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.


(Click here for more info about parameters)


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.