“PriceChange” is one of the most useful indicators that Forex traders will come across. By using this indicator for MT4, you can easily see the fluctuation in a price range on a monthly, weekly, or daily basis.
If you know the usual fluctuations in the price range, such information may be useful for setting up reversal trades near the extremes of the ranges.
Let’s have a look at this interesting and useful indicator in more detail, plus you will be able to download it for free at the end of this page.
As you can see from the image, this indicator displays a variety of information. See below for details.
Information displayed by the indicator:
- Open price on monthly, weekly and daily charts
- Close price on the monthly, weekly and daily charts
- Difference between opening price and closing price (variable value, displayed in pips)
- Difference between opening price and closing price (rate of change, expressed in %)
If the rate of change is positive, the text color will be blue. In the opposite case, it turns red.
Tips for using the indicator:
The above information can be used for various purposes. For example, if the rate of change is very high on the monthly chart, it may be overbought on the lower timeframe. In this case, it may be a good idea to put a contrarian - reverse - short trade via the daily chart.
The indicator can also be used simply as a trading guide. For example, "You can only place a buy order in a blue time frame." There are countless ways to use the information from this indicator which can greatly improve one's trading results.
- Corner - Decides where the text will be displayed
- xdis - Decides X position of the text
- ydis - Decides Y position of the text
- FontPlus - Decides the color of the text when Close is higher than Open
- FontMinus - Decides the color of the text when Close is lower than Open
- back - Decides whether the text will be background or not
Download the "PriceChange" indicator for free from the button below
Do you need help with installing this indicator into MT4 for Windows or Mac OS? Our guide HERE will help you.