Discussing the article: "Price Action Analysis Toolkit Development (Part 45): Creating a Dynamic Level-Analysis Panel in MQL5"
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Check out the new article: Price Action Analysis Toolkit Development (Part 45): Creating a Dynamic Level-Analysis Panel in MQL5.
In this article, we explore a powerful MQL5 tool that let's you test any price level you desire with just one click. Simply enter your chosen level and press analyze, the EA instantly scans historical data, highlights every touch and breakout on the chart, and displays statistics in a clean, organized dashboard. You'll see exactly how often price respected or broke through your level, and whether it behaved more like support or resistance. Continue reading to explore the detailed procedure.
In Part 40 of our Price Action Analysis Toolkit, we explored how statistics can uncover the hidden logic behind price behavior, identifying where the market’s mean, mode, and median levels tend to align. Through that research we learned that markets are not as chaotic as they appear; prices often rotate around statistically meaningful zones that quietly influence order flow.
The purpose of that earlier work was to pinpoint those statistical price levels and observe how often price respected or rejected them over time. That study laid the foundation for a more in-depth question: if certain prices carry more statistical weight, can we measure how the market historically reacts to any level we mark in advance?
In this new article, we take that concept several steps further by introducing the Price Level Testing EA, an automated analytical assistant that allows any trader to test any price level on demand and instantly obtain objective feedback on how price has responded to that level across hundreds or thousands of past bars. The result is a tool that acts like your personal “price‑action laboratory.” You identify the level, the EA performs the historical testing, and together they reveal the empirical pattern of touches, bounces, and breakouts that defined that zone in the past.
Author: Christian Benjamin