Equity and Balance Chart Indicator
Info
The Equity and Balance Chart Indicator is a Indicator for MetaTrader 4 that this indicator displays the balance and equity lines on your trading chart. It also offers the option to visualize the used margin as a histogram and free equity as an additional line, providing insight into trading aggressiveness throughout your history.
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 Equity and Balance Chart 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
This indicator displays the balance and equity lines on your trading chart.
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: order balance control - another powerful indicator for MetaTrader 4 traders.
This indicator displays the balance and equity lines on your trading chart. It also offers the option to visualize the used margin as a histogram and free equity as an additional line, providing insight into trading aggressiveness throughout your history.Also recommended: equity chart modeller - similar indicator with strong performance on MetaTrader 4.
Additionally, trading statistics can be displayed in any corner of the chart. These statistics include monthly, yearly, or total trading period yields, maximum drawdown (both absolute and percentage), and calculations for the profit factor and recovery factor.
Indicator Parameters
only_trade
— Consider only trade operations, excluding balance adjustments (deposits, withdrawals, corrections).
only_magics
— Consider only orders with specified magic numbers (comma-separated).
only_symbols
— Consider only orders with specified tickers (comma-separated).
only_comment
— Consider only orders with a specific substring in the comment field.
only_current
— Consider only orders on the current chart symbol.
only_buys
— Consider only buy orders.
only_sells
— Consider only sell orders.
show_balance
— Display the balance line.
show_margin
— Display the used margin histogram.
show_free
— Display the free equity line.
show_zero
— Display the zero level line.
show_info
— Display statistics (profitability, drawdown, profit factor, and recovery factor).
alert_drawdown
— Set a drawdown percentage level for alerts (0 to disable monitoring).
max_drawdown
— Define the maximum allowed drawdown level in percent.
current_day
— Monitor drawdown only for the current day.
begin_monitoring
— Specify the start time for drawdown monitoring.
file_write
— Option to write data to a text file in the MQL4\files folder (filename based on account number).
draw_begin
— Set the start time for chart plotting (orders before this time will not be considered).
report_period
— Choose the profitability calculation period: month, year, or total.
text_corner
— Select the screen corner to display statistics.
fx_prefix
— Specify a prefix for currency pairs (necessary for some brokers).
fx_postfix
— Specify a suffix for currency pairs (necessary for some brokers).
Operation Features:
For the indicator to function correctly, ensure your trade history in the "History Center" is fully downloaded.
You may also like: on balance true range indicator - excellent alternative for indicator users on MetaTrader 4.
Source Code
#property copyright "robotfx"
#property description "this code is educational. feel free to use, modify and upgrade as you wish. visit robotfx.org for professional trading tools"
#property strict
#property indicator_separate_window
#property indicator_buffers 5
#property indicator_color1 steelblue
#property indicator_color2 orangered
#property indicator_color3 slategray
#property indicator_color4 forestgreen
#property indicator_color5 gray.......
⚠ 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.