iPulsar - Key Price Level Indicator - MetaTrader 4 Script - MT4/MT5 Resources

There is a noise filter and a signal importance filter that exclude responses to insignificant levels, as well as signals that do not contain substantially new information.

Developed in 2012 and published on the MQL4 Forum. Improvements made in 2015 at Lesorub's request — alerts added for traders tracking multiple price charts in parallel.

External variables:

Launching the indicator on November 27, 2015, disabling the significance filter and omitting significance levels below 5 trading days (one trading week) gives:

This shows that many signals pointing to roughly the same level of importance (140-160 trading days) are identified by the indicator within a shorter historical interval (12 trading days). In other words, this could also be the same support level. Use the signal importance filter to determine this level. Enabling this filter and setting its value to three trading days gives:

Therefore, the importance of determining the current (latest as of November 27) support level for EURUSD is equal to 151 trading days, and the value of this level is approximately 1.06592 (shown by the blue horizontal line).

Let's look at what happened in the market 151 trading days before the signal occurred and the days before that (5-10 trading days). To do this, switch to the D1 time frame and keep this level on the chart, the indicator is no longer needed:

As can be seen, the most significant signals do point towards possible reversal levels. See what trading reference points should be considered around this level. For this purpose, it is necessary to reduce the requirements for signal importance, for example to a value of 16 trading hours. The result is as follows:

Please note that the indicator's value is formed in real time and is "redrawn" only on the zero bar (only corrects the value, but does not cancel the signal), i.e. it is very possible to trade using the determined levels. The only problem is determining the correct values ​​for the filter parameters.

Attachment download

📎 ipulsar_v3.mq4 (8.69 KB)

Source: MQL5 #14246