grid indicator

Easy Trader

Master Trader
Sep 17, 2011
240
5
59
MQL4:
//---- input parameters
extern int       HGrid.Weeks=10;       // Period over which to calc High/Low of gird
extern int       HGrid.Pips=20;        // Size of grid in Pips
extern color     HLine=DimGray;        // Color of grid
extern color     HLine2=DarkGreen;     // Every 100 pips, change grid color to this.
 
extern int       GridTime=15;          // Number of periods (days or weeks) to draw time grid
extern int       TimeGrid=PERIOD_H4;   // Grid period in minutes
extern int       ColorHour=16;         // For hour grids, draw color line at this hour (broker time)
extern color     TimeLine=DimGray;     // Color of grid
extern color     TimeLine2=DarkGreen;  // Color of special bars
 
// Recommends settings:
// 1 minute - HGrid.Pips=10, TimeGrid = 10
// 5, 15 minutes - HGrid.Pips=20, TimeGrid= PERIOD_H1 (60)
// 30, 60 minutes - HGrid.Pips=20, TimeGrid = PERIOD_H4 (240) or 2 hours (120)
// 4 hour - HGrid.Pips=50, TimeGrid = PERIOD_D1 (1440) or 12 hours (720)
// 1 day - HGrid.Pips=50, TimeGrid = PERIOD_W1 (10800).nd numbers and vertical lines
 

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ForexNewbie51

Active Trader
Sep 22, 2011
31
5
44
Grid trading is a really good way to trade. Indicators like this are helpful in setting out the pending orders and determining the stops (and adjusting).
 

Easy Trader

Master Trader
Sep 17, 2011
240
5
59
Thanks for sharing! How do you use this indicator? For support/resistance levels?

Yea, if you look at most charts about every 500pips usually is a very VERY strong place to trade off of. Its usually the bigger round numbers, 1.0000/etc. I love when price gets to these areas. The indicator is also good for intra day with use of the vertical lines.