Info Rectangle Drawing Indicator for MT4

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Info Rectangle Drawing Indicator for MT4

Introduction to the Info Rectangle Drawing Indicator

There are some technical indicators which might not provide = indications which traders can base their decisions on but can provide information which can help them decide whether that particular currency pair or market is worth trading and the Info Rectangle Drawing Indicator is one of such indicators.

What is the Info Rectangle Drawing Indicator?

The Info Rectangle Drawing Indicator is a simple information board type of indicator which displays the currency pair of the opened price chart, the spread between the bid price and offer price, as well as the range between the highest high and lowest low for the day. It is preset to display this information on the lower right corner of the chart.

Info Rectangle Drawing Indicator for MT4

How the Info Rectangle Drawing Indicator Works?

The Info Rectangle Drawing Indicator simply retrieves the necessary data such as the name of the current price chart, the ask price and bid price, as well as the highest high and lowest low of the day from the server’s price feed.

It then calculates for the difference between ask price and the bid price and displays it as Spread. This spread information is displayed in pips rather than points.

It also calculates for the difference between the highest high of the day and lowest low of the day to arrive at the daily price range. It then displays the difference on the “HiToLo” field and is also presented in pips.

How to use the Info Rectangle Drawing Indicator for MT4

The Infor Rectangle Drawing Indicator has several options within its indicator settings which allow users to modify its visual presentation.

The “info_corner” option allows users to choose which corner on the price chart the information board would be displayed. Users can click on it to reveal a drop box wherein users can choose between “Left upper chart corner”, “Right upper chart corner”, “Left lower chart corner”, and “Right lower chart corner”.

The “rectan_color” option allows users to modify the color of the rectangle which serves as the background for the information board.

The “rectan_X” and “rectan_Y” fields allow users to adjust the position of the information board both on the x and y axis of the price chart.

The “rectan_bord_style” modifies the type of border the information board uses, while the “rectan_bord_color” modifies the color of the border, and the “rectan_bord_width” modifies the thickness of the border.

The “font_name” option allows users to choose the font style used on the text, while the “shift_wordsX”, “shift_wordsY”, and “step_wordsY” adjusts the positions of the text as well as its spacing.

“show_symbol_period” toggles the display of the currency symbol on or off, while the “symbol_color” changes the color of the symbol, and the “symbol_font_size” modifies the size of the symbol text.

“show_spread” toggles the display of the spread on and off, while the “spread_color” changes its color, and the “spread_font_size” changes its font size.

“show_highLow” toggles the display of the daily range on or off, while the ”highLow_color” modifies its color, and the “highLow_font_size” modifies its text size.

How the Info Rectangle Drawing Indicator Works

Conclusion

The Info Rectangle Drawing Indicator does not provide much technical indication such as trend and momentum direction. However, what it provides can be very useful for day traders. Spread allows day traders to assess whether the trading cost on the spread is too high for the strategy to profit on or not. The daily range also allows users to assess whether the market has already exhausted most of its average daily price movement or not.

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Info Rectangle Drawing Indicator for MT4

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