Someone on the MT E and I Yahoo group requested an indicator that drew horizontal lines on the screen every 25 pips. I figured I could bang that out in no time and started to make this indicator. I called it nPipLines because the number of pips between lines is configurable.

Anyway, this was a lot more complicated than I originally figured. There’s a lot of math to slice and dice the current price to make sure that the lines are actually straddled around your current position.

The indicator has several configurable options, including number of lines to draw, the pip gap between the lines, the line size, style and color, as well as if you’d like the lines to continuously update as price goes up and down. This continuous option seems a bit silly to me, as it does a lot of work each tick for really no reason, but some folks may want it to work that way. By default, this is set to false.

Here’s a snapshot:

Get this indicator:

nPipLines.mq4
nPipLines.zip

Categories: MT4 Indicators