MT4 Infoboard Indicator
The MT4 trading platform is often the go to trading platform when it comes to retail forex trading. While there are basically no costs involved for downloading and trading on the MT4 platform, it leaves a lot to be desired.
Of course, the need for using custom information can vary from one trader to another depending on the usage. Some traders tend to trade a lot and they prefer to have all the information that they can have on the chart.
Whereas, a few other traders prefer to use as little information as possible and primarily use the MT4 trading platform as a trading execution platform rather than build a customized charting platform.
Chances are that you might fall into one of these two categories at some point in time. If you fall into the former category, then the MT4’s infoboard indicator is a handy and a visually appealing indicator that you can use.
You can download the infoboard indicator from this article and move it into the indicators folder of your MT4 trading platform. Once you install the indicator onto the charts, you can then start using this infoboard indicator.
By now you might be wondering what is the infoboard indicator. Given the visual appeal of this indicator, look at the chart below to get an idea of how the infoboard indicator looks like when you install it onto your chart.
MT4 Infoboard indicator
As you can see from the above chart, the infoboard indicator is a handy tool that does what the name indicators. It give you the key information about the instrument that you are interested in.
By dragging and dropping it onto the chart of your choice, the infoboard indicator is automatically activated. This will show you the information about the instrument such as the spread, the time frame that you are using and other trading information that might be critical if you want to trade the instrument in question.
To put this in other words, the infoboard indicator basically outlines the trading conditions for the instrument of your choice. You might wonder about the benefits of having this information.
Well, depending on what you intend to achieve, the inforboard indicator can give you insights into the instrument and helps you to truly understand the costs of trading. Most traders do not pay much attention to the costs of trading.
While the information is readily available, it requires a couple of clicks in order to truly understand what the real costs are. Some costs of trading including the swap financing rates, the spread that you might have to pay, commissions and so on.
You might also be surprised to note that while many forex brokers allow you to trade the market price, when it comes to placing stops and take profit levels you need to set these price levels a few pips away from the market price.
It is in this aspect that the infoboard MT4 indicator can give you ready information by just looking at the information board for the instrument of your interest.
Installing and using the MT4 infoboard indicator
The configuration of the inboard indicator is quite simple. Once you install it on your MT4 trading platform, you can start using is rather quickly. There are some configuration settings that you will be presented with.
In this section, we take a look at the various configuration settings that are available with the MT4 infoboard indicator.
MT4 infoboard indicator configuration settings
Corner: Using this setting you can align where the infoboard window should appear. The default setting is 1, which is the top right corner. You can change the values to set the infoboard indicator to appear in the top left, bottom left, bottom right corner of the charting window. This feature allows you to easily move the infoboard configuration around the chart.
Offset X, Offset Y: This feature allows you to set the offset of the X and the Y axis. For example, you can move the infoboard box a few pips away from the top or bottom or the left and right corners. Using this setting, you can also set the infoboard indicator onto the middle of the chart if it pleases you.
All other objects to background: This setting automatically puts all other objects on the chart to the background. For example, if you use drawing tools or technical indicator, these lines and indicators will be plotted behind the infoboard indicator. Using this setting, you can ensure that the trading tools and indicators do not interfere with the infoboard indicator, which remains at the forefront.
Days for ATR: As we mentioned earlier, the infoboard indicator gives you some quick information about the instrument. Besides this, it also allows you to readily input values of some select indicators. The days for ATR setting allows you input the value for the ATR or the average true range to be calculated. Then, the values are automatically plotted on the infoboard for you.
Show Symbol and Timeframe: This might be a redundant setting for some. You can easily see what instrument and time frame you are trading by just looking at the chart. But if you fancy this information to be displayed on the infoboard, you can set this value to true. This will show the instrument name and the time frame that you are currently moving. This setting can be valuable if you want to switch between different time frames. Considering that if you use multiple time frame analysis over more than two or three instruments, the infoboard setting can easily show you what time frame you are currently using.
Show price and spread: As the name suggests, when this setting is set to true, the infoboard indicator will show you the price of the instrument that you are trading and the spread. If you are trading with a variable spread broker, then the infoboard can show you the changing spreads in real time. This setting is also valuable to check if your forex broker is really giving you the spreads that they advertised on their website.
