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Pip Calculator

The PIP Calculator indicator for MT5 displays the value of pips for the traded currency pair on the chart. The Pip Calculator Indicator MT5 is a must-have tool for any serious forex trader, and it is available for free.

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Description

The Pip Calculator indicator for MT5 is a technical trading tool that automatically calculates the pip value for the currency pair being traded. It performs calculations in real time, which enables traders to see the value of the pip of the traded currency pair.

The indicator is a supporting tool for trading, suitable for beginners and experienced traders. It is a valuable tool that can enhance risk management practices for users. It helps traders assess a trade position’s potential risk and reward based on their account balance.

Features of the Pip Calculator Indicator for MT5

The indicator is a multi-timeframe tool that automatically calculates the lot size value per point and pip using the base (deposit) currency. It displays the changes in value per tick (smallest price changes based on tick movement) and per pip directly on the MT5 chart.

The indicator uses 1 standard lot size by default for calculating the pip value of the traded financial instrument. However, it allows traders to adjust the lot size parameter to suit their trading account balances.

Benefits of Using the Indicator

  • Risk Management: The Pip Calculator indicator for MT5 helps Forex traders easily evaluate a trade’s potential profit and loss. This enables traders to quickly assess the risk-to-reward ratio of an intended trade before making a decision.
  • Convenience: The indicator integrates directly with the MT5 platform, which makes it convenient for beginners and experienced traders to plan their trades before execution.
  • Time-Saving: Finally, the indicator reduces the time it would take traders to calculate the risk-reward ratio of a trade.

Indicator Settings Description

The indicator comes with the following customizable settings:

Lot Size: Determines the lot size value for pip calculation.

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How to Install

How install MT4/5 indicator in the terminal?

To install an MT4/5 indicator in the terminal, follow these steps:

  1. Download the indicator file (.ex4 or .mq4/.ex5 or .mq5) to your computer.

  2. Open the MT4/5 terminal and click on “File” in the top left corner.

  3. Select “Open Data Folder” from the dropdown menu.

  4. In the window that opens, double-click on the “MQL4/5” folder.

  5. Double-click on the “Indicators” folder.

  6. Drag and drop the indicator file from your computer into the “Indicators” folder.

  7. Close the data folder window and restart the MT4/5 terminal.

  8. The indicator should now be available in the “Navigator” window on the left-hand side of the terminal. Simply double-click on the indicator to add it to a chart.

Note: If the indicator is in a .zip file, you will need to extract it first before following the above steps.

And if asks to confirm DLL?

If the indicator you are installing requires access to external Dynamic Link Libraries (DLLs), you may see a pop-up message asking you to confirm the use of DLLs.

DLLs are external libraries that contain code that can be used by other programs. In the case of MT4/5 indicators, they are often used to perform complex calculations or connect to external data sources.

If you trust the source of the indicator and want to use it, click “Yes” to confirm the use of DLLs. If you are not sure or do not trust the source, click “No” to cancel the installation.

It’s worth noting that some indicators may not work properly without access to their required DLLs. If you choose not to allow access to DLLs and the indicator does not work as expected, you may need to reinstall the indicator and confirm the use of DLLs to get it to work properly.

 

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