This indicator creates static horizontal price lines at specific interval on the chart. These lines are very useful in price action trading.
In order to use this indicator, add the indicator to the main chart and select appropriate number of lines and interval as per your requirements. You can also change the line color and styles as well.
- lines — number of lines on both side of current price;
- interval — space between grid lines;
- line_style — line style;
- line_width — width of grid lines;
- line_color — color of the grid lines.
HOW TO INSTALL METATRADER INDICATORS ON MT5
Installing indicators on MT5 comes down to:
- Downloading the files (.ex5 and .mq5 formats)
- Placing them in the MT5 “Indicators” Data Folder
- Closing and re-starting your MT5 terminal
- Dragging you indicator from the Navigator to the Forex Chart
Downloading the indicator.
Download and prepare the MT5 indicator file(s) so they are ready to go on your computer. (Please note that some custom indicators will come in a .rar file, so make sure to extract the .ex5 and .mq5 files).
Go back to your Metatrader 5 platform, click the File Tab and select “Open Data Folder” to get access to the system folders for the MT5 program:
Placing them in the MT5 “Indicators” Data Folder.
Go to the “MQL5” folder and the “Indicator” subfolder and open the folder.
Drag or copy and paste the custom indicators files to the “Indicators” subfolder.
Restart the MT5 program. When MT5 loads again, you should see your custom indicator added to the directory in the navigation window.
Go to the navigation window and scroll down the menu to “Indicators”, pick the one you want to use and drag it to your chart.
For a video on how to install you MT5 indicators please visit our Youtube channel.
Recommended Broker for MT5 – Pepperstone
Peppperstone is an award winning broker with a No Dealing Desk, Pure ECN model. Their cutting edge technology coupled with pricing from 22 Tier 1 banks ensures that traders will receive the fastest execution at the most competitive pricing available.
Pepperstone is authorized to do business in many different countries around the world. The two main regulatory bodies that are responsible for oversight of Pepperstone’s operations is the Australia Securities and Investment Commission (ASIC) and UK’s Financial Conduct Authority (FCA).
There are two primary choices of trading platforms that Pepperstone supports. The first is the industry standard Metatrader platform and the second is the ECN based cTrader platform.
Pepperstone offers 100+ trading interments, with a primary specialization in Forex and CFDs (Contracts for Difference). There are over 70 currency pairs available to trade, everything from the majors, to the minors and exotic pairs. With access to the interbank market for razor thin dealing spreads starting at 0 pips, forex traders will find Pepperstone to an excellent choice.
Commissions and Spreads
As an ECN broker, Pepperstone offers extremely tight dealing spreads. The actual trading cost will depend on the type of account chosen. Pepperstone offers two primary account types – Razor Account and the Standard Account. The Razor Account is a true ECN based broker account with Interbank pricing and a commission charged to the trader.
Open your account. Trade within minutes. Full Review here
Risk Disclaimer for Forex Trading. Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. Past performance is not indicative of future results. The high degree of leverage can work against you as well as for you. 4xIndicators.com is a trade signal service. You understand that none of the strategies or indicators that we make availible constitutes a recommendation that any particular trade is suitable. By downloading an indicator or strategy, you are confirming that you have read and agree to all of the terms and conditions posted on our terms and conditions page. We are not responsible for the content of any sites that may be linked to or from the Site or any message board (referred to on the Site as the “forum”) associated with us or the Site. These links are provided for your convenience only and you access them at your own risk. Unless otherwise noted, any other website accessed from the Site is independent from us, and we have no control over the content of that other website. We do not own the indicators available for download. All indicators are freely available on other websites and forums. If you are the owner of an indicator or strategy that we have made available for download, and you are wanting us to cease promoting it, please sent us an email and we will delete the post. If you would like the description modified, please contact us. In addition, a link to any other web site does not imply that we endorse or accept any responsibility for the content or use of such other website.