The chart's vertical axis (scale) and horizontal axis (time display) are important trading factors

The vertical axis (scale) and the horizontal axis (time display) of the chart are important trading factors

■ Vertical axis (scale)

MT4, as a method of displaying charts,

shows the candles on the screen to fill the entire screen

In terms of readability, this might be good, but

the actual sense of scale, in other words,

the perceived length of the candles and the behavior of uptrends and downtrends can look completely different, which is a drawback

For example,

the left side fixes the scale with a certain setting

the right side follows MT4's display method

Even though it’s the same chart, it looks completely different.

This difference actually has a noticeable impact on trading.

A common expression (also in our EHMtrade method)

If the indicator’s angle is rising or falling

to gauge the “angle,” the scale feel becomes crucial.

How steep is the angle?

If you look at the image above, you’ll understand the difference quite well

Also, pips display is random,

making it hard to see how many pips wide it is

■ Horizontal axis (time display)

This also depends on the MT4 you downloaded.

It is displayed in the time axis of the country/region configured by the broker,

and most often it is displayed in a time that is different from Japan time.

For real-time trading,

you can just consider the current time, so there’s no problem, but

for backtesting, it becomes very hard to understand.

If you can instantly convert time differences in your head, there’s no problem, but

it is easier to display Japan time.

What about Tokyo time?

What if European traders come in?

What if American traders come in?

In past analyses, these are important factors.

Also, the vertical axis’s dotted line display is random, so

the time axis becomes difficult to read.

That brings us to the main topic,

There are good free indicators that satisfy both.

Not just good, but essential, I would say

They are

HT_Grid

distributed on the site HT FX (for comfortable trading MT4/MT5)

This site distributes them

By the way, this site has many good indicators, and I use them quite a bit

I am grateful to the organizer of the site

I plan to introduce more of them in the future.

There are various MT4 indicators that display Japan time.

I have not seen others that fix the vertical axis scale, though there may be some.

And HT_Grid meets both requirements

Here’s a quick overview of its features

■ HT Grid features

Japan time display (time zone color-coding)

Horizontal lines display (round numbers)

Pips scale display

Automatic scale setting

Timeframe-specific vertical line display function

Vertical lines can be drawn at each time interval,

and time zones such as Tokyo time and London time can be color-coded,

the colors can be freely set.

There is also a feature that makes Bid line values easy to read,

and a feature that displays horizontal lines with round numbers

You can set how much to fit the vertical axis scale for each timeframe

Set values should be decided according to your sense and preference

※When volatility is high and price movement moves beyond the set value, the candles will spread beyond the set value to fit on the screen, in which case the angle, etc., will change, so you need to consider the situation

It would look something like this

These are the settings you can change.

There are so many that it seems difficult, but once you get used to it, it isn’t that hard.

By the way,

there is an indicator that displays vertical axis pips in round numbers,

Grid Builder

This is another indicator

It cannot auto-set or fix,

but you can display it and manually adjust the scale on the right side while watching

This method might be good too

There is a famous indicator that displays Japan time

JPN_Time_SubZero

There it is