equity chart
Info
The equity chart is a Indicator for MetaTrader 4 that with the default settings the indicator displays two lines: the line of the balance sheet and the line of the equity. additionally, it is possible to display the level of the used margin (as a histogram) and free equity (additional line) throughout the trading history, which allows to assess the aggressiveness of trade.
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 chart
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
with the default settings the indicator displays two lines: the line of the balance sheet and the line of the equity.
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: equity chart modeller - another powerful indicator for MetaTrader 4 traders.
with the default settings the indicator displays two lines: the line of the balance sheet and the line of the equity. additionally, it is possible to display the level of the used margin (as a histogram) and free equity (additional line) throughout the trading history, which allows to assess the aggressiveness of trade. the trading statistics (can be displayed in any corner of the chart): yields for month, year or the entire period of trading, the maximum drawdown (absolute and percentage), and also the calculation of the profit factor and the recovery factor.
Also recommended: albus multi chart 1: advanced chart overlay for metatrader - similar indicator with strong performance on MetaTrader 4.
the indicator parameters:only_trade
— take into account only the trade operations, excluding the balance ones (replenishment, withdrawal, correction)
only_magics
— take into account only the orders with the specified magic numbers (enumeration with any delimiter)
only_symbols
— take into account only the orders with the specified ticker (enumeration with any delimiter)
only_comment
— take into account only the orders with the specified substring in the comment field
only_current
— take into account only the orders on the current symbol of the chart
only_buys
— take into account only the buy orders
only_sells
— take into account only the sell orders
show_balance
— display balance line
show_margin
— display used margin histogram
show_free
— display free equity line
show_zero
— display zero level line
show_info
— display statistics (profitability, drawdown, profit factor and recovery factor)
alert_drawdown
— signal level of drawdown percentage (0 - disable monitoring)
max_drawdown
— maximum allowed drawdown level in percent
current_day
— monitoring of drawdown only for the current day
begin_monitoring
— drawdown monitoring start time (monitoring period start)
file_write
— option to write the data to a text file (mql4\files folder, file name corresponds to the account number)
draw_begin
— chart plotting start time (orders are not considered before this time)
report_period
— profitability calculation period: month/year/total
text_corner
— corner of the screen to display the statistics
fx_prefix
— prefix for currency pairs (required for some brokers)
fx_postfix
— suffix for currency pairs (required for some brokers)
operation features:
for the correct operation of the indicator, the trade history in the "history center" must be fully downloaded.
You may also like: macd indicator on price chart - 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.