Introduction to Level Trading Indicator

Many traders who are experienced would agree that the most profitable trades are based on price action and market flow structures. This can be true in a certain way. Because the market's characteristics can be easily identified by price action and market flows, Most traders are not skilled enough to recognize the support and resistance levels in a market structure. This is made easier by the Level Trading Indicator, which automatically detects support and resistance levels.

What's the Level Trading Indicator?

The Level Trading Indicator uses price action swing highs and lows to identify horizontal support and resistance lines.

It links the swing highs and swing lows by a red line, and the swing lows and swing highs by a blue line. It marks swing highs and swing lows with blue "x", respectively.

It plots a dashed horizontal support line and resistance levels, based on price action.

How does the Level Trading Indicator Work?

Level Trading Indicator uses an underpinning Zigzag Indicator in order to identify swing highs or swing lows of price movement. This simply modifies the script in the Zigzag indicator to plot blue lines for up thrusts and red for down thrusts. It also places an "x" on swing highs or swing lows, and trace the dashed line between the swing highs or swing lows to create the level.

How to Use the Level Trading Indicator in MT4

The indicator's settings allow users to change its visual appearance and sensitivity.

You can change the line color using the "TrendUpColor", the "TrendDownColor" and the "LevelColor".

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

This indicator can be used to identify market flow structures by using the identified support/resistance levels. These levels can be used to identify possible points at which price might reverse. This is confirmed by reversal candlestick patterns or price action.

To determine the direction of the trend, traders can use identified swing highs or swing lows based on price action.

Trade Setup

How to Enter?

When a bullish candlestick pattern of reversal candles appears on a support level, place a buy order. Place the stop loss below this pattern.

When do you want to exit?

If price action indicates a bearish reversal, close the trade immediately.

Setup for Trades

How to Enter?

When a bearish candlestick pattern appears on a resistance level, place a sell order. Place the stop loss at the top of the pattern.

When do you want to exit?

When price action indicates a bullish reversal, close the trade.

Conclusion

This indicator is a great tool for traders who want to trade on the basis of breakouts and reversals from resistance and support levels created by price action. This indicator simplifies the process. It does however require traders to identify potential reversals or breakouts based upon the characteristics of price movement.

Indicators - Download Instructions

Level Trading Indicator for MT4 (Metatrader 4 or MT4) is a Metatrader4 (MT4) indicator. Its purpose is to transform the accumulated historical data.

The Level Trading Indicator for MT4 allows you to spot patterns and peculiarities in price dynamics that are not visible to the naked eye.

This information allows traders to assume additional price movements and adjust their strategies accordingly. Click Here for MT4 Strategies

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How do I install the Level Trading Indicator in MT4.mq4

• Level Trading Indicator for MetaTrader 4.mq4
• Copy Level Trading Indicator MT4.mq4 for Metatrader Directory Experts / Indicators /
• Metatrader 4 Client can be restarted or started
• Choose Chart and Timeframe to test your MT4 indicator
• You can search "Custom Indicators" using your Navigator, mostly left in your Metatrader4 Client
• Right click on Level Trading Indicator to access MT4.mq4
• Attach a chart
• Change settings or click ok
• You can find the Indicator Level Trading indicator for MT4.mq4 on your Chart

How do I remove the Level Trading Indicator (MT4.mq4) from my Metatrader Chart?

• Select the Chart in which the Indicator is running in your Metatrader4 Client
• Right-click to open the Chart
• "Indicators list"
• Select the indicator and click delete

Level Trading Indiator for MT4 (Free download)

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