Introduction to the Open Positions Indicator
Profits and losses are important information which traders should always be aware of at any given time. Traders who are constantly aware of their trade positions and its profit or loss usually manage their trades well. The Open Positions Indicator is a tool which can help traders be constantly aware of their trade positions.
What is the Open Positions Indicator?
The Open Positions Indicator is an indictor which provides traders information regarding their open trades on the price chart. This indicator displays the currency symbol of the open position, the profit or loss in pips or points, the number of lots opened, as well as the absolute profit or loss. This indicator displays this information on a separate window overlaid on another indicator’s window.
The chart below shows the Open Positions Indicator overlaid on the Moving Average Convergence and Divergence (MACD) window.
How the Open Positions Indicator Works?
The Open Positions Indicator has an algorithm which retrieves the information regarding an account’s open trades coming from the brokers feed. It then automatically displays the profit or loss both in pips and in absolute currency along with the currency pair’s symbol.
How to use the Open Positions Indicator for MT4
To properly use the Open Positions Indicator, users need to attach a separate indicator with an indicator window on the price chart. In the example above, we used the MACD. Most oscillator type of indicators would work as these types of indicators typically have its own indicator window.
Then, the Open Positions Indicator should be attached to the indicator window of the other indicator. This is typically done by dragging the Open Positions Indicator from the Navigator window of MT4.
The Open Positions Indicator has several options within its indicator settings which traders can use to modify its visual display.
The “Symbols” option allows users to change the color of the currency symbol.
The “p_as_Points” option allows users to choose whether to display the units in points or pips.
“Pips_or_Points” allows users to change the color of the profit or loss in points or pips.
“Lots_Long” and “Lots_Short” allows users to change the color of the displayed units in lots.
“Currency_Symbol” allows users to select which currency symbol would be used for the profits or losses.
“Profit_Gain” and “Profit_Loss” allows users to change the color displayed whenever the trade is in profit or loss.
The “corner” option allows users to change which corner on the indicator window the information would be displayed.
“Line1_Distance_Y” and “X_Distance_Multiplier” allows users to adjust the display of the text on the x and y axis.
“Font_Size” allows users to adjust the size of the text, while “Font_Face” allows users to select the type of font used on the text.
Conclusion
This indicator is not the type of indicator that provides technical analysis indications. What it provides is simply a dashboard regarding the accounts profits and losses. This can be a useful indicator for traders who prefer to view this information on the price chart. However, this information is also provided by the MT4 platform under the Trade tab of its Terminal window.
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