Horizontal Grid Lines Indicator
The Horizontal Grid Lines indicator for MT4 draws equidistant horizontal lines on the chart.
Description
The Horizontal Grid Lines indicator for MetaTrader 4 is a chart-friendly trading tool that simply plots equidistant horizontal lines across the chart. The lines bring to light some underlying market conditions that are not visible to the naked eye. Simply put, the indicator would help you to identify the best zones to open or close a running trade.
Furthermore, the indicator can be used by both novice/intermediate and advanced traders to identify trend-reversal zones. Besides, it would also be beneficial for trend breakout traders. Sadly, many forex traders seem to ignore the information on the horizontal grid lines indicator.
How to Use the Horizontal Grid Lines Indicator
The above image shows the action of the indicator on the EURUSD currency pair in the H1 timeframe. The gray dotted lines of the indicator are spaced at 200 points, which translates to 20 pips apart. However, the spacing can be adjusted to suit your trading style.
Furthermore, the green dotted lines of the indicator are the psychological zones (the 0.00-level) of the price. These psychological zones are pivotal in trading because critical decisions like taking a profit are done at such zones. You may also target the zones to close or trail any of your running trade positions.
Essentially, the Grid Horizontal Lines indicator has the potential of improving your performance in the forex trading industry. This is because the lines act as dynamic support and resistance zones of the price. For instance, a trend reversal pattern around any of the lines would be a high-probability trade setup.
Moreover, you may refer to the attached image, which typified how the price printed a trend reversal pattern (double bottom) on one of the horizontal lines. Besides, you may also use the indicator to identify optimal zones for trend breakout setups.
Conclusion
The Horizontal Grid Lines Indicator for MT4 is a simple yet powerful trading tool that can significantly improve your overall performance in the financial market. Besides, you can get the indicator for free with just a click.