How do you check your drawdown without connecting to monitoring services? The problem with monitoring services is that their updates may lag up to several hours. Here is where a balance and equity indicator comes in. This indicator displays your current balance and equity right in the chat window. Convenient, huh?
Before reading the article and writing your questions in the comments section, I recommend to watch this video. It’s not long but covers the biggest part of questions on the topic.
What is balance and equity?
Balance is an amount of money on your account that is not influenced by any open positions until all active trades are closed.
Equity is an amount of money a trader will have when all active trades are closed.
There is another important term to understand.
Drawdown is a difference between account balance and equity.
Account Equity Analyzer v2
Out of all tools covered in this article, this indicator is the simplest one. It displays your balance and equity throughout your trading history.
- Here you need to enter your starting deposit. This value will be used for all further calculations.
- This is the number of orders that will be used to calculate your balance and equity.
This indicator offers a more effective way to visualize your equity and balance. On the chart, you can see your equity line and closing dates of your trades. You can check information on each trade (profit, balance, and drawdown). Plus, the tool offers a big selection of settings.
- Date_Begin is the first date for which the indicator will display information on the chart.
- Zero_Balance – You can use a zero balance.
- Only_Comment – You only analyze trades with a certain comment.
- Only_Magics – You only analyze trades with a certain magic number.
- Only_Symbols – You only analyze trades on a certain pair.
- Only_Buy / Only_Sell – You only analyze buy/sell trades
- Show_Balance/Margin/Fee – You can choose to display the balance/margin/fee.
- Show_Info – You can choose to display maximum and absolute drawdown, as well as a recovery factor.
- File_Writer – You can save the indicator values in a file.
Good news! With this indicator at your fingertips, you don’t need monitoring services anymore. It offers a stunning variety of functions and settings:
- open/closed trades,
- maximum drawdown,
- stats on profitable/losing trades, etc.
You can customize charts, filter trades by profit, and many more. Plus, you can export any chart into an HTML report.
- Visual Settings – You can change the text color, background color, colors of export reports, and text size.
- Column View – You can choose which values to display on the chart. For example, you can enable or disable profits, fees, etc.