Show Time and Tick: This setting allows you to display the time remaining for the current session to end. It also shows the tick. The tick is the minimum price fluctuation in the instrument. Depending on the instrument that you are trading, be it forex, stocks or commodities or anything else, there is a minimum tick or the minimum price change that qualifies for a tick. Using this setting you will be alerted to when there is a minimum tick change.
Show Fractal Trend: Fractals are not that commonly used. But if you happen to be a fan of using fractals in trading, then setting this to True will show you the fractal trend across the different time frames. The fractal trends are shown right from the smallest time frame chart which is M1 and goes all the way through to the daily chart time frame. The time frame is limited only to the daily chart. Therefore, even if you switch to the weekly or monthly time frame, you will be able to see only the fractal trend from M1 to D1.
Show Average hi, low: This setting when used will show you the average high and low in the price. This can be a useful tool if you are managing your open positions in the markets. The average high and low setting can give you a rough estimate of the high and the low of the instrument. This in turn can show you the average volatility of the instrument that you are trading.
Today hi low to spread: This setting allows you to view the high and the low in relation to the spread. Because the spreads offered for the instrument can change from one forex broker to another, this handy feature will be able to tell you the high and low from the perspective of the spreads used.
Current bar high low: Unlike the average high low, the current bar high low will show the exact high and the low. Of course, you can also find the high and the low on the top left hand corner of the chart. But the infoboard indicator makes it more appealing to use.
Show previous bar high and low: As the name suggests, this setting allows you to view the high and the low of the previous session . Note that this value along with other high low values can change depending on the time frame that you will be switching too.
Show tick value: This feature is perhaps the most useful. It helps you to see the tick value or the minimum value of the price change in the base currency. For example, in the previously shown chart, a tick value of 1.000 means that a single unit of change on the instrument is equal to $1. The tick value can be important especially if you want to choose what lot size it is that you want to trade.
Show stop level: This feature when set to true will show the minimum stop level that you can use. In other words, this is the minimum stop level that you can use away from the market price. In a way, the stop level will show the spread that is being charged to you by your forex broker.
Show swap: As the name suggests, this setting will display the swap values. The swap vales are nothing the interest rate differentials. The swap rates will change from one currency to another is based on the prevailing interest rates of the currencies in a currency pair. Therefore, some times you will see that some currency pairs will have a positive swap rate if you are selling a currency with a lower interest rate and buying a currency with a higher interest rate. Conversely, you would be charged negative swaps when you trade in the opposite direction. The swap rates are a good way to see the other costs that you will incur with your trades.
The remainder of the settings are mostly visual customizations. Depending on whether you are using a light or a dark background of the charts, you can configure the visual outlook of the infoboard indicator. This allows you complete control on how the infoboard indicator will look like, You can also change the font size and the font type using the rest of the customizations.
MT4 infoboard indicator – Conclusion
In conclusion, the MT4 infoboard indicator is a custom indicator that is designed to add value to traders. While you might be aware of the trading conditions offered by your forex broker, these conditions can change. The infoboard indicator can thus provide you a ready fall back if you want to check the various costs that you will incur with your trading.
The indicator basically takes the existing information that is already available on the MT4 trading platform. It outputs the data into a nice format that is visually appealing and you can gain a ton of information from just looking at the indicator when it is displayed on your chart.
On the flipside, the indicator might be a bit of a disappointment as it contains only a limited amount of parameters. For example, some traders might not find the need to use a fractal indicator or the ATR value for example. They might prefer to see values such as the oscillator or other technical indicator values.
But that would make the indicator quite large and could potentially slowdown the performance of your MT4 trading terminal. Despite the drawbacks, the MT4 infoboard indicator is a really good tool that traders can use.
By giving you all the information you need about the instrument that you want to trade, you can beforehand estimate the costs of trading. This will help you to easily calculate the various costs and trading conditions.
Traders who trade with a variable spread broker will find this indicator to be very information as it can reflect periods when the spreads tend to rise and fall.