Maximize Your Trading Insights with the Money-Meter for MetaTrader 5

Are you tired of the guesswork when it comes to evaluating your trading positions? Meet the Money-Meter, an essential indicator for MetaTrader 5 that takes the hassle out of managing your trades.

Why Do You Need the Money-Meter?

Traditional MetaTrader charts often only show points, making it tricky to quickly convert these into actual money. This can be a real headache when you're trying to figure out the value of your position lot.

Sure, You Could Do the Math, But...

Let's face it—mentally calculating your potential gains or losses isn’t always convenient. Many traders rely on a rule of thumb for setting their lots, which can lead to risky decisions. In fact, some might not even consider the risks associated with the volume they choose.

What Does the Money-Meter Do?

This nifty indicator displays cost levels above and below a selected zero level, so you can see exactly how much you stand to gain or lose.

What Are Cost Levels?

Cost levels represent the amount of funds you could either lose or gain if you open a position with a specified lot from the zero level.

What Is the Zero Level?

By default, the Money-Meter starts calculating from the current price. However, you can customize this by entering a different price in the zero_price parameter.

What Other Parameters Does the Indicator Have?

grid_step_value – the grid step in your account's currency
lot_size – the working lot for your virtual position
lot_divider – the divisor for your lot volume calculations
total_levels – the number of levels to display above and below
zero_price – the price to set as your zero level
progression – type of progression used (more on this below)
multiplicator – a multiplier for the progression
lines_color – color of the grid lines
lines_width – width of the grid lines
lines_style – style of the grid lines
lines_prices – display grid level prices on the price scale
text_shift_bars – shift captions left/right based on the number of bars

How to Use the Money-Meter?

Select your lot_size for future positions and set the grid step with grid_step_value. The Money-Meter will then display levels indicating your potential profit or loss (excluding swaps and commissions). Each grid level shows how much you stand to gain or lose if the price hits that mark.

What’s the Purpose of the Lot Divider?

Some brokers have non-standard contract sizes. For instance, one popular broker has a point price that is 100,000 times higher than it should be. This is where the lot_divider comes into play—it adjusts your calculations to ensure accuracy.

Why Use the Progression Parameter?

By default, the Money-Meter calculates profit or loss for one position based on a specified volume. The progression feature allows you to estimate gains or losses across multiple positions. This is especially useful for assessing the total impact of averaging down or pyramiding strategies.

What Types of Progressions Are Available?

none – no progression
equal – equal volume positions
linear – volume increases linearly
fibo – volumes grow according to Fibonacci numbers
martin – geometric progression using the multiplicator

What Signals Does the Indicator Provide?

The Money-Meter doesn’t generate buy or sell signals. Instead, it’s a handy tool for quickly assessing risk before entering a trade.

How to Assess Risks for Open Positions?

If you’re looking to evaluate risks on existing trades, consider using a different indicator: the Smart-Calculator.