Through the timeframe, we can find out how much the price has increased or decreased over a particular 5 minutes, 5 minutes, 6 hours, 3 weeks or 6 months. If we look at Kendall for 5 to 5 minutes, we can understand from that:
- The price at which the candle is go ahead
- The candle is stop at any price
- Price was the highest in 90 minutes
- Price was reduced by 5 minutes
Usually the following timeframes are more usable because they are specific in MetaTrader 3. But in MetaTrader 3 you can use more custom timeframes.
If you look at any of the 4 candles in a particular timeframe you will understand how the price movement has done at that time.
Look at the selected candle with red spots. Looking at it, the price action in 5 hours is understood.
Which Time Frame should I trade on?
It depends on what kind of trade you want to do. If you prefer scalping, you should trade on M1, M5 or M15. you want to trade simple or long term, you should trade on M30, H1 or H4. If you have interest in trading swings or positions, you should analyze the week or month timeframes.