Trading by Levels Indicator Download for MT5 – Free | Forex Indicators Download – MetaTrader 5 Resource
The Trade By Levels indicator automatically plots a price channel , identifies the market's range of movement, and displays buy and sell signals under the appropriate conditions.
Furthermore, this trading tool specifies entry levels and recommended values for Stop Loss and Take Profit when a signal is generated.
Indicator specification table
The specifications of the trading indicator by level are as follows:
| Indicator categories: | Price Action MT5 Indicators Signals and Forecasts MT5 Indicators Bands and Channels MT5 Indicators |
| Platforms: | MetaTrader 5 Indicators |
| Trading Skills: | Elementary |
| Indicator Types: | MT5 Breakout Indicator Reversal MT5 Indicator |
| Time frame: | Multi Time Frame MT5 Indicators |
| Trading Style: | Swing Trading MT5 Indicators Intraday MT5 Indicators Scalper MT5 Indicators |
| Trading Tools: | Forex MT5 Indicator Cryptocurrency MT5 Indicator Stock MT5 Indicator Commodity MT5 Indicator Index MT5 Indicator Stock MT5 Indicator |
Overview of trading indicators by levels
The Trading By Levels indicator provides three different types of signals, creating various opportunities to enter the market.
These signals include:
- Breakout Signal: The price leaves the channel range and the beginning of a new trend;
- Reversal Signal: The potential price direction shifts in the opposite direction;
- Retracement Signal: A short-term corrective trend within the mainstream trend.
Buy Trading Signal
Based on the 4-hour USD/CHF chart, the indicator draws a dynamic channel and shows a buy retracement signal under the given conditions.
Additionally, the Trading by Levels indicator marks entry points directly on the chart, as well as defined stop-loss and take-profit levels.
Sell Trading Signal
This indicator plots the price's dynamic channel based on the 30-minute ETH cryptocurrency chart.
After detecting a retracement sell signal, it highlights the appropriate entry area along with the Stop Loss and Take Profit values directly on the chart.
Trading by levels indicator settings
The configuration parameters of the Trading by Levels indicator are summarized below:
- 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: Extend the line into the future on the 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: The subject of the alert or signal message
Conclusion
The Trading by Levels indicator simplifies the process of selecting trading positions by automatically drawing dynamic channels and defining entry areas as well as stop-loss and take-profit levels.
In addition, the generated signal types are also displayed directly on the chart.
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