Trading by Levels Indicator Download for MT4 – Free | Forex Indicators Download – MetaTrader 4 Resource
The Trading by Levels indicator is designed to simplify trading entries based on price levels. This trading tool automatically draws price channels, identifies market swing ranges , and signals trade entries under the right conditions.
Additionally, the indicator provides entry points, take-profit and stop-loss levels when a signal is given.
Indicator specification table
The following table lists the specifications of trading indicators by levels:
| Indicator categories: | Price Action MT4 Indicators Signals and Forecasts MT4 Indicators Bands and Channels MT4 Indicators |
| Platforms: | MetaTrader 4 Indicators |
| Trading Skills: | Elementary |
| Indicator Types: | MT4 Breakout Indicator Reversal MT4 Indicator |
| Time frame: | Multi Time Frame MT4 Indicators |
| Trading Style: | Day Trading MT4 Indicators Scalper MT4 Indicators Swing Trading MT4 Indicators |
| Trading Tools: | Stock MT4 Indicator Index Market MT4 Indicator Commodity Market MT4 Indicator Stock Market MT4 Indicator Cryptocurrency MT4 Indicator Forex MT4 Indicator |
Overview of trading indicators by levels
The Trading By Levels indicator offers three different types of signals, each of which creates unique opportunities in the market:
- Breakout Signal: The price breaks through the channel and may form a new trend;
- Reversal Signal: The trend ends and the possibility of reversal in the opposite direction increases;
- Retracement Signal: Temporary price correction within the main trend, entry opportunity.
Buy Trading Signal
Based on the USD/CHF chart, this indicator draws a channel and identifies a buy pullback signal.
Additionally, this trading tool draws entry, take profit and stop loss levels directly on the chart.
Sell Trading Signal
According to the image below, the indicator draws a dynamic channel. The Trade By Levels indicator also displays appropriate entry, take profit and stop loss levels directly on the chart after a sell breakout signal.
Trading by levels indicator settings
The trading indicators by level are set as follows:
- Time Frame: The selected indicator execution time range
- Interval: Candle interval for horizontal calculation
- Price Source: Source of price
- Shift: Horizontal displacement of the lines on the chart
- Zoom factor level 1: Zoom factor, level one
- Scaling factor level 2: Scaling factor, level two
- Extend: The line extends to the future chart
- SignalPeriod: the time period of signal analysis
- ALERT: Alert activation
- EMAIL: Email alert sending
- NOTIFICATION: notification activation
- MESSAGE_TIMEOUT: Time interval between alert messages
- MESSAGE_SUBJECT: Alert or signal message topic
Conclusion
The trading by levels indicator is a key tool in technical analysis . It simplifies the decision-making process by automatically drawing dynamic channels and displaying entry points, stop loss and take profit levels.
In addition, the indicator also displays the types of trading signals directly on the chart.
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