In this article, we will explore the Period Converter indicator for MetaTrader 4 (MT4).
The Period Converter indicator creates an offline chart in MT4, building a timeframe which is not natively supported by MT4 such as M3 or H6 from a lower timeframe which is available such as M1 or H1. The indicator is similar to the PeriodConverter script which is supplied with MT4, but continually updates an offline chart rather than only doing a one-off conversion of the data.
In addition to creating the aggregated converted period, the indicator has two other features:
- Adjust the time of each bar (e.g. shift each bar backwards by 2 hours)
- Invert the price, or adjust it to thousands (e.g. converting 1.23456 to 12345.6)
Most indicators and EAs can then be used on the offline chart just like a normal MT4 chart.
How to Install Period Converter Indicator?
To download and install the Pro Trading Tools please follow these steps:
1. Login to FXTM profile > Hub > Pro Trading Tools
2. Download FX Blue or Trading Central for your Platform (Meta Trader 4 or Meta Trader 5)
3. Run the downloaded FX Blue and Trading Central files and apply them to your chosen MetaTrader Platform when prompted.
4. Relaunch the MetaTrader platform. You’ll find your FX Blue* and Trading Central tools in the ‘Navigator panel under ‘Indicators’ and/or ‘Expert Advisors’.
Note: FX Blue tools will appear in MetaTrader labeled as FXTM or Figaro app suite.
Using the Period Converter indicator
Adding the indicator to a chart
You add the Period Converter indicator to a chart in the usual MT4 way, either by dragging it from the Navigator onto a chart, or by double-clicking on it in the Navigator. You can also use standard MT4 features such as adding the indicator to your list of Favorites, or assigning a Hotkey to it.
You need to turn on the “Allow DLL imports” setting in the “Common” tab of the indicator’s options:
Choosing the aggregated period to create
You use the Inputs tab to tell the indicator which aggregated period to create. The options are as follows:
- M2, M3, M4, M6, M12 (created from M1 data)
- M10, M20 (created from M5 data)
- H2, H3, H6 (created from H1 data)
- H8, H12 (created from H4 data)
Choosing a period for the offline chart
You need to choose a timeframe to identify the offline chart, using the setting on the indicator’s Inputs tab. If you set the value to zero then the indicator will automatically select a number based on the chart on which it is running (e.g. 120 for H2).
The entries which the indicator creates in the MT4 Experts log will confirm which number it is using:
You can then open the offline chart by using File / Open Offline, and choosing the entry corresponding to the symbol name and your specified timeframe value:
Modifying prices
You can modify the prices in the offline chart in one of two ways, using the setting on the indicator’s Inputs tab:
- Invert the price (e.g. in effect, turning EUR/USD into USD/EUR)
- Convert the price to thousands, e.g. converting 1.23456 to 12345.6
Adjusting bar times
You can use the Inputs tab to adjust the time of each bar, adding or subtracting a number of minutes to the standard MT4/broker time.
Please note that this applies a constant adjustment throughout the trading history. The difference between your local time and MT4 time may vary over the year because of daylight-savings changes happening on different dates.
Running EAs and indicator on the offline chart
Most EAs and indicators can be used on the offline chart just like you would use them on a normal MT4 chart.
The only exceptions are EAs/indicators which need to look at specific timeframe data rather than the chart on which they are running (e.g. “multi-timeframe” MTF indicators). If you configure such an indicator to look e.g. at H1 data, then it may look at the normal H1 data in MT4 rather than your offline chart even if the offline chart has been based on H1 data.
