Attention Level - MetaTrader 5 Script | Forex Indicator Download - MT4/MT5 Resources - MetaTrader 5 Resources

As a day trader with two years of experience, I know how important it is to accurately predict price movements throughout the day. Even with good money or risk management systems, incorrect predictions of intraday price direction can have very sad results. What if you experience this for several days in a row? This can become a psychological issue and cause a lot of stress for traders. During the development of my trading system, I had to invent ways to overcome this problem. Here I want to share my most interesting thoughts.

I show you a simple indicator that places horizontal lines on the chart. I call it attention level. So, what is this level and how is it calculated? It's all very simple - of course, I get the 10-day value of the ATR indicator at daily intervals, and if the symbol I'm trading was rising the previous day, I subtract that ATR value from its highest price. If the day is falling, then I add the ATR value to its lowest price. Then I draw a horizontal line through one of these values.

If I am trading in an uptrend and the price falls below the level of concern, I will stop all trading operations because it is obvious that market conditions have changed and are inconsistent with the original trading plan. I don't have to lose money by buying during a trend or correction that may be reversing.

This simple idea saved me a lot of money on stop loss orders that would have triggered if I didn't use this indicator.

Figure 1. Daily chart and attention level of RTS index futures contract

Figure 2. RTS index futures contract H1 chart and attention

The code itself is very simple, I use the CList and CObjectHLine classes from the standard library to quickly create and manage graphics objects.

Indicator settings:

Attachment download

📎 attention_level.mq5 (7.76 KB)

Source: MQL5 #13008