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Basket Stats.mq4 is a MT4 indicator for MetaTrader that was designed to be a companion for the SnowRoller.mq4 MT4 expert advisor for forex. Basket Stats.mq4 allows monitoring of all open positions and profit and loss, as well as closed profit and loss. By using this MT4 indicator, you should be able to determine which forex currency cross out of a basket are adding positively to your bottom line, and which forex currency cross is costing you.
This MT4 indicator uses a parameter called MagicNumber. The default for MagicNumber is set to -1 which means all orders on this account will be counted. If you are running multiple expert advisors on a single account with different Magic Numbers and would like to only add up trades with a specific Magic Number, change MagicNumber to the number desired in the Basket_Stats.mq4 inputs. For more information on what the inputs mean, see Basket_Stats.mq4 inputs explained.
With the Basket Stats.mq4 MT4 indicator it is easy to tell based on color coding which forex currency pairs are hot, and which are not. In the example to the left O PnL represents Open Profit (green) or Loss (red), while C PnL represents Closed Profit (green) or Loss (red). The Lots column's colors relate to Long positions (green) and short positions (red). It is clear that EUR/JPY and AUD/JPY have been doing well while most of the USD crosses have been dragging down closed performance. Position size is creeping up to the upper limit (20) on Snow Roller.mq4 but as the position is in profit, there is little concern. The USDCHF position is also reaching its upper limit, however this position is trading at a loss and is a far greater concern. The AUDUSD open position appears to be reaching negative critical mass. Markets can change direction at any time so the goal of any trader is to maximize profits while minimizing risk. Trading larger size represents larger risk. While accepting reasonable risk in order to profit from an expert advisor is a necessity, one must always be aware of a rising position size when markets start to trend against the underlying position. This can trigger traders' protective stops which can lead to a slow downward grind of equity if stops are enabled.
In the example below it's clear that several forex currency crosses are making positive contributions to the closed Profit. GBPJPY and GBPCHF added 76.37 and 179.96 respectively to closed profit, while GBPCHF is adding a sizeable open position trade that is floating at a loss. This might cause some concern. On the other hand, EURUSD has stacked up some solid trading performance for closed profit and looks to add to the open profit. EURJPY has also banked some great profits. Large open positions are a bigger concern when they are combined with an increasing loss. The goal of the Snow Roller.mq4 strategy is to increase position sizing and thus risk as profits increase, thus creating a large potential trading profit that can be closed and which can "pop" equity up to a higher level. As you can see, Basket_Stats.mq4 makes it much easier to spot trends within the data to make more informed trade decisions in evaluating a basket of currencies.
The MT4 MQL4 code is attached below for free download and use. Download free Basket_Stats.mq4 MT4 indicator now! You may post this MT4 indicator to other sites, but if you do, you must post a link to this page directly and you may not sell it or the source code. You are otherwise free to copy, use and distribute this MT4 indicator for non-commercial use. Place the Basket_Stats.mq4 file in your ..\experts\indicators\ folder. Please see the MQL4 code for additional licensing information.
Also see Basket_Stats.mq4 inputs explained for how to use the Basket_Stats.mq4 MT4 indicator's inputs.
Be sure to also download the SnowRoller.mq4 MT4 Expert Advisor for forex.
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