Using ‘Show trade levels’ function on MetaTrader MT4
‘Show trade levels’ function in MT4
‘Show trade levels’ is a function available inside MetaTrader 4 aka MT4. It shows entry price, stop loss and target price for open positions when set to ‘ON’. It is a simple way to display and to read one’s stop-loss and target-price right on the chart interface.
Features of ‘Show trade levels’
- It is a function that can be turned ON or OFF. It is ON by default.
- There are 3 elements: entry price (green dotted line), stop loss (red dotted line) and target price (red dotted line). Colours can be personalised.
- Entry price shows up when a trade is open. (Not visible when function is set to ‘OFF’ or when there is no open position.)
- Stop loss and target price shows up when they are set. (Not visible when function is set to ‘OFF’ or when stop loss and/or target price are not set.)
- Function is available in both live and demo trading accounts.
- Stop loss and target price can be clicked on, dragged and dropped to read or change value.
- Placing cursor over active stop loss or target price will show profit/loss in funded currency and in pips.
How to use ‘Show trade levels’
Within MT4, Click on Tool –> Options –> Charts Tab and ensure that the ‘Show trade levels’ is selected.
This video teaches you how to adjust and set your SL or TP visually.
The fractional pip or 5th decimal found on some brokers’ data
The ‘pips’ value displayed in the 1st image above shows ‘566pips’. Take note that as the platform used is from a 5 digit broker, hence the last digit would be a fractional pip. Therefore 566pips shown in MT4 on a 5 digit broker platform is actually 56.6 pips.
I want to emphasise the fractional pip because some educators or blogs communicate the 5th decimal as a full pip rather than a fractional one which inflates their trading performance. Imagine you will 56.6 pips but tell people that you score 566 pips. In this sense, MT4 is not doing users a favour. Here at TerraSeeds and on this blog, the 5th decimal is fractional.