Some forex trading strategies include 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 breakeven indicator.
The information indicator ProfitLine displays the 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 – red line;
- For Buy positions – blue line.
The indicator allows you to take into account counter positions in the case of hedging, as well as set the level of the desired profit, instead of the breakeven level.
The indicator settings are very simple.
Customizable parameters of the ProfitLine indicator:
- OneWay Ticket – enable/disable the option to account for counter positions for a given currency pair.
- Profit – the size of the planned profit in the currency of the trading account. Instead of the breakeven line, a price line will be displayed at which the profit will be the amount specified in the settings.
- MagicNumber – The identifier of open positions accepted by the indicator for calculation.
- ColorBuy – color of the Buy positions.
- ColorSell – color of the Sell positions.
This indicator is installed in the MT4 terminal like any other indicator.
You can download the ProfitLine indicator absolutely free of charge and without registration using the link from our website in zip format – ProfitLine2.mq4.
Be prudent, observe risk management and trade in a plus.