Grid Lines Indicator
The Grid Lines indicator for MT5 draws equidistant horizontal lines on the chart. It show psychological levels on your price chart.
Description
The Grid Lines Indicator for MetaTrader 5 is a charting-friendly trading tool that simply plots equidistant horizontal lines on a chart. The lines reveal some underlying market conditions that are not visible to the naked eye. Simply put, the indicator will help you determine the best zones to open or close the current trade.
In addition, the indicator can be used by both beginner/intermediate and experienced traders to identify trend reversal zones. In addition, it would also be useful for breakout traders.
Unfortunately, many forex traders ignore information about the Grid Lines indicator.
How to Use the Grid Lines Indicator
The image above shows the action of the indicator on the EURUSD currency pair on the H1 timeframe. The gray dotted lines of the indicator are located at a distance of 200 points, which corresponds to 20 points from each other. However, the interval can be adjusted to suit your trading style.
In addition, the green dotted lines of the indicator are the psychological zones (level 0.00) of the price. These psychological zones play a key role in trading because important decisions are made in them, such as making a profit. You can also target zones to close or track any of your current trading positions.
Basically, the Grid Horizontal Lines indicator can improve your results in the Forex trading industry. This is because the lines act as dynamic price support and resistance zones. For example, a trend reversal pattern around any of the lines would be a highly probable trade setup.
Also, you can refer to the attached image, which shows how the price printed a trend reversal pattern (double bottom) on one of the horizontal lines. In addition, you can also use the indicator to determine the optimal zones for trend breakout setups.
Conclusion
The Grid Lines Indicator For MT5 is a simple yet powerful trading tool that can greatly improve your overall financial market performance. In addition, you can get the indicator for free with just one click.