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Written by Fxigor in Indicators

Understanding the BlueDigitsFx Open Trades MT4 and MT5 Indicator

Trading in the forex market can be complex, with multiple trades often open simultaneously, making it challenging to keep track of performance in terms of pips rather than just profit or loss in dollars. The BlueDigitsFx Open Trades indicator is designed to address this issue by providing traders with a simple yet powerful tool to monitor the number of pips gained or lost in real-time across all active trades on MetaTrader 4 (MT4) and MetaTrader 5 (MT5).

See the full description from my video on how to install indicator:

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What is the BlueDigitsFx Open Trades Indicator?

The BlueDigitsFx Open Trades indicator is a free tool for MT4 and MT5 platforms. It allows traders to see the number of pips in profit or loss for each open trade rather than just viewing their monetary profit or loss. This can be particularly useful for traders who want to focus on the movement of pips, which is a more direct reflection of market movements, rather than just the dollar amount, which can be influenced by lot size and other factors.

How to Install the BlueDigitsFx Open Trades Indicator

Installing the BlueDigitsFx Open Trades indicator is straightforward. Here’s a step-by-step guide:

  1. Open Your MetaTrader Platform: Whether you are using MT4 or MT5, start by opening your trading platform.
  2. Access the Market Tab:
    • On the platform, navigate to the Market tab. You can find this in the terminal window, which also includes other tabs like Trade, Exposure, Account History, and Alerts.
    • If you cannot see the Market tab, you might need to go to Tools and select MQL5 Market (for MT5) to bring it up.
  3. Search for the Indicator:
    • In the Market tab, type “BlueDigitsFx” into the search bar. This will bring up the BlueDigitsFx Open Trades indicator.
  4. Download and Install:
    • Click on the indicator to open its details page. You will find an option to download it for free. After downloading, the indicator will automatically be installed and appear in your Navigator window.
  5. Apply the Indicator to Your Chart:
    • Drag and drop the BlueDigitsFx Open Trades indicator onto any chart. The indicator will immediately start displaying the number of pips in profit or loss for all your open trades.

Features of the BlueDigitsFx Open Trades Indicator

The BlueDigitsFx Open Trades indicator is particularly valued for its simplicity and effectiveness. Here’s what you can expect:

  • Real-Time Pip Calculation: The indicator calculates the number of pips for each open trade, reflecting your trading performance more accurately.
  • Simple Interface: The data is displayed in a clean and easy-to-understand format, helping you to focus on your trading without unnecessary clutter.
  • Free and Easy to Use: Unlike many indicators that have a price tag or require a complex setup, BlueDigitsFx Open Trades is free and installs with just a few clicks.

Best Practices for Using the Indicator

While the BlueDigitsFx Open Trades indicator is a powerful tool, it’s essential to use it effectively. Here are some tips:

  • Avoid Overloading Your Chart: It’s tempting to add multiple indicators to your trading charts, but this can lead to information overload. It’s often better to use a minimal number of indicators to keep your trading environment simple and focused.
  • Combine with Other Tools: You can use the BlueDigitsFx Open Trades indicator in conjunction with other tools, such as a pip counter, currency strength meters, or drawdown calculators, on separate charts to provide a broader picture of your trading performance without cluttering your main trading screen.

Conclusion

The BlueDigitsFx Open Trades indicator is an excellent tool for traders who want to monitor their pip performance closely. Its easy use and clear presentation make it valuable to any trader’s toolkit. Following the installation steps and using the indicator wisely can enhance your trading experience, monitor your performance, and make informed decisions more straightforward.

Fxigor
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Fxigor

Igor has been a trader since 2007. Currently, Igor works for several prop trading companies. He is an expert in financial niche, long-term trading, and weekly technical levels. The primary field of Igor's research is the application of machine learning in algorithmic trading. Education: Computer Engineering and Ph.D. in machine learning. Igor regularly publishes trading-related videos on the Fxigor Youtube channel. To contact Igor write on: igor@forex.in.rs

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