About the Indicator
The free Pips Meter indicator for MT4 (Metatrader 4) displays the number of winning or losing pips based on your open position.
The indicator appears in the main MT4 chart window in the upper right corner.
Key Points
- Pips Meter displays the number of pips for both long and short trades.
- The indicator itself does not provide any buy or sell signals.
- Utilize with an existing trading strategy or system.
The indicator works equally well on all assets (Forex, CFD stocks, Indices, Cryptocurrencies, Commodities,..) and shows promising results if used correctly.
Free Download
Download the “cPips Meter.ex4” indicator for MT4
Indicator Example Chart (EUR/USD H1)
The sample chart below displays the Pips Meter MT4 indicator in action on the trading chart.
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Download the “cPips Meter.ex4” indicator for Metatrader 4
Pips Meter Forex Indicator + Flat Trend SMC MT4 Strategy
This strategy combines the Pips Meter Forex Indicator (MT4), which displays the number of winning or losing pips in real time directly on the chart.
This helps traders keep track of their open trades easily.
It is used together with the Flat Trend SMC Metatrader 4 Forex Indicator, a trend-following tool that shows clear colored bars: green for buy, red for sell, and yellow when the market is flat.
This makes it easy to identify current market conditions and trend direction.
Buy Entry Rules
- Enter a buy position when the Flat Trend SMC indicator displays a green signal bar, indicating a bullish trend.
- Monitor the open trade’s pip count with the Pips Meter indicator on the chart.
- Close the trade when the Pips Meter shows a satisfactory profit or when the Flat Trend SMC indicator turns yellow, signaling a flat trend.
Sell Entry Rules
- Enter a sell position when the Flat Trend SMC indicator displays a red signal bar, indicating a bearish trend.
- Use the Pips Meter indicator to track the pip count of the open trade.
- Exit the position when the Pips Meter shows desired profit or when the Flat Trend SMC indicator switches to yellow, signaling a flat market.
Trader Case Studies
Here are examples of traders from different countries who successfully used this strategy on various currency pairs and timeframes:
Geert V – Belgium
Geert, a scalper from Belgium, applied this strategy on the EUR/USD and USD/CHF pairs for 20 days. By following the signals and closely monitoring the pip count, he secured +275 pips in total.
Linda M – South Africa
Linda, a part-time trader from South Africa, used this system on GBP/USD and EUR/JPY. She achieved +218 pips in profits over 25 days by sticking to the strategy rules.
Takashi K – Japan
Takashi, a day trader from Japan, applied this approach to AUD/USD and USD/CAD. His disciplined use of the indicators resulted in a gain of +290 pips over three weeks.
Disclaimer: These case studies are for educational purposes only. Trading results may vary depending on market conditions, risk management, and trader discipline.
Advantages
- Real-time pip tracking helps monitor trades and decide on timely exits.
- Clear trend signals from the Flat Trend SMC indicator simplify entry and exit decisions.
- Works well on lower timeframes for scalping and short-term trading.
Drawbacks
- May produce false signals during sideways or choppy markets.
- Requires constant monitoring due to quick trade setups on lower timeframes.
- Relies heavily on proper risk management to avoid losses from sudden reversals.
Strategy Conclusion and Tips
This strategy combines the precise pip counting of the Pips Meter Forex Indicator with the straightforward trend signals of the Flat Trend SMC indicator.
This pairing provides traders with clear information on when to enter, monitor, and exit trades effectively.
For best results, practice on demo accounts first and apply strict risk management.
Adjust your stop losses and position sizes based on market volatility, and be cautious during non-trending or highly volatile conditions.
Consistency and discipline in following the indicator signals will improve your chances of success over time.
Indicator Specifications
| Platform | MetaTrader 4 (MT4) |
|---|---|
| Indicator Type | Pip Movement Meter / Momentum Tracker |
| Timeframes | User-configurable (e.g., session start, last 10 bars, etc.) |
| Instruments | All currency pairs and MT4 symbols |
| Alerts | Threshold-based alerts (sound, email, push) |
| Inputs |
|
| File | MT4 .ex4 indicator (free download) |
FAQ
1) How do I interpret the pip reading?
The reading shows net pip movement over your chosen timeframe—positive values for gains, negative for losses. Use this to gauge momentum strength.
2) Can I reset the meter?
Yes. By adjusting the input period (e.g., switch to session or reset interval), you effectively reset the meter to your preferred start point.
3) Is it useful across all sessions?
Absolutely. In thin sessions, use smaller pip thresholds. When volatility spikes, watch for larger pip jumps to confirm strong moves.
4) Can I use it without other indicators?
While helpful on its own for momentum reading, combining it with trend or price action tools gives more context and accuracy.
Final Words
Enhancing Results with This Strategy
The Pips Meter Forex Indicator brings real-time momentum tracking right onto your chart.
It’s especially useful for timing entries, confirming breakouts, and understanding volatility in context.
For best results, pair the meter with your usual entry triggers—like support/resistance, breakout patterns, or trend filters.
