Price Levels Integration
The price level indicator based on the mathematical calculation of the areas, where the price changed its direction the most often. Calculates the most significant price levels, as well as price Highs and Lows for the week. The user can adjust the number of price levels and, accordingly, the level of their significance, time period to determine the levels, the size of the area to determine the levels and line colors.
The indicator parameters
The default settings are standard for H1, EURUSD. For more efficiency, adjust them according to the particularities of your broker, timeframe and currency pair.
- Number of points level - The number of points for the price level area (adjust to your needs).
- Number of bars - The number of bars required for the calculation of levels. It works on all timeframes. For example, in order to plot the levels on H1 for the last month, calculate the number of bars the following way: 24*30=720 (hours per day*number of days).
- Number of levels - The number of levels on a chart. The less levels there are, the more significant they are (adjust to your needs).
- Color resistance line - Resistance line color.
- Color support line - Support line color.
- Color week high line - Weekly High line color.
- Color week low line - Weekly Low line color.