Pip Counter Indicator

The Pip Counter indicator is a tiny dashboard that displays basic market and trading information. By default, after adding the Pip Counter indicator to the chart, the dashboard will appear in the upper right corner. You may alter the corner, text size, and many other aspects. The current market price, spread, peak price, low price, and candle time are all displayed on the dashboard. The indicator is applicable to all trading instruments (Forex, CFD stocks, Indices, Cryptocurrencies, Commodities, etc).

What is the Pip Counter Indicator?

The Pip Counter indicator is an MT4 technical assistance that automatically displays price highs, lows, and current spreads. It also broadcasts the live price of trade instruments as well as the amount of time till a candle closes. In day trading, traders typically prioritize frequent opportunities and direct entrances. In this regard, you may want to pay special attention to live prices and spreads. So that when you see the price matching your anticipation, you can place a buy. Another useful feature for day traders is the candle time countdown, which shows how long it will take to finish the current candle and begin a new one. Pip Counter is a simple MetaTrader indicator that displays all relevant price information in a compact window. It allows you to concentrate on technical considerations and price ticks at the same time, keeping you alert during busy trading hours.

Setting up the Pip Counter Indicator
Setting up the Pip Counter Indicator

Pip Counter Strategy

When you install the Pip Counter Indicator in your MT4 platform, the indicator will begin displaying the price summary in the top left corner of the price chart automatically. It displays the current price in larger characters so that you can readily track changes in the asset’s value as needed. This indicator also displays the daily market high and low, which allows traders to forecast the current trend situation using the high-low approach. It also allows you to compare current price retracement levels to current market ranges. Pip Counter also displays live spreads of the assets, which can help scalpers in a variety of ways. It allows you to more precisely calculate the entry, take profit, and stop-loss levels. Day traders who use floating spreads, on the other hand, may notice frequent variations in the difference between asking and bidding prices. You may want to always aim to trade with reduced spreads to reduce trading costs.

Buy Signal

This could be your checklist for a buy trade:

  • When the indicator’s information corresponds with your strategy for a long trade.

Once this event occurs:

  • You could open a buy position based on your strategy after you confirm your entry with bullish candlestick patterns.
  • You could set your stop loss just below the nearest swing low.
  • You could set your take profit at the nearest resistance zone, or you could exit trade based on your strategy’s exit plan.
  • For good risk management, I would only consider trades with a risk to reward ratio of at least 1:2.
Pip Counter Indicator Buy Setup
Pip Counter Indicator Buy Setup

Sell Signal

This could be your checklist for a sell trade:

  • When the indicator’s information corresponds with your strategy for a short trade.

Once this event occurs:

  • You could open a sell position based on your strategy after you confirm your entry with bearish candlestick patterns.
  • You could set your stop loss just above the nearest swing high.
  • You could set your take profit at the nearest support zone, or you could exit trade based on your strategy’s exit plan.
  • For good risk management, I would only consider trades with a risk to reward ratio of at least 1:2.
Pip Counter Indicator Sell Setup
Pip Counter Indicator Sell Setup

Pip Counter Pros & Cons

Pros

  • The Pip Counter indicator displays price highs, lows, and current spreads, which traders can easily refer to.
  • This indicator broadcasts the live price of trade instruments as well as the amount of time till a candle closes.

Cons

  • The Pip Counter Indicator may require knowledge of price action by the traders in order for them to be able to carry out their technical analysis.
  • Day traders who use floating spreads may notice frequent variations in the difference between asking and bidding prices.
  • This indicator does not give direct signals for trade entries, hence the trader ought to have a strategy already.

Conclusion

The Pip Counter Indicator is a nice technical tool which traders could find beneficial. Although it does not create direct buy-sell recommendations, it allows you to easily follow the price during hectic trading hours. Furthermore, this indicator is easily customisable and works with various MetaTrader trading methods and timeframes.

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