Some forex trading strategies involve splitting one position into several smaller ones, adding to already open positions or averaging.
When opening several positions, it is not very convenient to manually calculate the breakeven level for all open positions in the MT4 terminal.
This task is greatly facilitated by a simple indicator of the breakeven level.
The information indicator ProfitLine displays a breakeven line in the form of a horizontal line on the chart of a currency pair in MT4. To calculate the breakeven line, open positions for this currency pair are taken.
In the default settings, the breakeven level is displayed on the price chart:
- For Sell positions – a red line;
- For Buy positions – a blue line.
The indicator allows you to take into account opposite positions in the case of hedging, as well as set the desired profit level, instead of the breakeven level.
The indicator settings are very simple.
Configurable ProfitLine indicator parameters:
- OneWay Ticket – enable / disable the parameter for accounting for opposite positions for this currency pair.
- Profit – the size of the planned profit in the currency of the trading account. Instead of the breakeven line, the price line will be displayed, on which the profit will be the amount specified in the settings.
- MagicNumber – ID of open positions accepted by the indicator for calculation.
- ColorBuy – Color of the Buy line.
- ColorSell – Color of the Sell line.
This indicator is installed in the MT4 terminal like any other indicator.
Download from the MQL5 website – ProfitLine indicator page.