The Grid Indicator For MT4
Table Of Contents:
- The Grid Indicator For MT4
- Grid Indicator For MT4 – Explanation
- Advantages of using the Grid Indicator For MT4
- Grid Indicator For MT4 – Conclusion
The Grid Indicator For MT4 is a custom Indicator for MT4. It is a simple, yet very useful indicator that can help boost every traders’ results. If you are already using the in-house grid of the Metatrader4 Platform or you thought about using it but found it to be cluttering your charts with too many lines, then this custom Indicator is the perfect fit for you.
In the sections below I will first give a more detailed explanation about the functionality of the indicator. After that I will show you some of the advantages that you get by using this indicator.
Grid Indicator For MT4 – Explanation
The Grid Indicator For MT4 displays a more convenient grid than the in-house grid of Metatrader4. The Indicator can be used on all timeframes below the weekly timeframe. It uses vertical lines to separate your chart into month, weeks, days and hours. It is easy to spot the different types of lines, because they are displayed in different colors. The start of a new hour is displayed by gray vertical lines, the blue vertical lines show the start of a new day, the red vertical lines show the start of a new week and the yellow lines show the start of a new month.
The visibility of the different vertical lines depends on the timeframe you are currently using. On the M1 and M5 timeframes you can see all the vertical line types. If you switch to the M15, M30 or H1 timeframe, the gray vertical lines disappear. On the H4 timeframe you can see the red and the yellow lines, meaning the start of new weeks and month. Lastly on the Daily timeframe you can only see the monthly vertical lines. This simplification makes perfect sense, since the indicator would start cluttering your charts with way too many lines if all the different vertical lines would be displayed on all timeframes.
In addition to the different vertical lines, the indicator also plots horizontal lines. These horizontal lines are placed on psychological round levels, which are typically very well respected by the market, but many traders forget about them in their technical analysis. The blue horizontal lines display the true round levels, like 0.91, 0.92, 0.93, etc. While the gray horizontal lines display the intermediate round levels, like 0.9150, 0.9250, 0.9350 and so on. These gray lines however are only displayed on the H1 timeframe and the timeframes below it.
Advantages of using the Grid Indicator For MT4
There are many pros for using this Grid Indicator For MT4 in your trading. In the following some of them will be explained. The first big advantage for you using the indicator in your trading is that you can easily see how far the price has already moved this month/week/day. This can prevent you from taking trades in the wrong direction, because price typically turns direction after it has moved very far in the current month/week/day.
The vertical lines can also help you to easily identify the end of a period, which can prevent you from taking trades at the end of days, weeks or month where typically not much volatility is left in the markets.
Another big advantage of the Grid Indicator For MT4 are the horizontal lines which make it easy to spot the round levels, which most of the time are respected by the price movement. This can not only help you to prevent trades against those strong support or resistance levels but also can be used to take trades based of those levels.
You can combine this indicator with all of your existing trading strategies since it doesn’t clutter your charts too much. I could even be a very good idea to combine this indicator with some others to create a completely new strategy.
Grid Indicator For MT4 – Conclusion
The Grid Indicator For MT4 can be a very good addition to every trading strategy. It helps you to prevent some losing trades by showing you the ends of major market periods. In addition to that it also displays some very strong support and resistance levels which you might otherwise forget about in your technical analysis and thus be taking a trade against such a strong level, which is never a good idea.
This Indicator does all that while not cluttering your chart with too much stuff or doing you any other harm. Thus, there really is no disadvantage in using it for your everyday trading. Let it help you on your way to becoming a profitable trader.