Level Trading Indicator for MT4

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Level Trading Indicator for MT4

Introduction to the Level Trading Indicator

Some seasoned traders would say that most profitable traders trade based on market flow structures and price action. In a way this can be true. This is because the characteristics of the market can easily be identified based on price action and market flow. However, most new traders do not have the skill to identify the support and resistance levels of a market structure effectively. The Level Trading Indicator simplifies this process by automatically identifying the support and resistance levels.

What is the Level Trading Indicator?

The Level Trading Indicator is an indicator which identifies horizontal support and resistance lines using the swing highs and swing lows of price action.

It connects the swing highs to swing lows with a red line and swing lows to swing highs with a blue line. It also marks swing highs with a blue “x” and swing lows with a red “x”.

It also plots a dashed line to mark the horizontal support and resistance levels based on price action.

Level Trading Indicator for MT4

How the Level Trading Indicator Works?

The Level Trading Indicator uses an underlying Zigzag Indicator to identify the swing highs and swing lows of price action. It simply modifies the script of the Zigzag Indicator to plot blue lines on up thrusts and red lines on down thrusts. It also adds an “x” mark on the swing highs and swing lows and traces the dashed line from the swing highs and swing lows to form the level.

How to use the Level Trading Indicator for MT4

This indicator has multiple options within its indicator settings which allows users to modify its visual presentation and its sensitivity.

It allows users to modify the color of the lines using the “TrendUpColor”, “TrendDownColor”, and “LevelColor” options.

Users can also modify the sensitivity and characteristics of the indicator using the “FractalBarsOnEachSide”, “LevelActuality”, “ExtremumToLevelMaxGap”, and “PriceDeltaFor1Bar” fields.

How the Level Trading Indicator Works

This indicator can be used for identifying market flow structures using the identified support and resistance levels. These levels can then be used as possible points where price may reverse and confirmed based on reversal candlestick patterns and price action.

Aside from this, traders can also use the identified swing highs and swing lows to observe for the direction of the trend based on the price action.

Buy Trade Setup

When to Enter?

Open a buy order as soon as a bullish reversal candlestick pattern forms on an identified support level. Set the stop loss below the pattern.

When to Exit?

Close the trade as soon as price action shows signs of a bearish reversal.

How to use the Level Trading Indicator for MT4 - Buy Trade

Sell Trade Setup

When to Enter?

Open a sell order as soon as a bearish reversal candlestick pattern forms on an identified resistance level. Set the stop loss above the pattern.

When to Exit?

Close the trade as soon as price action shows signs of a bullish reversal.

How to use the Level Trading Indicator for MT4 - Sell Trade

Conclusion

This indicator can be an excellent tool for traders who would want to trade based on reversals and breakouts from support and resistance levels formed by price action. This indicator makes this process much simpler. However, it does require traders to effectively identify possible reversals and breakouts based on the characteristics of price action.

MT4 Indicators – Download Instructions

Level Trading Indicator for MT4 is a Metatrader 4 (MT4) indicator and the essence of this technical indicator is to transform the accumulated history data.

Level Trading Indicator for MT4 provides for an opportunity to detect various peculiarities and patterns in price dynamics which are invisible to the naked eye.

Based on this information, traders can assume further price movement and adjust their strategy accordingly. Click here for MT4 Strategies

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How to install Level Trading Indicator for MT4.mq4?

  • Download Level Trading Indicator for MT4.mq4
  • Copy Level Trading Indicator for MT4.mq4 to your Metatrader Directory / experts / indicators /
  • Start or restart your Metatrader 4 Client
  • Select Chart and Timeframe where you want to test your MT4 indicators
  • Search “Custom Indicators” in your Navigator mostly left in your Metatrader 4 Client
  • Right click on Level Trading Indicator for MT4.mq4
  • Attach to a chart
  • Modify settings or press ok
  • Indicator Level Trading Indicator for MT4.mq4 is available on your Chart

How to remove Level Trading Indicator for MT4.mq4 from your Metatrader Chart?

  • Select the Chart where is the Indicator running in your Metatrader 4 Client
  • Right click into the Chart
  • “Indicators list”
  • Select the Indicator and delete

Level Trading Indicator for MT4 (Free Download)

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