Grid Builder Indicator
Grid builder indicator for mt4. Support/resistance indicator. Free technical indicator.
Description
The Grid Builder indicator for MetaTrader is a custom indicator that supports the customization of grid lines on the MT4 chart. The traditional chart grid that comes with an MT4 is fixed and thus, the default equidistant grid lines cannot be adjusted.
However, this indicator (Grid Builder) allows users to define the distance between the grid lines on their chart. With this in place, you can easily assess the number of pips that a trading asset has done and the distance a trend has covered in pips.
The indicator would be helpful to both novice and professional traders alike. You can also use it to build a grid chart that is suitable for scalping, day, or swing trades. A scalper can quickly measure the pips of a running trade by setting the grid lines to 10 pips, for instance.
How To Trade With The Grid Builder Indicator
The above screenshot depicts how the Grid Builder indicator would look on your MT4 chart. The indicator isn’t a trade signal-oriented tool; and so does not offer any BUY/SELL setup.
However, you can use the indicator to easily spot psychological levels on the chart where significant buying/selling activities take place. Such levels (psychological) tend to act as strong support and resistance zones which in turn provide trading opportunities.
Besides, the indicator can also come in handy in fundamental trading; it helps you to quickly ascertain the value of pips a pair has done.
Conclusion
The Grid Builder indicator for MT4 is a tool you may need to apply to your chart especially if your strategy revolves around grids. Finally, the indicator is free to download.