The Pip Counter indicator for Metatrader 4 is a mini dashboard that contains basic market and trading information.
After loading the Pip Counter indicator to the chart, the dashboard will show up in the upper right corner by default.
You can change the corner, text size, and many more …
The dashboard reveals the current market price, spread, high price, low price and candle time.
The indicator works on all trading instruments (Forex, CFD stocks, Indices, Cryptocurrencies, Commodities,..).
Free Download
Download the “pip-counter-indicator.ex4” indicator for MT4
Indicator Chart (GBP/JPY H1)
The picture below shows the Pip Counter mt4 indicator in action on the trading chart.
Indicator Specifications
Trading Platform: Developed for Metatrader 4 (MT4)
Currency pairs: Works for any pair
Time frames: Works for any time frame
Indicator type: Market info
Repaint? No.
Pip Counter + Magic Trend Day Trading Strategy for MT4
This strategy merges the Pip Counter Indicator, which shows spread, daily high/low, and candle countdown in the upper right, with the Magic Trend Forex Indicator, which draws a green line for bullish trend and a red line for bearish trend.
The idea is to use Magic Trend for directional bias, while Pip Counter gives context (like spread and timing) to filter trades and improve execution.
This method is built for day traders using time frames like 5-minute or 15-minute charts on major pairs such as EUR/USD, USD/CHF, AUD/USD, GBP/JPY, etc.
It helps you avoid trading during poor conditions (wide spreads or near extremes) and enter when the trend is favorable.
Buy Entry Rules
- Check that the spread is low and acceptable via the Pip Counter (e.g., under your threshold, such as 1.5–2 pips on majors).
- Confirm the Magic Trend line is green, signaling an uptrend.
- Wait for price to pull back (a small retracement) toward the Magic Trend line or near recent support.
- Enter a buy trade when you see a bullish bounce in that area, ideally right after a candle closes showing strength.
- Place a stop loss slightly below the recent low or below the green magic line.
- Take profit at 1.5 to 2× risk, or scale out partially at first target and trail stop.
Sell Entry Rules
- Check that the spread is narrow (via Pip Counter) and acceptable.
- Confirm the Magic Trend line is red, signaling a downtrend.
- Wait for a retracement upward toward the Magic Trend line or near resistance.
- Enter a sell trade after a bearish rejection from that area, ideally on a confirming candle close.
- Set stop loss just above the recent swing high or above the red magic line.
- Set take profit at 1.5 to 2× the stop risk, or take partial profits and trail the rest.
Advantages
- Pip Counter gives real-time context (spread, daily high/low, candle timer) so you avoid bad conditions.
- Magic Trend gives a clear directional bias, reducing countertrend noise.
- Combining context and trend helps filter weak setups.
- Works well in trending days, gives clearer entries in an intraday environment.
- Adaptable to different currency pairs and time frames.
Drawbacks
- When the market is sideways or stuck, many retracements may not follow through.
- Spread or slippage may eat into profits if conditions worsen mid-trade.
- You might miss early, strong moves by waiting for retracements.
- Requires discipline to skip weak setups and stick to clear rules.
Example Case Study 1 – EUR/USD on M5
Late in the London session, EUR/USD was trending upward.
The Magic Trend line turned green.
The Pip Counter showed spread at 1.2 pips, and the daily high hadn’t yet been reached.
A buy order was placed at 1.1750 with a stop loss 10 pips below.
Take profit was set at 20 pips (2× risk).
The price rallied and hit the target within 30 minutes.
The Pip Counter context helped avoid entering when the spread was wide earlier in the session.
Example Case Study 2 – GBP/JPY on M15
During a US–London overlap, GBP/JPY was in a downtrend.
The Magic Trend line was red.
The Pip Counter showed a spread at 1.8 pips, still acceptable for this pair.
A sell trade was executed at 180.25 with a stop loss 15 pips above.
The take profit was set at 30 pips.
Over the next hour, GBP/JPY fell to the target and closed the trade.
Using the daily high/low info from Pip Counter also indicated there was room to move downward before reaching extremes.
Strategy Tips
- Always check the spread; high spreads can ruin scalps.
- Avoid trading near the daily high or low if the price approaches extremes.
- Prefer times of strong volume (London, New York overlap).
- Use partial exits or trailing stops to capture extended moves.
- Backtest and demo this on multiple currency pairs to tune stop distances and thresholds.
- If the Magic Trend line changes direction mid-trade, consider exiting early.
This day trading strategy in MT4 uses the real-time context from the Pip Counter and directional confirmation from the Magic Trend indicator.
By combining both, you can choose only higher-probability setups and avoid entering during poor conditions.
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Download the “pip-counter-indicator.ex4” indicator for Metatrader 4
