The price grid indicator paints lighter colored bands in the background showing pip ranges on
the chart. This helps you visually see what distance in pips price is covering
on a chart, regardless of how extreme you have zoomed in or out on the chart
view. The pip ranges are adjustable, but by default are 10 pips for charts M15
and lower, 50 pips for M30 and H1, for the H4 charts it is 100 pips and for the
daily, weekly and monthly the bands are 500 pips. If you change the time
frequency of a chart, the width of the price grid’s price bands automatically
adjusts to the size that matches the time frame you choose.
M15 and lower charts by default have a 10 pip high grid
M30 & H1 charts by default have a 50 pip high grid
H4 charts by default have a 100 pip high grid
D1 and higher charts by default have a 500 pip high grid
This is the maximum number of rectangles / grid objects that will be
drawn on the chart. This allows you to better control the CPU
usage on your trade station. For example, if you had some bad
history or an unusually large amount of history, without this limit the
indicator might try to draw 10,000 range objects on your chart which
would freeze your trade station. If you need more ranges drawn
higher or lower in your chart for back testing and/or analysis, you may
raise this number. If you have a large number of charts open and
you need to keep CPU usage at bare minimums, you could set this to 10.
If you set it to 10 your M15 charts would have price grids drawn only
about 100 pips above and below current price. The H1 chart, 500
pips above/below current price, H4 chart 1000 pips above/below current
price. This is based upon the size of the grid and the maximum
number of rectangle objects you are letting the indicator draw.
This parameter allows you to change the background color of the
rectangle objects that are drawn.