Price Quote Indicator For MT4
Table Of Contents:
- Price Quote Indicator For MT4
- Explanation of the Price Quote Indicator For MT4
- Settings of the Price Quote Indicator For MT4
- Usage of the Price Quote Indicator For MT4
The Price Quote Indicator For MT4 is a great tool that shows you some very important information bundled at one place. You can use this information for different parts of your trading routine, like stop and target placement and it can also stop you before you take bad trades. All these benefits really don’t create any disadvantages while using this indicator.
In this article I will start with a short explanation of the Price Quote Indicator For MT4 and give you all the needed information for you to use it successfully. This information includes the different settings and the advantages of the various features of the indicator.
Explanation of the Price Quote Indicator For MT4
Like I said above, the Price Quote Indicator For MT4 displays a bunch of useful information for you. The first thing it shows you is the present bid price. This is always good to know and can for example help you with your trade entries. While the Metatrader4 platform does display this as well, I find it very small and hard to see.
Secondly the indicator shows you the percent change of price over the predefined period. This is done by comparing the open price with the current price. For the daily timeframe this for example is the opening of the day versus the current price.
The Price Quote Indicator For MT4 also allows you to switch the underlying period. For some trading strategies it might make more sense to show the information based on the 1hour timeframe rather than the daily timeframe.
Next the indicator shows you the high and the low of the defined period. If price creates a new high or low, this number is automatically adjusted.
The last information that the Price Quote Indicator For MT4 displays is the range of the defined period. The range is the difference between the high and the low of the period. Looking at this you can easily find fast moving instruments and become a part of the movement.
Settings of the Price Quote Indicator For MT4
The settings of the Price Quote Indicator For MT4 are very simple and most of them are for visual customization. The first one is however used to define the used period. You can use all the available timeframes of Metatrader4. Feel free to experiment a little and try to find the best setting for your trading style.
With the second row you can set a shift to the left. A 1 in this setting for example shows you the values based on yesterday’s price movements.
The next three settings are used to position the information block on your chart. You can choose a corner and move the block freely on the chart by changing the offset values.
With the rest of the settings you can change the appearance of the text by changing the size and the color. Set up the Price Quote Indicator For MT4 however you like it most.
Usage of the Price Quote Indicator For MT4
The different information’s that the indicator displays can all have a positive influence on your trading as long as you know how to use them.
The percent change and the range of the defined period can prevent you from taking bad trades. If you see that the market has already moved very far, which results in a very high percent change and a big range, it might not be a good idea to enter in this direction. This is because the big move has already happened which makes a continuation less and less likely.
With the knowledge of the low and the high of the period you also get some advantages. These levels can be used for your target and stop placement. For long trades you could for example place your stop loss below the low of the period and place your target at the high.