ProfitLine indicator search for breakeven level
In the trading process, every novice trader, and even an experienced one, sooner or later faces a situation when, after opening a profitable trade, the price turns around and goes against the trader, closing the trade with a stop order.
To prevent this from happening, you must always move the stop order to the point without loss.
However, if with one transaction in the market everything is extremely clear, because it is enough to move the stop order after some time to the point at which the transaction was opened, then when working with a series of orders everything is more problematic.
This problem is felt especially critically by traders who use averaging strategies and martingale elements.
But what happens if a trader uses a grid strategy and has simultaneously open orders in different directions?
The ProfitLine indicator is an auxiliary technical analysis tool for the MT4 trading terminal, which allows you to see the level without a loss for a series of open orders.
A notable feature of the ProfitLine indicator is the fact that the tool is able to determine the breakeven level for a series of open orders that may have multi-directional trades, which are more common in grid trading, locks and averaging.
This indicator will be useful to all categories of traders, since ProfitLine finds a point without loss for all currency pairs, stocks and any CFD contracts without exception.
The tool also works on any time frame, since the object of its tracking is open orders and the price itself.
Installing the ProfitLine indicator
The ProfitLine indicator is, first of all, an assistant that does not give signals to enter the market, but only allows you to visually observe the point without loss for already open orders and nothing more.
However, due to the fact that the indicator is a custom development and is not included in the MT4 trading terminal by default, in order to use it you will need to download the ProfitLine indicator file at the end of the article and install it into your trading platform.
Installing the ProfitLine indicator is no different from installing any other custom indicator or technical analysis tool and follows the standard scheme.
To do this, you will need to dump the ProfitLine indicator file previously downloaded at the end of the article into the appropriate folder in the terminal data directory.
You can find more detailed instructions for installing indicators in the MT4 trading terminal by clicking on this link http://time-forex.com/praktika/ustanovka-indikatora-ili-sovetnika.
In order for the trading terminal to see the ProfitLine installed in it, it should be updated in the navigator panel, or simply restart the platform itself.
After the update, ProfitLine will appear in the list of custom indicators, and in order to use it, just drag the name of the instrument onto the chart of the currency pair for which positions are open.
Principle of operation. Settings
ProfitLine is an assistant that allows you to see a point without a loss on the chart as a horizontal level.
After plotting the instrument on a chart on which at least one position was opened, the instrument will display a horizontal line, and for purchases the line will be blue, and for sales the line will be red.
The ProfitLine indicator can operate in one of two modes. So, in the first mode, the indicator displays levels without loss for purchases and for sales separately, and if positions are opened in different directions for one instrument, the indicator will display two levels at once. This mode is enabled by default in the OneWayTicket line.
In the second mode, the indicator will display the level without loss depending on the total positions, and multidirectional open transactions will be taken into account. To switch to the second operating mode of the indicator, specify False in the OneWayTicket line.
It is also worth noting that ProfitLine can show not only breakeven points, but also points for closing orders with profit, which are necessary when working with grid strategies or martingale. To display this, you must indicate the total profit for a series of orders in the deposit currency in the Profit line. The ColorBuy and ColorSell variables allow you to set the color for both purchases and sales.
In conclusion, it is worth noting that at first glance, the simple auxiliary indicator ProfitLine is a powerful assistant for all traders who practice averaging and grid strategies in manual mode and do not use advisors.
Download the ProfitLine indicator.