Draw Grid indicator is a very cool tool that will help you to draw a grid on your MetaTrader 4 chart.
Although grid systems are quite popular, MetaTrader 4 doesn't offer a function to create a grid with set intervals, so you can download one here.
As a trader, you have probably read about grid systems. They are popular in the Forex market. Here we won't go too much into details but a short introduction is due.
Grid systems usually involve drawing a grid of horizontal lines representing buy and sell levels.
All the levels are placed at the same pip distance from each other, and money management plays a key role in managing the risk.
Grid systems are also commonly used together with round numbers, usually multiples of 50-100 pips.
Draw Grid is a simple indicator developed for MetaTrader 4 that allows you to create a grid of horizontal lines on the chart.
The grid indicator doesn't trade by itself as it is not an expert advisor. However, it can be useful to perform chart and price analysis.
Often, once you draw a grid, you can see how levels of support and resistance are very close to the levels you set.
In other cases, you can look for these levels by drawing grids of different distances.
If, for example, you draw a grid using a leg (or a step) of 50-100 pips, you see how these levels are like magnet with the price. Usually, representing support and resistance levels.
You can play with the pip distance or leg and study the results.
Draw Grid is a very simple indicator with only a few parameters. With this indicator you can:
Draw Grid will automatically draw horizontal lines considering the selected values.
You can set a starting and finishing price, so that the grid exists only in between these prices.
You can set the distance between the lines of the primary grid.
If you want you can also set the distance between the lines for a secondary grid.
You can remove the grid with just one click when you don't need it anymore.
Grid on MT4 charts can help in a few situations — the most common are:
Grid systems involve placing orders at regular intervals of price.
Round numbers also involve some actions at regular intervals of price.
When evaluating these strategies it is useful to have a visual representation on chart of the different levels of price.
MT4 Draw Grid indicator allows you to create a grid of horizontal lines on chart with only a few parameters.
To install MT4 Draw Grid indicator, please follow the instructions below:
If you are having trouble following this installation instruction, you can read our guide to MetaTrader product installation.
You can open a trading account with any of the MT4 Forex brokers to freely use the presented here indicator for MetaTrader 4.