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TakeProfit levels x2

The TakeProfit_levels_x2 indicator displays the potential take profit levels/targets for intraday trading in real time. The optimal timeframe is М5-Н1.


Operation principle

During 95% of trading days the price has a certain movement range. It largely depends on the current situation on the market, volatility and the symbol. But the average movement range of the is limited. The indicator calculates the 5 potential points for setting Take Profit based on ATR and its own algorithm. On the basis of these calculations it plots rectangles on both sides of the price.

The probability of reaching each take profit level is from 60 to 80%. In other cases, the price does not reach the target levels.


Indicator Features

Since the indicator calculates the width of the price channel for the current day, and later measures that width from the minimums/maximums of the current day, when the extremums of the current day change, so does the target take profit of the indicator. The indicator redraws the values of take profit levels, but that does not affect the quality of signals. You just need to periodically check if your take profits correspond to the indicator levels.

Also the indicator has 5 indicator buffers, where 5 different values of price channel width are displayed.

ATTENTION! There is the free version of the indicator, which works only on the USDCAD pair. It can be downloaded here - https://www.mql5.com/en/market/product/17302


Indicator Settings

  • Days_count - the number of days to calculate the target take profit levels - in order to see how the indicator works
  • TakeProfit_levels_clr, TakeProfit_levels_clr1, TakeProfit_levels_clr2, TakeProfit_levels_clr3, TakeProfit_levels_clr4 - colors of the take profit levels. They are made different for convenience
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Version 1.13 - 2016.09.23
- Corrected wrong detection of levels for brokers with Sunday start of charts