Introduction to the i-Breakeven Indicator
Table of Contents
The end goal of trading is having consistent profits over the long run. As such, it is important for traders to know whether they are still in profit or not at any given time. Traders who treat trading like a real business would also want to know their breakeven point on each currency pair. The i-Breakeven Indicator is a tool that allows traders to do these two things.
What is the i-Breakeven Indicator?
The i-Breakeven Indicator is a custom technical indicator which shows traders the “Breakeven” price of their open trades for each currency. This applies even when there are multiple trade positions opened in a single currency pair. It also shows the profit or loss on each currency pair where there are open positions, which is labeled under the “Equity” header. It also shows the total profit or loss across all currency pairs with open positions still under the “Equity” header.
How the i-Breakeven Indicator Works?
The i-Breakeven Indicator simply retrieves the data related to the opened trade positions from the broker’s feed. It then computes for the breakeven price for each currency pair by averaging out the price entry price of each trade while placing more weight on trade positions with larger position sizes. As for the equity on each currency pair, it simply adds the profit and loss on each currency pair. It then adds the total profit and loss of each currency pair with opened positions to arrive at the Total Equity.
How to use the i-Breakeven Indicator for MT4
The i-Breakeven Indicator has just a few options within its indicator settings which are all visual modifications.
“Corner” allows users to choose which corner of the price chart the open positions and breakeven price would be displayed. The input options are as follows:
- 0 – upper left corner
- 1 – upper right corner
- 2 – lower left corner
- 3 – lower right corner
Note that selecting “2” and “3” which displays the data on the lower corners of the chart inverts the display placing the labels at the bottom and the total at the top.
The “dy” variable simply adjusts the spacing between each line making the display taller or more compact.
The “_Header”, “_Text”, “_Data”, and “_Separator” options simply allow users to choose the color of the text displayed.
This indicator is not the type of indicator that provides technical analysis indications such as trends, momentum, and mean reversal opportunities. What it provides is simply a visual data on how your open trades are currently doing. It is like having your speed gauge on your dashboard when driving your car.
Traders who prefer to use exotic money management strategies such as martingales, reverse martingale, or cost averaging may find this useful as they could easily identify the breakeven price which their trades should reach in order for them to at least breakeven and close their trades in profit. It can also be effectively used by traders who add to their open positions to maximize profits as it also allows them to see their total profits on each currency pair. Although this indicator does not provide any technical indications, there are many traders who might find this useful.
MT4 Indicators – Download Instructions
i-Breakeven Indicator for MT4 is a Metatrader 4 (MT4) indicator and the essence of this technical indicator is to transform the accumulated history data.
i-Breakeven Indicator for MT4 provides for an opportunity to detect various peculiarities and patterns in price dynamics which are invisible to the naked eye.
Based on this information, traders can assume further price movement and adjust their strategy accordingly. Click here for MT4 Strategies
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How to install i-Breakeven Indicator for MT4.mq4?
- Download i-Breakeven Indicator for MT4.mq4
- Copy i-Breakeven Indicator for MT4.mq4 to your Metatrader Directory / experts / indicators /
- Start or restart your Metatrader 4 Client
- Select Chart and Timeframe where you want to test your MT4 indicators
- Search “Custom Indicators” in your Navigator mostly left in your Metatrader 4 Client
- Right click on i-Breakeven Indicator for MT4.mq4
- Attach to a chart
- Modify settings or press ok
- Indicator i-Breakeven Indicator for MT4.mq4 is available on your Chart
How to remove i-Breakeven Indicator for MT4.mq4 from your Metatrader Chart?
- Select the Chart where is the Indicator running in your Metatrader 4 Client
- Right click into the Chart
- “Indicators list”
- Select the Indicator and delete
i-Breakeven Indicator for MT4 (Free Download)
Click here below to download: