Show Pips indicator is an informational indicator that will be useful for those who always want to be aware of the current situation with the account balance. I think this MetaTrader4 indicator is a fantastic tool for forex traders, especially for beginners, because it is very convenient and displays multiple information right on the chart.
Show Pips Indicator Installation
1. Unzip the file you’ve downloaded.
2. Find the file that is called “Show-Pips.ex4” and copy it.
3. Open your MT4.
4. Go to “File – Open Data Folder – MQL4”.
5. Paste the file into the “Indicators” folder in MQL4.
6. Restart your MT4.
7. Attach the indicator to any chart where you’re going to open orders.
Please note that you will see the information only once the trade is opened:
Indicator Description
The above AUD/CAD H1 chart has a buy position. The details in the top right corner of the MetaTrader window provide the forex trader with a clear view of all the statistics about this position.
The indicator shows loss and profit in pips and dollar value to help the trader monitor the position. The profit or loss shown in percentages helps the forex trader to manage the risk within the acceptable risk limits.
The spread information comes in handy during important news releases while using a variable spread account. Obviously, the Show Pips MT4 indicator is very flexible and is easy to install, and free to download. It is beneficial for both new and experienced traders.
However, the only limitation of this indicator is that it does not show loss or profit in pips for every position separately if there is more than one open position on a particular currency pair.
Most recommended settings for the Show Pips indicator
Please note that both screenshots show the indicator with the already changed settings. The image above displays the inputs that I find most convenient. I strongly recommend to use the same settings because they are the most informative and helpful ones but of course the usage of the indicator is always up to your own preferences.
My Conclusion on the Show Pips Indicator
In my opinion, the Show Pips MT4 indicator is an important tool for Forex traders. It provides all vital statistics of a particular trade right in front of the trader, particularly its loss or profit in pips and US dollars. In addition to this, the indicator shows how the account balance is changed in %, which is very convenient for all traders who follow the basic money management rules and do not risk more than 1-3% per position.
P.S. Have problems with installation? Email me at olivermurphy@altraforex.com or support@altraforex.com
I would love to help!
P.S.S. Check out software by Altra Forex Group here
