MQLTA Target Line Indicator
The Target Line Indicator (TLI) is a very useful tool to find and show on chart price levels to your desired profit. Given a specific profit or loss (or zero for break even), in your account currency, for example USD, the indicator will calculate which price needs to be reached, whether you have one or multiple open orders.
How does it work?
In the TLI options you can specify a profit or loss expressed in your account currency, once done the indicator will scan your open orders in the chart pair, apply filtering if needed, and calculate the target price to achieve that profit or loss.
How to Read the Indicator
The indicator will show a line and a label corresponding to the target price requested.
The several parameters of the TLI allow you to:
- Add several indicators/target prices, assigning to the indicator a different name (if two indicators have the same name one will override the other).
- Filter the orders by type (BUY, SELL, ALL) and/or by Magic Number.
- Consider or ignore extra costs such as Commissions and Swap.
- Select a desired profit or loss.
- Specify a manual spread (in case you want to do analysis assuming a specific spread, useful when the market is closed).
- Configure Notifications via email, app and alert, specifying a frequency.
- Draw or not labels and lines.
- Change colors and label positioning.
Why you should use the TLI Indicator?
The Target Line Indicator is a very useful tool because:
- Will calculate for you the price level to reach.
- Will show you graphically the prices.
- It is ideal in case of multiple orders/hedging strategies.
- Will send you notifications and alert.
How to Test and Backtest
Being the indicator a scanner for current open orders it cannot be backtested.
The TLI can be configured to send you notifications:
- Via Email.
- Via App.
- Via MetaTrader Alert.
Due to some rounding of double numbers and approximations the target price may not be exact to the cent however the formula applied is designed to be as close as possible to the desired profit/loss.
- MQLTA - Target Line Indicator
- Indicator Name - The name of the indicator, specify different names if you want to add several instances.
- Orders Filtering Options
- Consider Orders - can be ALL, BUY, SELL, to filter what orders to consider.
- Filter By Magic Number - true or false depending if you want to filter by magic number.
- Magic Number - if filter by magic number is true specify the Magic Number to look for.
- Spread, Costs, Profit and Loss Options
- Use Custom Spread - true or false to use a specific spread.
- Custom Spread (Pipettes) - if use custom spread is true specify here the spread to use, in pipettes.
- Ignore Commission - true or false depending if you prefer to ignore commission costs.
- Ignore Swap - true or false depending if you prefer to ignore the swap.
- Show Price for a Profit(+) or Loss(-) (0=Break Even) of - specify the desired profit or loss (or zero for breakeven) in your account currency.
- Notifications Options
- Send Alert Notification - true or false depending if you want to show alert notifications.
- Alert Sound (wav in the Sounds Folder of MetaTrader) - filename of the audio to play during the alert.
- Send Notification to Mobile - true or false depending if you want to send app notifications.
- Send Notification via Email - true or false depending if you want to send email notifications.
- Notify if Price is - Above or Below the target price lice.
- Repeat Notification - can be Once or Repeat, depending if you prefer to be notified once or with frequency.
- Notification Interval - can be 1, 5, 15, 30 or 60 minutes to be notified at determined intervals.
- Positioning and Colors
- Show Label - can be true or false depending if you prefer to see the label or not.
- Draw Line - can be true or false depending if you prefer to see the line or not.
- Line Color - to choose the color of line and labels.
- Lines Style - to select the style of the line, dotted, full, dot dot.
- Corner to show the labels - to select in which corner of the chart to show the labels.
- Horizontal offset (pixels) - horizontal spacing of the labels.
- Vertical offset (pixels) - vertical spacing of the labels.
- Line Tag Position - to select the position of the line description, can be above or below and left or right respect the last candle.
If you like this tool please take a minute to leave a review.
If you have suggestions to improve it please send me a message and we can discuss it further.
Feel free to visit my profile and "Add to friends" https://www.mql5.com/en/users/mql4autotrading.