Forex price indicator Percentage
Forex price indicator Percentage is a universal tool for market analysis. It can be used in trading different currency pairs and at any time intervals. But I would like to note at once that this indicator is essentially an information indicator. Therefore, it can only be used as an additional component of a trading strategy. Percentage helps to better assess the market situation. Its algorithm allows you to determine the degree of price changes over a certain period of time. And he does it in percentage terms.
Percentage indicator setting and parameters
Indicator file should be placed in the catalog of the trading terminal. In order to do this, you need to use the MT4 menu. First, select File, then Open Data Catalogue. In the opened window we enter the “MQL4” folder, and then – “Indicators”. And we insert the copied file into it.
And now for the settings.
They mainly concern the information window.
Parameter Corner allows you to select the angle of the chart in which the information window will be displayed.
The Xdis and Ydis parameters are used to reposition the window horizontally and vertically.
Font size can be selected using the FrontSize.
Besides the information window, forex price indicator can display the corresponding levels on the chart. But in order for that to happen, the ShowPriceLabe.
function must be activated in the settings
The use of the indicator in trade
The Percentage chart looks like this:
As I wrote above, Percentage only provides the trader with information on how much the price has deviated from the level at which the previous trading day was closed. If the price has increased, the data will be colored blue, if it has decreased – red. Besides, you can use the price values that are displayed on the chart on the right. If we draw horizontal lines through these points, we will get support and resistance levels. Focusing on them, you can open trading positions, set Take Profits and Stop Losses. But all this can be done only with account of other analysis tools, which must be present in the trading strategy.
Of course, this indicator does not pretend to be a serious technical analysis tool. However, it can be used to improve the quality of trading solutions. But to do that, you have to try it in a demo trade first. And if the result is positive, you can include Percentage in your trading system.
Download forex price indicator: