breakeven line indicator
Info
The breakeven line indicator is a Indicator for MetaTrader 4 that breakeven line indicatoris a metatrader indicator that calculates breakeven level based on all open positions and displays it on your chart as a horizontal line. additionally, it will calculate the total number trades, the total number of lots, and the distance to the breakeven line in points and profit/loss.
Usage
This tool is typically used for enhancing chart analysis and decision making.
Platform
This Indicator works exclusively on MetaTrader 4 (both build 600+ and newer versions).
Setup
Place the downloaded file in MQL4/Indicators folder via File ? Open Data Folder in MetaTrader 4.
How to Install and Use breakeven line indicator
1. Installation: Place your file in the MQL/Indicators folder via "Open Data Folder" and restart your terminal.
2. Loading: Find the indicator in the Navigator, drag it onto your chart, and configure the input parameters in the popup window.
3. Customization: Press Ctrl+I to open the indicator list, select your tool, and click "Properties" to change colors, levels, or visual styles.
4. Updating: Replace the old file in the Indicators folder with the new version and restart the platform to apply changes.
Frequently Asked Questions
Q: Why is my indicator not showing? A: Verify the file is in the MQL/Indicators folder, or try right-clicking the "Indicators" tree in the Navigator and clicking "Refresh."
Q: Do custom indicators slow down the platform? A: Too many complex indicators can impact performance; remove unused ones via the "Indicator List" (Ctrl+I).
Q: Can I use MT4 indicators on MT5? A: No, MQL4 and MQL5 are distinct languages; ensure the indicator is compiled specifically for your platform version.
What this tool does
breakeven line indicatoris a metatrader indicator that calculates breakeven level based on all open positions and displays it on your chart as a horizontal line.
Typical Use Case
This Indicator excels in automated trading and technical analysis on MetaTrader 4.
Compatible Platform & Setup
This Indicator works on MetaTrader 4. Place the file in the MQL4/Indicators folder and restart the terminal.
Description & Settings
Related: actual resistance and support lines indicator - another powerful indicator for MetaTrader 4 traders.
breakeven line indicator
is a metatrader indicator that calculates breakeven level based on all open positions and displays it on your chart as a horizontal line. additionally, it will calculate the total number trades, the total number of lots, and the distance to the breakeven line in points and profit/loss. the indicator is available for both mt4 and mt5.
Also recommended: klines indicator suite - similar indicator with strong performance on MetaTrader 4.
you can press the shift + b keyboard shortcut to hide or show the breakeven line. the indicator supports multiple input parameters to configure the calculations and the looks.input parameters
ignorelong
(default = false) — if true, the indicator will ignore long positions and will only calculate the breakeven line based on short positions.
ignoreshort
(default = false) — if true, the indicator will ignore short positions and will only calculate the breakeven line based on long positions.
line_color_buy
(default = clrteal) — the color for the breakeven line when the total cumulative position is long.
line_color_sell
(default = clrpink) — the color for the breakeven line when the total cumulative position is short.
line_color_neutral
(default = clrslategray) — the color for the breakeven line when the total cumulative position is neutral.
line_style
(default = style_solid) — the breakeven line style.
line_width
(default = 1) — the breakeven line width.
font_color
(default = clrslategray) — text color.
font_size
(default = 12) — text size.
font_face
(default = "courier") — text font face.
objectprefix
(default = "bel") — the prefix for chart objects' names. it lets the indicator avoid conflicts with other chart tools.
You may also like: instantaneous trendline filter indicator - excellent alternative for indicator users on MetaTrader 4.
Source Code
#property copyright "RobotFX"
#property version "2.01"
#property strict
#property indicator_chart_window
#property description "Educational code - RobotFX www.robotfx.org"
#property description "Educational code - RobotFX www.robotfx.org"
input bool IgnoreLong = false;
input bool IgnoreShort = false;
input color line_color_buy = clrTeal;
input color line_color_sell = clrPink;.......
⚠ Limitations & Risk Warning
- This tool is provided for educational and testing purposes only.
- Past performance does not guarantee future results.
- Trading involves substantial risk of loss. Use on a demo account first.
- Results may vary depending on market conditions, broker, and settings.
- We recommend thorough backtesting and forward testing before using with real funds.