Introduction to the Symbol Watermark with Timeframe Indicator
Many professional looking price charts display a watermark on the chart. It not only improves the visual appeal of the chart, but it can also provide some information that traders can use.
Let us take a look into what the Symbol Watermark with Timeframe indicator is and how we could use it to improve the visual aesthetics of our price charts.
What is the Symbol Watermark with Timeframe Indicator?
The Symbol Watermark with Timeframe indicator is a custom technical indicator which provides a visual modification on the price chart. It adds a watermark on the price chart displaying the timeframe as well as the currency pair or tradeable instrument symbol. It also adds another text box which is labeled with “Your Name Here”.
How the Symbol Watermark with Timeframe Indicator Works?
Based on the code of the Symbol Watermark with Timeframe indicator, it simply gets the information regarding the timeframe and the symbol form the information coming from the broker’s feed. It then places a text which is set to be a background displaying both the timeframe and symbol.
The indicator settings allow traders to modify the Font Size (sidFontSize) and Font Type (sidFontName). It also allows traders to modify the position of the watermark using the sidXPos for the x-axis, and sidYPos for the y-axis.
Traders can also modify the color of the text using the sidRed, sidGreen, and sidBlue variables. However, you would have to google the combination of these hues in order to arrive at the color that you would want. The red hue should be placed on sidRed, green hue on sidGreen, and blue hue on sidBlue.
Aside from the timeframe and symbol, the Symbol Watermark with Timeframe indicator also allows traders to display a “Tag Text”, which at default would display “Your Name Here”. Traders can opt to remove the Tag Text by changing the tagDisplayText variable to “false”. Traders can also change the Tag Text by changing the tagText variable to whatever you would want displayed on the chart. Just as with the previous text, traders can also modify the position, color, font, and font size of the Tag Text.
How to use the Symbol Watermark with Timeframe Indicator for MT4
The Symbol Watermark with Timeframe indicator is not the type of indicator that would provide traders an indication of where the market is moving. It does not provide technical analysis information such as trend direction, momentum, overbought or oversold price levels, volatility, etc. As such, it cannot give traders information that could help in identifying any trade setup.
This indicator is merely aesthetic. Traders can use this indicator to help them identify the chart symbol and timeframe they are trading at more quickly. It could also be used to label the type of trade setup they have identified using the “Tag Text”.
Conclusion
This indicator is not a technical analysis type of indicator but is rather more of an aesthetic modification type of indicator. Traders who prefer to have a watermark on their price charts for a more professional look can use this indicator.
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