Price Grid Indicator

Price Grid Indicator

Price Grid indicator for MT5 – Support/resistance indicator. Free Forex technical indicator.

Categories: MT5, Levels, Informational

The Price Grid Indicator for MetaTrader is a custom indicator that supports customization of grid lines on an MT5 chart. The traditional charting grid that comes with MT5 is fixed, so the default equidistant grid lines cannot be adjusted.

However, this indicator (Price Grid) allows users to determine the distance between grid lines on their chart. With this in place, you can easily estimate the number of pips a trading asset has made and the distance the trend has traveled in pips.

The indicator will be useful for both beginners and professional traders. You can also use it to build a grid chart suitable for scalping, day trading or swing trading. The scalper can quickly measure the pips of the current trade, for example by setting the grid lines to 10 pips.

How to trade with the Price Grid indicator

The screenshot above shows how the Price Grid indicator would look on your MT5 chart. The indicator is not a tool focused on trading signals; and therefore does not offer any BUY/SELL settings.

However, you can use the indicator to easily identify psychological levels on the chart where significant buy/sell action is taking place. Such (psychological) levels tend to act as strong support and resistance zones, which in turn provide trading opportunities.

In addition, the indicator can be useful in fundamental trading; this will help you quickly determine the value of the pips made by the pair.

Conclusion
The Price Grid indicator for MT5 is a tool that you may need to apply to your chart, especially if your strategy revolves around grids. Finally, the indicator is free to download.