Draw Grid Indicator is a very cool tool that will help you drawing a grid in your MetaTrader 4 chart.
Although Grid systems are quite popular, MetaTrader 4 does not offer a function to create a grid with set intervals so I created it for you.
As a trader you probably read about Grid Systems. They are popular in the Forex Market but I don’t want to go too much into details into this article. I still want to introduce them in case you don’t know them at all.
Grid systems usually involve drawing a grid of horizontal lines representing Buy and Sell levels.
All the levels are placed at the same pip distance between each other and Money Management has a key role to manage the risk.
Grid Systems are also commonly used together with Round Numbers, usually multiple of 50-100 pips.
What is Draw Grid Indicator for MT4
Draw Grid is a simple indicator developed for MetaTrader 4 that allows you to create a grid of horizontal lines in the chart.
The Grid Indicator doesn’t trade itself as it is not an Expert Advisor, however, it can be useful to perform chart and price analysis.
Often once you draw a grid you can see how levels of support and resistance are very close to the levels you set.
In other cases you can look for these levels drawing grids of different distances.
If, for example, you draw a grid using as a leg (or step) of 50-100 pips you will see how these levels are like magnet with the price, usually representing support and resistance levels.
You can play with the pip distance or leg and study the results.
Draw Grid for MT4 Features
Draw Grid is a very simple indicator with only a few parameters. With this indicator you can:
- Draw a grid of horizontal lines
- Set a range, start and end price
- Configure the main leg, which is the distance between lines
- Set the secondary leg, another distance for further lines
- Quickly remove the grid
Draw a Grid of Horizontal Lines
Draw Grid will automatically draw horizontal lines considering the selected values.
Set a Range
You can set a starting and finishing price so that the grid exists only in between these prices.
Set the Main Leg
You can set the distance between the lines of the primary grid.
Set the Secondary Leg
If you want you can also set the distance between the lines for a secondary grid.
Quickly Remove the Grid
You can remove the grid with just one click when you don’t need it anymore.
Draw Grid Indicator for MT4 FREE DOWNLOAD
You can download the Draw Grid Indicator for FREE and play with it as much as you want, I hope you will enjoy it!