Using the Forex Indicator

If you have Metatrader open, you will want to close it at this time, allowing the software to refresh and load the indicators and scripts that were just placed in their respective folders.

When reopening Metatrader, go to the navigator. If the navigator is not visible go to View --> Navigator, as seen in Figure 9.

Figure 9: Open the navigator

With the navigator open, click on the "Custom Indicators" drop down list, seen in Figure 10.

Figure 10: Custom indicators

With the drop down expanded, scroll to find the "CheckAccount" indicator, shown in Figure 11.

Figure 11: "CheckAccount" indicator

The CheckAccount indicator can be executed in two ways, first, by double clicking on it, and second by dragging it onto a chart. Either method will result in the dialogue box shown in Figure 12.

Figure 12: Executing the CheckAccount indicator

Click on the second tab called "Inputs" to bring up the two parameters: Risk Level and Delay, as seen in Figure 13. Risk Level is the indicator's main parameter, and is activated if your account balance is less than the inputted value. So if you put 5,000 in this box, the risk management indicator will alert you whenever your account falls below $5,000. You should change this amount in the parameters box depending on how much money you have in your Forex account.

The other parameter, Delay, is the delay in ticks that your set alerts are repeated.

Figure 13: Input values

To access the "CloseAllTrades" indicator click on the scripts drop down, shown in Figure 14.

Figure 14: Scripts drop down

After expanding the scripts drop down, locate the "CloseAllTrades" script and either double click on it or drag it onto a chart, as seen in Figure 15.

Figure 15: "CloseAllTrade" in script drop down

By clicking "CloseAllTrade", Metatrader will close all open trades on all charts, and requires no inputs. This is an excellent tool to have in your Forex trading arsenal for a worst case scenario.

If the script can't close any trade, an alert message will appear and it will need to be executed again in a few minutes. Upon double clicking "CloseAllTrade" or dragging it onto a chart, a confirmation window will appear, similar to Figure 16.

Figure 16: "CloseAllTrade" confirmation

Your risk management indicator package is now installed and you can begin your Forex trading!