The pip value calculator mt4 indicator is handy if you want to calculate pip values based on your trading account currency. By now, you guys should have found out that forex pip values vary between currency pairs.
Now, you can pull out a standard calculator and calculate pips values of different currency pairs, which, if I’m not mistaken:
- there are more than 20 other currency pairs
- it will take you a whole lot of time to do that.
Or you can do it the simple, easy way and use this pip value calculator forex indicator. All you need is to attach this forex pip value calculator indicator to the chart you want to calculate the currency pip value, and it will do it instantly. We also provide free forex trading signals based on price action. Click the link and check it out.
How The Pip Value Calculator Forex MT4 Indicator Works
This is how this forex indicator works:
- If your trading account is in USD, it will calculate pip values based on US dollars.
- Or, if your trading account is in AUD, this indicator will calculate pips values based on the Australian dollar.
- Or, if your trading account is in Pounds, pips values will be calculated in GBP.
How To Install The Pip Value Calculator Forex Mt4 Indicator On Your Chart
The process is straightforward, and here are the basic steps:
- Once you download it
- You need to save it in the “indicators folder,” where your forex MT4 trading platform files are kept.
- And then upload it onto a trading chart, and this is what it will look like including the showing information:
Things You Can Do With The Forex Pip Value Calculator MT4 Indicator
- Quickly calculate how much money you are risking based on where you place your stop loss on your chart.
- estimate how much money you’d be making if your profit target(TP) gets hit
Note: The two things mentioned above can also be done directly off the mt4 trading chart by simply clicking and dragging the open order “line” without the need for the forex pip value calculator.
[…] the BEARISH bricks in RED. A New Renko brick appears when the price changes the specified pip value entered in the forex indicator’s settings. The forex indicator positions its new Renko […]