Introduction to the Infoboard Indicator (MT4)
Traders often have several information or data that they would want to see right away when trading the forex market. Such information might not provide a trade signal, but it could be critical for identifying an efficient trade condition. The Infoboard Indicator can be a tool that provides most of the necessary information that traders need.
What is the Infoboard Indicator?
Just as its name suggests, the Infoboard Indicator for MT4 displays an information board on the price chart. It displays basic information such as the symbol or currency pair, timeframe of the chart, bid price, the remaining time before the close of the candle. It also displays the latest trend direction on different timeframes based on fractal pattern-based price action. It also displays critical information such as the 100 day Average True Range (ATR), the distance between the high and low of price within the current day, the ATR/Spread Ratio, current bar high and low distance, previous bar high and low distance, tick value on a one lot trade, and swap cost on overnight trades both on the short and long trades.
How the Infoboard Indicator Works?
The Infoboard Indicator retrieves the data it needs from an online source. It then collates the data and runs the necessary computations in order to arrive at the critical data it needs. For example, it subtracts the high and low of price on the current day’s candle to arrive at the current bar’s high and low distance. It would also divide the 100 day ATR with the spread in order to arrive at the ATR / Spread Ratio.
How to use the Infoboard Indicator for MT4
Since the Infoboard Indicator retrieves information from an online source, DLL imports should be enabled for this indicator to run properly. Below are the steps to enable DLL imports.
- Click on the “Tools” tab on the Menu Bar.
- Click on “Options” within the “Tools” tab.
- On the “Options” window, click on the “Expert Advisors” tab.
- On the “Expert Advisors” tab, click on the “Allow DLL imports” checkbox to enable DLL imports.
The Infoboard Indicator also has several options within the indicator settings which allow traders to modify the visual aesthetics of the Infoboard and select which information they want to be displayed.
There are several critical information that traders can use just by looking at the Infoboard.
For example, day traders can compare the distance between the high and low of price within the current day and the 100 Days ATR. A high and low of price distance which is close to the 100 Days ATR means that price have already moved far enough for the day. It could mean that price has might have only a little bit of room left to move and might be close to exhaustion.
Another critical information would be the ATR/Spread Ratio. This is because spread is a basic trading cost. An ATR/Spread Ratio which is very low can mean that trading that currency pair or symbol might not be an efficient trade.
Although the Infoboard Indicator is not the type of indicator that provides trade signals, it is still one of the most useful trading tools available for traders. It provides critical information that can give traders a clue if the market condition of a certain symbol is suitable for trading or not.
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