Introduction to the Magnified Market Price Indicator
Price is probably the most important data that traders need when trading based on technical analysis. As such, it is important for traders to have a quick access to the current market price. However, the market price displayed by the MT4 platform does seem to be too small for some traders. The Magnified Market Price Indicator can be a tool that traders could use for this purpose.
What is the Magnified Market Price Indicator?
The Magnified Market Price Indicator is a simple technical indicator which displays the latest trade price of a currency pair on the corner of the price chart in large fonts. The template used here has set the indicator to plot the latest transaction price on the lower right corner of the chart.
The price displayed also changes based on whether the last transaction price was a bid or an offer. The color of the latest transaction price is red whenever price moved towards the bid price.
The latest transaction price displayed becomes green whenever the last transaction price was a move towards the offer price.
How the Magnified Market Price Indicator Works?
The Magnified Market Price Indicator has a simple script which copies the price feed from the broker’s server. It then displays the price feed on one corner of the price chart.
The color of the displayed price changes based on whether the bid price is higher or lower than the previous bid price. It displays price as green whenever the current bid price is higher than the old bid price. Inversely, it displays price as red whenever the current bid price is lower than the old bid price. This creates an effect in which the price displayed seems to change depending on whether the last transaction was a bid or an offer.
How to use the Magnified Market Price Indicator for MT4
The Magnified Market Price has several options which are mostly aesthetic.
It allows traders to toggle the changing of the color based on price movement on the “Bid Ask Colors” option.
If the “Bid Ask Colors” option is toggled off, the price displayed is preset to be black.
However, the color of the price displayed whenever the Bid Ask Colors is turned off can be changed on the “Font Color” option.
The font size can also be modified on the “Font Size” variable, while the font type can be changed on the “Font Type” option.
The market price displayed can be moved to different corners on the “What Corner” option. Option “0” is for the upper left corner, option “1” is for the upper right corner, option “2” is for the lower left corner, while option “3” is for the lower right corner.
Conclusion
The Magnified Market Price Indicator is mostly an aesthetic type of indicator. It does not provide any technical analysis indications which is useful for identifying trade setups. However, it can still be useful for scalpers and day traders who need to know what the current market price is as fast as possible. This is because this indicator displays a significantly larger display of the current market price compared to the bid and offer price displayed by the MT4 platform. It can also be a useful tool for scalpers and day traders as the color changes based on price movements can give traders an idea how price is behaving at the moment.
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