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Horizontal Grid Lines on Chart Indicator for MetaTrader 4 Platform

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Introduction:

15 Sep 2010 – Version 2

GRID10 is an indicator which will draw a grid on a chart using grid lines separated at a convenient power of ten. I have updated this indicator with the following features:

1 – The optional ability to include intermediate grid lines every 10%, 20%, 25% or 50% of the major grid lines.

2 – The resolution of the grid is now tied to the range of the chart (rather than the range of the data on the chart). This means that if the chart is resized, the grid will automatically resize with it at the next tick. (You can resize the chart by right-clicking in the margin to the right of the chart, and dragging the mouse up or down accordingly.)

3 – Correction to odd results caused by use of MathMod API function. (See the code for details of this fix if you’re interested.)

GRID10 (Ver 2)

Instructions

Choose the symbol you’re interested in and display it in a chart window.
Select Ctrl-G to erase the default grid. Or, right-click on the chart, select properties, choose common, and then uncheck show grid.
Download and compile the Grid10.mq4 code and load Grid10 Custom Indicator to your chart.
It will automatically scale according to the range of the chart you have placed it upon.
Optionally, choose whether you require intermediate grid lines and, if so, their frequency.

Intermediate Line
Percentage(%) Number of Sub-divisions
between gridlines
0 –
10 10
20 5
25 4
50 2

Optionally, choose your colour scheme and line style properties for the grid and intermediate lines.
At your will, resize the chart (right click in chart margin and drag mouse).

GRID10 Settings

That’s it!

10 Sep 2009 – Version 1

I have found the horizontal grid lines displayed on MT4 charts to be somewhat arbitrary and a touch confusing.

So I developed this indicator, GRID10, which will automatically display horizontal grid lines on a chart positioned and separated at a convenient power of ten according to the range of the symbol plotted on the chart.

Consider the chart of an index, say S&P 500, ranging in value from less than 800 to greater than 1000. Imagine how convenient it would be to have horizontal grid lines placed on the chart at 800, 900 and 1000 to aid interpretation of data.

S&P 500 Chart with Grid10

Consider a currencey pair, say AUDCAD, where the range of the chart is considerably less than 0.1. In this case, grid lines will be drawn at intervals of 0.01.

AUDCAD Chart with Grid10

The grid lines will automatically re-adjust in the event of the chart being resized to change either the number of bars displayed or the absolute range of the symbol being plotted.

 

Installation:

1. Copy “Horizontal Grid Lines on Chart.mq4” file to C:/Program Files/MetaTrader4/experts/indicators folder
and restart your MetaTrader.
2. Open Navigator/Custom Indicators panel and drag the indicator named “Horizontal Grid Lines on Chart.mq4” to the
chart of any currency pair.

Click to Download: Grid10

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