Introduction to the Simple Display Panel Indicator
The Simple Display Panel Indicator is an indicator which was developed for the purpose of testing a code which would allow programmers to create indicators that are displayed on a separate window panel. It is a very simple indicator which displays the bid and ask price within the created panel.
What is the Simple Display Panel Indicator?
The Simple Display Panel Indicator is a custom technical indicator which displays a panel board on the price chart.
This indicator creates its own window which serves as the panel. Within the panel, the indicator displays the bid price and the ask price.
How the Simple Display Panel Indicator Works?
This indicator is a very simple indicator with an algorithm that retrieves the bid price and ask price from the broker’s price feed. It also creates a separate window called the “TEST PANEL”, which is a window that can be dragged, minimized, and closed just like other windows. The indicator then displays the bid price and ask price on the TEST PANEL window.
How to use the Simple Display Panel Indicator for MT5
This indicator has just one settings option under its Parameter tab which is the “Apply to” option. It has a drop box which allows users to select a price point on a price candle. Users can choose between Close, Open, High, Low, Median Price, Typical Price, and Weighted Price. These options are typically used in indicators that requires a mathematical computation. However, it is unclear how these options apply to this indicator.
Conclusion
This indicator does not provide any technical analysis indications that can be actionable. It does not give traders a clue where the market would move next such as trend and momentum indications or trend reversal signals. What it provides is simply the bid and ask price displayed on a window.
Not many traders may find this indicator useful as the MT5 platform already has the bid price and ask price displayed natively. By simply pressing “Alt + T”, it would display the One Click Trading bar on the upper left portion of the price chart. It would readily display the bid price and ask price which are also coming from the broker’s price feed. Traders can also use this bar to easily buy or sell a currency pair or a tradeable commodity by simply clicking the bid or ask price. Aside from this, traders can also opt to have the bid price and ask price line displayed on the price chart. This can be activated within the properties window of the price chart.
As per the description from the programmer, this indicator is simply a reference for indicators that create movable panels which can be populated with various information.
Perhaps the value that this indicator has is its novelty. Not many indicators have the same display which would create a separate window that can be dragged, minimized, and closed by clicking a button on the window.
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