Price Lines
Info
The Price Lines is a Script for MetaTrader 5 that the standard chart grid has a number of peculiarities, that do not allow to determine the price movement at first sight: the grid step changes dynamically when switching timeframes, the step is not tied to the basic levels, such as 1. 12000, like in the screenshot below.
Usage
This tool is typically used for enhancing chart analysis and decision making.
Platform
This Script works exclusively on MetaTrader 5 (both build 600+ and newer versions).
Setup
Place the downloaded file in MQL5/Scripts folder via File ? Open Data Folder in MetaTrader 5.
How to Install and Use Price Lines
1. Installation: Move your script file into the MQL/Scripts directory and restart the platform.
2. Execution: Drag the script onto a chart; it will perform a one-time action, such as closing all open orders or clearing chart objects.
3. Editing: Use MetaEditor (F4) to modify code, click "Compile," and verify no errors appear in the terminal before running.
4. Removing: Scripts stop automatically, but you can remove them manually by right-clicking the chart and choosing "Remove Script."
Frequently Asked Questions
Q: How are scripts different from EAs? A: Scripts execute a single action and then stop; EAs monitor the market and trade continuously.
Q: Can I assign a hotkey to a script? A: Yes, right-click the script in the Navigator, select "Set Hotkey," and define your preferred keyboard shortcut.
Q: Why did my script stop? A: Scripts are designed to stop immediately after finishing their programmed command; this is normal behavior.
What this tool does
The standard chart grid has a number of peculiarities, that do not allow to determine the price movement at first sight: the grid step changes dynamically when switching timeframes, the step is not tied to the basic levels, such as 1.
Typical Use Case
This Script excels in automated trading and technical analysis on MetaTrader 5.
Compatible Platform & Setup
This Script works on MetaTrader 5. Place the file in the MQL5/Scripts folder and restart the terminal.
Description & Settings
Related: Price Action Dynamic Exit Strategy - Profit Shield Pro - another powerful script for MetaTrader 5 traders.
The standard chart grid has a number of peculiarities, that do not allow to determine the price movement at first sight: the grid step changes dynamically when switching timeframes, the step is not tied to the basic levels, such as 1.12000, like in the screenshot below.
Also recommended: Stop Out Price - similar script with strong performance on MetaTrader 5.
The Price Lines script marks the price levels on the chart and supplements the chart grid. It helps to determine the fluctuations in the currency rates at a glance. It is possible to set the color, lines width and their step. The lines are automatically bound to the basic levels.This script is especially useful on the EURUSD chart, as the price tends to "snap" to levels that are multiples of 50 and 100 points and to "drift" near them.
You may also like: Straddle Orders Around Current Price Level - excellent alternative for script users on MetaTrader 5.
⚠ 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.