Extra Report Pad indicator - MyFxBook in your terminal
There are many custom indicators for Forex, ranging from the simplest, slightly improved versions of standard tools like Stochastic or RSI, and ending with complex systems, the algorithm of which not every programmer will understand. However, in all this diversity there are not so many tools that analyze not the price chart, but already completed transactions by the trader. Meanwhile, statistics can provide useful information, the analysis of which will improve trading results.
Today we will analyze in detail a powerful indicator Extra Report Pad, which in its functionality is able to replace the MyFxBook service, well, or make it a serious competition.
Despite the importance of analyzing statistics, there are practically no tools capable of giving a detailed analysis of traders' transactions (standard reports in MetaTrader 4 do not provide even half of the necessary information). Of course, there are third-party online services like MyFxBook or FxBlue, however, not everyone will be conveniently constantly synchronized with extraneous sites, upload information there and get statistics, not to mention the fact that you need to constantly authorize on these sites.
An excellent solution to the problem may be the Extra Report Pad indicator developed by the team Expforex. This tool analyzes the statistics of trading on a specific account and provides all the possible useful information, and directly to the trading terminal, which is very convenient. For example, when trading on the same strategy on several currency pairs, you can determine which of the assets brings more profit and is better suited for this TS, or when trading two or three advisors on one account, you can determine who is trading better and who is losing profit.
- Provides a wide range of statistics and analytics of trading account transactions;
- Analyzes transactions according to several parameters (total profitability, asset profitability, timeframe efficiency, etc.);
- It has an advanced filter for fine-tuning the report;
- Available directly in the MT4 trading terminal;
- Export of the report in HTML is available, more extensive than the standard statement of the MetaTrader platform.
- Platform: MetaTrader 4
- Currency pairs: Any
- Timeframe: Any
- Trading Time: Around The Clock
Adding a tool to a trading platform
After downloading the file with the indicator to your computer, you need to install it in the terminal. To do this, do the following.
We open the Metatrader terminal and in the "File" submenu of the top menu of the program, select the "Open Data Catalog" command.
After that, a folder will open on the computer where all the terminal data is stored. There you need to open the "MQL4" folder, and then "Indicators". In this folder we move the Extra Report Pad file.
For this indicator to become active in the trading terminal, you need to restart MT4. Opening it again, in the "Navigator" window on the left side of the platform, look for "Ind - Extra Reports", and select the indicator setting.
The Extra Report Pad technical tool window opens, in which you can change some settings before the tool is installed on the chart.
The main tabs in the indicator settings are “General” and “Input parameters”. In the “General” tab, you must enable the import of DLLs and external experts - if this is not done, MT 4 may block some indicator processes and it will work incorrectly.
In the “Input parameters” tab, you can configure the indicator in detail, starting with color styles and ending with what data will be displayed in the statistics window.
Before setting the indicator, we recommend changing the background of the chart window to black, and also in the chart properties that open by pressing F8 - uncheck the “Chart on top” box. Otherwise, the indicator window sometimes passes candles “through itself” and this interferes with the correct display of statistics.
When operational, the Extra Report Pad indicator looks like this:
The first part contains the tabs "Trades", "History" and "All Deals". There you can see detailed statistics on open orders, already closed deals and for all positions, respectively.
From the information, everything is available that you can see in the standard MetaTrader 4 trading report, and several columns with additional useful information:
- Points - shows the profit of the transaction in points;
- NetProfit - shows net income in the quote currency, and not in the deposit currency;
- Percent - net percentage of profit in relation to the amount of the deposit;
- Max and Min - shows extreme deviations from the opening price.
The second part contains the Reports and Distribution tabs.
Reports are detailed statistics on current trading results.
In addition to the data available in the standard MT4 statistics package, there are additional points:
- Expected payoff. waiting for transactions for the reporting period;
- Recovery FACTOR - recovery factor, showing how quickly a trading account is restored after a drawdown;
- Absolute and Maximal drawdown - the absolute and maximum drawdowns that the account went into during trading for the reporting period. There is also additional percentage statistics for these items;
- Short / Long positions - the total number of open deals for sale / purchase;
- Profit / Loss trades - the total number of profitable and losing trades.
In addition, you can see various relative values, such as the largest amount of profit and loss, the longest series of profitable and loss-making transactions, etc.
The Distribution DEALS block shows transaction statistics for each specific asset.
The first chart shows the number of profitable and loss-making transactions for each currency pair. The second chart is statistics only on profitable trades. Here you can see the total profit from transactions for the purchase and sale of each asset. The third block is similar statistics on losing orders.
The Distribution TIME tab shows statistics on time: the number of open transactions in a given period, the most profitable hours, etc.
Since the release of the first version of the indicator, it has been constantly updated and adapted. In particular, the Distribution TIME tab appeared, which was not in earlier versions.
The interface of the tool is quite pleasant and convenient, however, we noticed some minor bugs and roughnesses. For example, it will be difficult for owners of laptops with a small screen to maximize the indicator window - the lower part is constantly trying to "climb" under the lower edge. In part, this can be solved by zooming.
In addition, the indicator periodically freezes, if you accidentally click on the chart outside the window. After that, the tool ignores clicks, and it is impossible to switch the tab to another. In this case, the easiest solution is to drag another instrument here from the quotes window - the chart will be updated, and the indicator window will be active again.
In general, the instrument makes a good impression. Extra Report Pad significantly expands the standard statistics of MT4 and is easy to use. He will be a great assistant to any forex trader!