodConverter script, which can be found in the "Navigator" - "Scripts" tab.

Using the PeriodConverter script — Fig. 2. PeriodConverter script.

For example, let's consider an algorithm for creating the M10 timeframe.

Algorithm of creating a non-standard timeframe

To create a non-standard timeframe in the MetaTrader 4 terminal, drag and drop the PeriodConverter script onto a currency pair chart. In our case, we use the chart of the currency pair EUR/USD, timeframe M5.

Next, you need to configure the PeriodConverter script accordingly. In the "General" tab it is necessary to tick the boxes "Allow import of functions from DLL" and "Allow Expert Advisor to trade" to automatically connect the DLL when the chart is called.

Configuring the PeriodConverter script — Fig. 3. Setting up the PeriodConverter script.

Next, go to the "Input parameters" tab, where you need to change the Period multiplier factor. In fact, it represents the multiplier of the standard timeframe. Since we are creating the timeframe M10 from M5, we need to set Period multiplier factor = 2. To create the M3 timeframe, for example, you need to use the script on the M1 timeframe with the Period multiplier factor = 3, etc.

Fig. 4. Setting the Period multiplier factor parameter.

After clicking "OK", the PeriodConverter script converts data from the M5 timeframe to the M10 timeframe, which is reported in the "Terminal" - "Experts" tab.

How to create a non-standard timeframe in the MetaTrader 4 terminal — Fig. 5. Message about the conversion of the M5 timeframe.

It remains to open the chart with the newly created non-standard timeframe. To do this, enter the "Open Offline" tab from the "File" drop-down menu.

Creating a non-standard timeframe — Fig. 6. File menu.

In the window that opens, find the created timeframe and click "Open".

Non-standard timeframe in the MetaTrader 4 terminal — Fig. 7. Created M10 timeframe.

As a result, we obtain a chart of the currency pair EUR/USD on the created by us timeframe M10.

Secrets of the MetaTrader 4 terminal — Fig. 8. Chart of the currency pair EUR/USD, timeframe M10.

Do not be confused by the word "offline" and the inscription on the tab EUR/USD, M10 (offline), the chart will update in the same way as charts with standard timeframes in online mode.

Peculiarities of creating a non-standard timeframe in MT4

When creating a non-standard timeframe in the MetaTrader 4 terminal, there are several features you should be aware of when working with the PeriodConverter script.
For a chart with a non-standard timeframe, you cannot close a chart with a script installed. That is, in our example, M10 chart cannot be closed in the M5 chart of EUR/USD where the script is installed. The logic is simple: no script - no timeframe created by this script.
If you restart the terminal or change the profile the script stops working, the procedure must be repeated
In order to create a non-standard timeframe for several currency pairs, the procedure must be repeated for each currency pair.
In order for the script to generate the longest and most accurate history, when creating a non-standard timeframe, you should use the nearest smaller standard interval (M3 = M1 x 3, H2 = H1 x 2, H12 = H4 x 3, etc.).

Как видите, создать нестандартный таймфрейм в терминале MetaTrader 4 — интересно и несложно. Удачи в покорении вершин финансовых рынков!

Secrets of the MetaTrader 4 platform