SL-TP Price to Order Execution Price Pip Calculator Indicator for MT4

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SL-TP Price to Order Execution Price Pip Calculator Indicator

Introduction to the SL-TP Price to Order Execution Price Pip Calculator Indicator

Seasoned traders know that trading profitably is not just about having a profitable trade, but it is about turning in a consistent profit over the long term. This does not mean that these traders do not lose. Instead, it means that they are gaining more than they a losing. One way to ensure this is to trade with higher average gains compared to your average losses, and the SL-TP Price to Order Execution Price Pip Calculator Indicator is a tool which can help traders accomplish this.

What is the SL-TP Price to Order Execution Price Pip Calculator Indicator?

The SL-TP Price to Order Execution Price Pip Calculator Indicator is an indicator which automatically measures and calculates for the potentially profits and losses in pips based on the stop loss and take profit price levels set by the trader.

In this template, this indicator is preset to label stop loss orders with its order number and potential losses in pips in color red. On the opposite end, it also labels take profit orders with its order number and potential profits in pips in color blue.

SL-TP Price to Order Execution Price Pip Calculator Indicator for MT4

How the SL-TP Price to Order Execution Price Pip Calculator Indicator Works?

The SL-TP Price to Order Execution Price Pip Calculator Indicator simply computes for the distance between the stop loss and the order execution price as well as the take profit and the order execution price. It does so by finding the difference between these price levels. It then displays the detected values on the far right edge of the chart along the order lines.

How to use the SL-TP Price to Order Execution Price Pip Calculator Indicator for MT4

This indicator has several options within its indicator settings which users can modify.

The “Show_SL” option toggles the stop loss display on and off, while the “SL_Color” option allows users to change the color of the displayed text for the stop loss.

The “Show_TP” option toggles the take profit display on and off, while the “TP_Color” allows users to choose the color of the test for the take profit information.

The “Text_Size” variable allows users to enlarge or minimize the size of the text displayed.

“Move_Text_L_or_R” allows users to have the text displayed on the left or the right.

“Fractional_Pips” allows users to choose between showing the potential profits or losses in pips or fractional pips.

“Show_OrderTicket” toggles the display of the order or ticket number together with the potential profit or loss in pips on or off.

How the SL-TP Price to Order Execution Price Pip Calculator Indicator Works

This indicator allows users to objectively measure how much their potential profits and losses are based on pips. This allows traders to assess whether the trade position has a potential profit which is worth the risk or not.

To make more sense of this, traders may compute the risk-reward ratio by dividing the potential profit in pips by the potential losses in pips. Risk-reward ratios that are above 1 typically allows for a positive profit factor over the long run. However, this will vary depending on the win rate of the trader which indicates the traders accuracy.

Conclusion

This indicator is not the type of indicator which shows traders potential trade entries and exits based on technical indications such as trend or momentum direction and reversals. However, what it provides is important since it allows traders to objectively assess their risk-reward ratio, which is a vital component in money management and a trader’s overall profitability.

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SL-TP Price to Order Execution Price Pip Calculator Indicator for MT4

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