money-meter

Related: twiggs money flow - another powerful indicator for MetaTrader 5 traders.

the indicator measures money on a chart.
why do we need it?
conventional metatrader charts are usually measured in points making it difficult to quickly convert them into money when you need to evaluate a position lot (or several lots).

Also recommended: camarilla equation modified - similar indicator with strong performance on MetaTrader 5.

of course, you can calculate in your mind or use a calculator.
however, this is not always convenient. besides, traders usually set lots by rule of thumb, rather than applying certain numbers. sometimes, they even do not calculate risks for the applied volume.
what does this indicator do?
the indicator displays cost levels above and below a selected zero level.
what are cost levels?
this is the amount of funds that will be lost or added to the account if you open a position with a specified lot from the zero level.
what is a zero level?
by default, the indicator starts calculation from the current price, but if you enter the price in the zero_price parameter, it will calculate from that price.
what other parameters does the indicator have?

grid_step_value – grid step in the deposit currency

lot_size – working lot for virtual position

lot_divider – lot divider (divides volume by the specified value)

total_levels – how many levels to draw up and down

zero_price – price to be used as a zero level

progression – progression type (see below)

multiplicator – multiplier for progression

lines_color – grid lines color

lines_width – grid lines width

lines_style – grid lines style

lines_prices – displaying grid level price on the price scale

text_shift_bars – shift captions left/right according to the number of bars
how to apply this all?
select the lot_size working lot for the future position and set the grid step in money grid_step_value. the indicator shows levels when position gains the appropriate profit or loss (excluding swaps and commissions). this means, each grid level forms addition or subtraction of a specified grid_step_value to a position. each level is signed, thus, it clearly shows how much you can lose or earn if the price reaches the appropriate level.
what is lot_divider parameter needed for?
for some brokers with non-standard contracts. for example, there is one well-known broker setting a point price 100 000 times higher than what it should be. therefore, you need to specify this number as a divisor of the lot_divider volume in order to correct the calculations.
why do you need a 'progression' parameter?
by default, the indicator counts the profit/loss for one position of a specified volume, and the progression allows estimating the amount of profits/losses. consecutive additions at each grid level help to quickly assess the overall depth of the drawdown for a series of averaging positions or the total profit for pyramiding.
what progressions do we have here?

nonе – no progressions

equal – equal volume positions

linear – volumes grow linearly as a natural series

fibo – volumes grow by fibo numbers

martin – geometric progression with the 'multiplicator' multiplier
what are the indicator signals?
the indicator provides no signals. it is needed for rapid risk assessment before opening a position.
how to assess risks for already open positions?
you may use another indicator for that: smart-calculator.
how does it look like?

You may also like: chaikin volatility - excellent alternative for indicator users on MetaTrader 5.

#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_chart_window
#property indicator_plots 0
input double            grid_step_value=100;
input double            lot_size=0.1;
input double            lot_divider=1;
input double            total_levels=50;
input double            zero_price=0;

.......

• 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.