Levels - MetaTrader 5 Script | Forex Indicator Downloads - MT4/MT5 Resources - MetaTrader 5 Resources

The indicator uses the construction method described by Vladislav Antonov (for those who read his session comments on Viac or Alpari). Here is a small excerpt of his approach:

There is no need to explain what resistance and support mean. There are many ways to determine price levels, but this is my calculation. Dynamic levels of support/resistance are defined using MA lines and statistical lines are calculated using higher time frames.

In this review, I calculate support and resistance levels using the previous day's daily candlesticks. Therefore, price levels will be valid throughout the day and should be recalculated the next day. example. For example, take the daily candle chart 02.11.06: Highest price = 1.2786 Lowest price = 1.2736 Close price = 1.2780. We take the current day's levels and use them for all charts smaller than the daily timeframe. The next day, new levels will be calculated.

There are 3 calculation methods, depending on the size of the previous candlestick:

To decide which calculation method to use, you should conduct your own research and collect level statistics. For me, I didn't keep up with the items described above (it's the average pound). So far I have chosen my approach based on intuition and expected price patterns

If you want to read more: http://www.viac.ru/ds/21950 .

The indicator was first implemented in MQL4 and published in the code base of mql4.com on February 24, 2008.

Figure 1. Level indicator.

Attachment download

📎 levels.mq5 (14.94 KB)

Source: MQL5 #1794

Levels - Important points before using MetaTrader 5 scripts

This page has been supplemented with structured instructions, focusing on the purpose of trading scripts, MT4/MT5 platform compatibility, testing procedures and risk control. Before downloading or deploying, it is recommended to first determine whether it is consistent with your own variety, cycle and account environment.

Suitable for who to use

• Users who want to quickly screen trading scripts and are willing to do simulation verification first.
• People who need to compare MT4/MT5 EAs, indicators, scripts or source code projects.
• Traders who wish to record backtests, parameters and risk boundaries before placing a trade.

Testing and risk control suggestions

• First verify the default parameters in the strategy tester or demo account, and then adjust the symbol, period, spread and trading period one by one.
• Scalping, grid, martin, and high-frequency strategies should focus on observing maximum drawdowns, consecutive losses, slippage, and trading frequency.
• It is not recommended to run any document directly on the real disk. At least observe the simulated disk performance for 2-4 weeks first.

FAQ

Can MT4 and MT5 be used interchangeably?
Usually cannot be used directly. EX4/MQ4 corresponds to MT4, EX5/MQ5 corresponds to MT5, and the source code needs to be compiled in the corresponding MetaEditor.

Is this resource guaranteed to be profitable?
cannot. EAs, indicators and scripts can only be used as trading tools, and the results depend on parameters, market environment, spreads, slippage and risk control.

What else can I continue to watch?
Forex EA download , foreign exchange indicator download , EA evaluation , MQL5 CodeBase .

English Search Notes

This page is also optimized for English search intent around level - MetaTrader 5 script . Related search terms include: trading script, MT4 script, MT5 script. Test any Forex EA, Expert Advisor, MT4/MT5 indicator, script or MQL source code with historical data and a demo account before live trading.