The Price Grid Forex indicator in Metatrader 5 is designed to enhance the price chart by highlighting round numbers with colored horizontal lines.
Some traders rely on round numbers when determining both take profit and stop loss levels.
You have the flexibility to customize the interval, line style, and colors according to your personal preferences.
There are various indicator variables and parameters that you can adjust, including line style and line color.
It is recommended to familiarize yourself with the indicator and test it on a demo account before using it in live currency trading.
This indicator is compatible with all time frames and trading instruments supported on the Metatrader 5 charting platform.
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The picture below shows how the Price Grid indicator looks like when applied to the MT5 chart.
How To Buy And Sell Currency Pairs With The Price Grid Indicator?
The Price Grid indicator does not produce trading signals on its own.
To maximize its effectiveness, it is recommended to combine the Price Grid Forex indicator with Forex signal indicators or your preferred trading strategy.
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Frequently Asked Questions
How Do I Install This Custom Indicator On Metatrader 5?
- Open the MT5 trading platform
- Click on the File menu button located at the top left part of the platform
- Click on Open Data Folder > MQL5 folder > Indicators
- Copy the PriceGrid.mq5 indicator file in the Indicators folder
- Close and restart the trading platform
- You will find the indicator here (Navigator window > Indicators)
- Drag the indicator to the chart to get started with it!
How Do I Edit This Indicator?
- Click in the open chart with your right mouse button
- In the dropdown menu, click on Indicator List
- Select the indicator and click on properties
- Now you can edit the inputs, colors, levels, scale and visualization
- Finally click the OK button to save the new configuration