Conventional MetaTrader charts are usually measured in points making it difficult to quickly convert them into money when you need to evaluate a position lot (or several lots).
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Of course, you can calculate in your mind or use a calculator.
However, this is not always convenient. Besides, traders usually set lots by rule of thumb, rather than applying certain numbers. Sometimes, they even do not calculate risks for the applied volume.
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What does this indicator do?
The indicator displays cost levels above and below a selected zero level.
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What are cost levels?
This is the amount of funds that will be lost or added to the account if you open a position with a specified lot from the zero level.
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What is a zero level?
By default, the indicator starts calculation from the current price, but if you enter the price in the zero_price parameter, it will calculate from that price.
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What other parameters does the indicator have?
grid_step_value β grid step in the deposit currency
lot_size β working lot for virtual position
lot_divider β lot divider (divides volume by the specified value)
total_levels β how many levels to draw up and down
zero_price β price to be used as a zero level
progression β progression type (see below)
multiplicator β multiplier for progression
lines_color β grid lines color
lines_width β grid lines width
lines_style β grid lines style
lines_prices β displaying grid level price on the price scale
text_shift_bars β shift captions left/right according to the number of bars
Select the lot_size working lot for the future position and set the grid step in money grid_step_value. The indicator shows levels when position gains the appropriate profit or loss (excluding swaps and commissions). This means, each grid level forms addition or subtraction of a specified grid_step_value to a position. Each level is signed, thus, it clearly shows how much you can lose or earn if the price reaches the appropriate level.
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What is lot_divider parameter needed for?
For some brokers with non-standard contracts. For example, there is one well-known broker setting a point price 100 000 times higher than what it should be. Therefore, you need to specify this number as a divisor of the lot_divider volume in order to correct the calculations.
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Why do you need a ‘progression’ parameter?
By default, the indicator counts the profit/loss for one position of a specified volume, and the progression allows estimating the amount of profits/losses. Consecutive additions at each grid level help to quickly assess the overall depth of the drawdown for a series of averaging positions or the total profit for pyramiding.
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What progressions do we have here?
nonΠ΅ β no progressions
equal β equal volume positions
linear β volumes grow linearly as a natural series
fibo β volumes grow by Fibo numbers
martin β geometric progression with the ‘multiplicator’ multiplier
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What are the indicator signals?
The indicator provides no signals. It is needed for rapid risk assessment before opening a position.
