Pip Counter Indicator Guideline
Pip counter is an informative indicator for MT4 that shows the trading outcome in pips. In other words, the pip counter shows pips in order to keep forex traders aware of their current profitability. Moreover, the pip counter indicator for MT5 displays the real-time profit and loss of the current currency pair in pips and shows it also in USD . In fact, it can accurately calculate how much pips is worth in US Dollars. Consequently, this MetaTrader indicator is an excellent analytic tool for FX traders. Also, the pip counter is an indicator for Tradingview that works as a pip counter with all types of trading instruments such as stocks, Forex, CFD, and cryptocurrencies.
Pip Counter Indicator
What is pip counter Indicator ?
Pip counter is a real-time profit calculator that counts and shows trading outcomes in pips. Yet, the following one has many benefits compared to standard profit and loss calculators. Because it plots a real-time profitability presentation of whether the trade or trades are in profit or loss. Also, trading results are displayed in the base currency of the trading account. In fact, Forex and crypto traders save time by using the indicator as they do not have to refer each time to the MetaTrader terminal to monitor outcomes. Moreover, when they are holding numerous positions on the same pair, an aggregate profit is accumulated and presented as a single deal.
Now, we will break down each particular benefit of the pip counter separately. In order to understand its utility in the FX market.
How do I show pips counter in MetaTrader?
You can show your profit and loss in pips by using the free download pip counter indicator in MetaTrader 5.
Profit and Loss in pips
Many Forex traders desire to be informed of the precise amount of pips that the trade is generating as a profit. Because showing pips in real-time may guide them towards profit targets that suit their risk appetite. Consequently, the pip counter shows how far away they are from attaining the projected target. thus, the pip counter indicator can be involved in the risk management process of the trader.
Profit as a percentage
This counter is so useful for forex traders that want to regard their floating profit as a percentage of their trading account. Because chartists usually risk a precise percentage of their account balance for one specific position. To clarify, this is referred to as the trade risk. Moreover, this percentage is helpful in tracking the risk-reward ratio. For example, a chartist who has planned to risk 1% to make 5% can get insights into its risk-reward situation through the profit percentage.
Limitations of the indicator
The pip counter tool has two limitations. First, it does not show profit and loss in pips for each position individually when there are multiple positions in the same currency pair. Because it aggregates outcomes of the forex pair as we discussed before. Second, it does not aggregate the profits of the positions in different forex currency pairs. Because the pip counter focuses on the outcomes of a single currency pair. Thus, the trader should launch the indicator on every trading chart separately.
Download Pip counter indicator for MT4
The MT4 pip counter indicator is a forex tool for MetaTrader 4 platforms that count and show earnings in pips. In fact, it provides forex traders with a clear summary of their trading position. To explain, this indicator exhibits the profit and loss in pips, then in dollar , and after that in percentage terms. Consequently, that helps chartists to survey the profitability situation of the initiated position. Also, an important benefit of the pip counter MT4 indicator is that the percentage P&L allows forex traders to manage their trade and account risks within their acceptable risk boundaries. Thus, the pip counter indicator shows on MT4 charts informative data that could guide traders in relation to their risk exposure and profit targets.
Download Pip counter indicator for MT5
The MT5 pip counter is a forex indicator for MetaTrader 5 platforms that count and show returns in pips. First, it shows the number of pips that the trade is generating as profits or losses. Then, the outcome is displayed using the currency of the trading account. Finally, this pip counter indicator for MT5 displays the profit or loss as a percentage associated with the account trading balance. Traders use this relevant information in order to monitor their trading outcomes in real-time in the forex market. Besides, these pieces of information are plotted directly on the trading chart near the most recent candle. In short, the pip counter indicator shows on MT5 charts the profit and loss in pips, in a currency amount, and in percentage terms.
Download Pip counter indicator for Tradingview
The pip counter indicator for Tradingview is free to download and specifies the possible profit or loss of the currency pair that you would buy or sell. First, set the pip amount, the lot type, the trade size of the currency pair. Then, select your account base currency or the currency in which you would like to notice the outcomes. Finally, the potential profit or loss is displayed by the pip counter Tradingview indicator on the chart. Usually, forex traders use this pip counter before opening the trade in order to forecast how much they would gain or lose exactly depending on forecasted Trade results. Below is a EURUSD screenshot that shows the pip counter indicator on the Tradingview chart.
In conclusion, the pip counter shows profits in pips on the Tradingview chart. Also, this profit counter provides forex traders with real-time profitability circumstances. Specifically, it shows profits and losses in pips and as a percentage. thus, this analytic tool helps the forex trader in various ways and facilitates monitoring its trading outcomes live.