Tick Chart Indicator for MT4

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Tick Chart Indicator for MT4

Introduction to the Tick Chart Indicator

The Tick Chart is another charting method which plots price feeds based on the tick price. It is a useful charting tool for some traders, especially scalpers. The Tick Chart Indicator is a trading tool which makes this charting method available to MT4 platform users.

What is the Tick Chart Indicator?

The Tick Chart Indicator is a custom technical indicator which plots the tick price movements on a separate indicator window. It plots two lines that oscillate based on price movements. The blue upper line, which represents the bid price moves whenever the bid price moves. The red lower line, which represents the ask price moves whenever the ask price moves.

Tick Chart Indicator for MT4

This indicator plots a different charting entirely. It is a Tick Chart, a charting method which plots both the bid and offer price levels as they move. This charting technique is not readily available on the MT4 platform. The Tick Chart Indicator gives traders using the MT4 platform an access to this type of charting method by plotting the bid and offer price movements on an indicator window.

How the Tick Chart Indicator Works?

The Tick Chart Indicator has a simple algorithm which plots the bid and offer price as an oscillating line. It simply uses the price feed coming from the broker’s server and plots the incoming bid and offer price levels as a point on each line. Incoming bid price feeds are plotted as a point on the blue line, while incoming offer price feeds are plotted as a point on the red line.

How to use the Tick Chart Indicator for MT4

The Tick Chart Indicator has a couple of modifiable variables within its indicator settings.

What is the Tick Chart Indicator

“Period” refers to the number of periods in which the Tick Chart Indicator would plot the Tick Chart lines.

“Width” modifies the distance between the two lines.

Using the Tick Chart Indicator to Measure Spread

Spread refers to the difference between the Bid Price and the Offer Price.

Since the Tick Chart Indicator plots the Bid Price and the Offer Price lines separately, this indicator can also be used to manually measure the Spread between the two price points. Traders can use the Crosshair icon from the Tool Bar or press “Ctrl + F” on the keyboard, then drag the Crosshair starting from the Bid Price line to the Offer Price line. It would then show the distance between the two lines in decimal points.

Using the Tick Chart Indicator to Scalp the Market

Many scalpers use the Depth of Market price feed to observe rapid price movements and scalp the market effectively. Although this is a very effective scalping technique, the Depth of Market price feed is not always available for most brokers using the MT4. The Tick Chart may be the next best option. It allows traders to observe the Bid and Offer price movements, which is what scalpers observe on the Depth of Market price feed.

Conclusion

The Tick Chart is a very useful charting tool which may be available for other exclusive trading platforms. However, it is not available for MT4. This indicator simply fills this void by providing an indicator which plots the Tick Chart based on price feeds.

MT4 Indicators – Download Instructions

Tick Chart Indicator for MT4 is a Metatrader 4 (MT4) indicator and the essence of this technical indicator is to transform the accumulated history data.

Tick Chart 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 Tick Chart Indicator for MT4.mq4?

  • Download Tick Chart Indicator for MT4.mq4
  • Copy Tick Chart 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 Tick Chart Indicator for MT4.mq4
  • Attach to a chart
  • Modify settings or press ok
  • Indicator Tick Chart Indicator for MT4.mq4 is available on your Chart

How to remove Tick Chart 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

Tick Chart Indicator for MT4 (Free Download)

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