Trader Tip: BPT Tool – MT4 Indicator Here perhaps is an interesting MT4 Indicator tool (BptTool) that you may find useful. Not only in its use, but as a coding example/exercise that will help spur you on your educational path in our field of trading. The price is right … ;-). There are other similar tools out there to be searched for on the Internet, though some at a cost and many without the source to build on to them. Please see below a brief description of the tool.
The first part of this MT4 Indicator, is to display the Broker time and your configurable “MyZone” time offset to better get a feel of the timezone differences between what is being displayed via the broker timezone of the chart and your own local timezone. Note that normal timezones displayed on a chart are from the broker’s trade server. In addition, it gives a way to display two crosshairs (A and B), with an “X and Y” trend line with the corresponding differences (number of bars, Points and time) between each crosshair points.
The second part of this MT4 Indicator provides a way to display lines on a chart for better graphic presentation for your Trade Journal. It is compliant to the BPT Trade Journal chart marking methods. The user can enter the MT4 ticket on the chart and have the Indicator search the MT4 order book to get the lines precisely as traded placed on the chart. Where Stops and Targets have been moved since the end of the trade has occurred, there is also a mechanism to place alternative values for these data items that are different than the MT4 order book.
But a tool in and of itself will not make you necessarily a star trader – “a fool with a tool, is still a fool.”
Note that there is also a mechanism to display the chart in a defined color format. All these features can be turned off and on (to toggle their display on the chart), edited and set to different defaults by learning a little programming and editing the MT4 Indicator itself. Click here to download the MT4 BptTool indicator (both executable and source). Click here, or watch below a video presentation of this Trader Tip and use of this MT4 Indicator.
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