Candle Countdown Indicator: A Tag That Rides The Price

Written by Dominic Walsh · Published 4 Aug 2026 · Last updated 9 Sep 2026

The candle countdown indicator puts the clock where your eyes already are. Rather than parking a readout in a corner, it pins the timer to the live price on the current bar. The tag then rides up and down with the market.

This build ships as a compiled .ex4 for MT4 and .ex5 for MT5; the screenshots below come from EURUSD H1.

Platforms	MT4 (.ex4) + MT5 (.ex5)
Chart window	Main price chart
Plots	0
Alerts	popup, push notification, sound
Inputs	27

What the Candle Countdown Indicator draws on the chart

A text tag sits at the live price on the newest bar when `InpShowTag` is true.

`InpShowPercent` adds how much of the bar is still open beside the clock.

A filling progress bar shows completion when `InpShowProgress` is true.

Three colours grade the tag as the bar runs down.

How the Candle Countdown Indicator calculates its values

Time left, then position

Remaining time is the bar open plus one period, less the server clock. The code then anchors the tag at the live bid and shifts it by `InpTagOffsetPts` `0`, so it tracks price instead of the window.

The bar fills as the candle completes

A track and a fill make the progress bar. Its fill spans the completed share of the period across `InpBarWidth` `168` pixels. So completion reads at a glance without parsing any digits.

The tag flows left by default

`InpTagOnRight` `false` anchors the text to the right of its position, which pushes it left out of the current bar. That keeps it on screen when the chart has no right margin. Flip it if you prefer the margin.

How to read the signals

The tag moves with price, so it never sits in the same place twice.

The percentage and the progress bar say the same thing in two shapes.

`InpTagShiftBars` `0` nudges the tag sideways if it covers the candle.

No plot buffers exist here, so nothing reaches the data window.

Alert channels in this build: popup, push notification and sound, one message per closed bar.

This build warns before the close rather than at it. `EnableAlerts` arrives false and `InpAlertSeconds` `5` sets how early. Turn it on and `EnablePopup` shows the box, with `EnablePushNotify` and `EnableSound` as the other two routes. This build offers no mail option.

Every Candle Countdown Indicator input

Core settings

Setting	What it does	Default
InpTagOnRight	Tag text flows right of the bar (needs chart margin). Let the tag flow into the right margin, default `false`.	off
InpTagShiftBars	Shift the tag sideways (bars, +right / -left). Nudge the tag sideways in bars, default `0`.	0
InpTagOffsetPts	Shift the tag vertically (points, +up / -down). Nudge the tag vertically in points, default `0`.	0
InpX	Panel X offset (px).	16
InpY	Panel Y offset (px) – clears the one-click panel.	120
InpBarHeight	Progress bar height (px). Progress bar height in pixels, default `14`.	14

Display settings

Setting	What it does	Default
InpShowTag	Show the price-anchored countdown tag. Show the countdown tag that follows price, default `true`.	on
InpTagFontSize	Tag font size. Tag text size, default `12`.	12
InpShowPercent	Add the % of the bar still open to the tag. Add the percentage still open, default `true`.	on
InpShowProgress	Show the completion progress bar. Show the filling progress bar, default `true`.	on
InpCorner	Panel corner (0=UL 1=UR 2=LL 3=LR).	0
InpBarWidth	Progress bar width (px). Progress bar width in pixels, default `168`.	168
InpSmallFont	Panel header font size.	9
InpFont	Font for tag and panel.	Consolas
InpPanelBg	Panel background.	RGB 16,20,28
InpTrackColor	Progress track colour.	RGB 34,40,52
InpBorderColor	Panel border.	slate gray
InpHeaderColor	Panel header text.	gainsboro
ColorFresh	More than half the bar left.	medium spring green
ColorMid	25-50% of the bar left.	gold
ColorUrgent	Less than 25% of the bar left.	orange red

Alert settings

Setting	What it does	Default
EnableAlerts	Alert shortly before the candle closes. Warn shortly before the candle closes, default `false`.	off
InpAlertSeconds	Fire the alert this many seconds early. How many seconds early that warning fires, default `5`.	5
EnablePopup	(see inputs panel)	on
EnablePushNotify	(see inputs panel)	off
EnableSound	(see inputs panel)	off
SoundFile	(see inputs panel)	alert.wav

Settings that fit your chart

A price-anchored clock helps most when you are watching price closely. EURUSD H1 is the reference chart. On M5 the tag moves constantly, which some traders find distracting. On H4 and daily it barely shifts between glances.

When the Candle Countdown Indicator fails

A tag that follows price can cover the newest candle on a compressed chart.

Server time drives the clock, so it need not match your own.

`EnableAlerts` ships false, so the early warning stays silent until you enable it.

Copy the compiled Candle Countdown Indicator file into your MQL4/Indicators folder, and the MT5 build into MQL5/Indicators, then restart the terminal and drag it onto a chart. The step-by-step guide with screenshots is at how to install MT4 and MT5 indicators.

Background reading on the method behind the Candle Countdown Indicator: Purchase price adjustment on Wikipedia, Chart Types at StockCharts ChartSchool.

Download the Candle Countdown Indicator for MT4 and MT5

The zip holds the compiled Candle Countdown Indicator build for MT4 and MT5, plus a short README. Compiled files only, no source. Enter your email below and the download link arrives in your inbox.

FAQ

What does InpAlertSeconds 5 do?

It fires the warning five seconds before the candle closes rather than at the close itself. That gap is there so you can act on the bar while it still exists. Raise it if five seconds is too tight.

Why does InpTagOnRight ship false?

Because most charts have no right margin, and a tag flowing into empty space would sit off screen. Anchoring right makes the text flow left over the chart instead. Enable it only if you keep a margin.

What does InpShowProgress add?

A bar that fills as the candle completes, which reads faster than digits when you are scanning several charts. It carries no extra information, so switching it off loses nothing but the visual.

How does InpShowTag differ from a corner timer?

The tag is anchored to the live price on the current bar, so it travels with the market and stays in your eye line. A corner readout stays put and needs a separate glance away from price.

Are results guaranteed?

No. Trading involves risk. Results are not guaranteed; past performance is not indicative of future results. Use the Candle Countdown Indicator as one input. Always backtest before trading live.