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2015.04.08 15:42
Indicators

KeyLevels - indicator for MetaTrader 5

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Key_Levels.mq5 (2.81 KB)view

Round levels are strong psychological levels with two trailing zeros for 4 digit quotes (2 digit pairs with JPY) or three trailing zeros for 5 digit quotes (3 digit for pairs with JPY). For example, for EURUSD round levels are quotes like 1,3500; 1,3600; 1,3700; 1,3800 etc., and for EURJPY it's 138,00; 139,00; 140,00; 141,00 etc.

Key Levels, an indicator of price levels

Key Levels indicator is good for displaying round levels on a price chart. Its main purpose is to display levels with trailing 00, 20, 50 and 80.

On the currency chart it displays as:

An indicator of price levels with round numbers 00, 20, 50, 80 for MetaTrader 5

In the indicator settings displayed levels are divided into 2 groups, 00/50 and 20/80. You can turn off any of the 2 groups.

If you need to display only one level from a certain group (e.g. 00 from 00/50 group), then you can change the color of the second level to the background color to make it invisible on the chart.

Key Levels indicator supports MetaTrader 4 and MetaTrader 5 and has following settings:

  • Show_00_50_Levels - show/hide levels with trailing 00 and 50.
  • Show_20_80_Levels - show/hide levels with trailing 20 and 80.
  • Level_00/50/20/80 _Color - choose the color of these levels.

You can also use levels 20, 80 and 50. The main idea is as follows. Level 50 is a half way to the next round level which can also "decelerate" the price.

Levels 20 and 80 are boundary values, breaking through these values may indicate the final breakout or bounce from level 00.

KeyLevels indicator input parameters

Credits:

Alexey Sergeev

Translated from Russian by MetaQuotes Software Corp.
Original code: https://www.mql5.com/ru/code/12431

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