The grid round numbers indicator for MT4 draws a grid at round numbers.
For example at 1.100, 1.1150, 1.1200, 1.1250, and so on.
Why might this be a useful Forex trading indicator?
- Some traders place a stop loss near round numbers
- Usually above the round number for sells and below the round number for buys.
- Some traders choose to close open trades at or near round numbers
You can change the grid space, for example, if you input 50, the indicator will draw the round number line at every 50 pips.
The line color and style can also be modified from the indicator’s inputs settings.
The EUR/USD 30-minute chart below displays the Grid Round Numbers Metatrader 4 forex indicator in action.
Basic Trading Signals
There are no signals from the Grid Round Numbers MT4 indicator.
You’ll need to combine the Round Numbers indicator with other MT4 Forex indicators to develop a complete trading system solution.
Example: for short-term trading, you could combine it with this MT4 scalping indicator.
For day trading and swing trading currency pairs, use this indicator together with the Channels Trading Signals Forex MT4 indicator.
Traders reported good results with the Channels Trading Signal indicator for Metatrader 4.
MT4 Indicator Characteristics
Currency pairs: Any
Platform: Metatrader 4
Type: chart window indicator
Customization options: Variable (grid space) Width & Style.
Time frames: 1-Minute, 5-Minutes, 15-Minutes, 30-Minutes, 1-Hour, 4-Hours, Daily, Weekly, Monthly
Copy and paste the Grid Round Numbers.ex4 indicator into the MQL4 indicators folder of the Metatrader 4 trading platform.
You can access this folder from the top menu as follows:
File > Open Data Folder > MQL4 > Indicators (paste here)