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Price Levels

Description

The indicator is intended for labeling the chart using horizontal levels and/or half-round prices. The indicator works on any financial instrument regardless of the name and the number of digits.

A user can choose colors for the indicator lines.


Input Parameters

  1. Calc_Method - method of calculation of the lines:
    • 0 - levels of round prices.
    • 1 - levels of half-round prices.
  2. Digits_Accepted - flag for calculating the levels according to number of decimal places in the quotes of a financial instrument:
    • true - considering the number of decimal places.
    • false - without considering the number of decimal places.
  3. Level_Color - color of the lines displayed.

On default, the system calculates and plots the levels of half-round prices.


Purpose

The indicator can be used for manual or automated trading within an Expert Advisor. For automated trading, use any indicator buffer of the double type:

  1. Highest level - buffer 0.
  2. Lowest level - buffer 1.

Intermediate levels should be calculated using a step that corresponds to a half round or round price values and considering the highest and lowest levels obtained by examining the values of the indicator buffers on the corresponding bar.


Limitations

For the indicator to work there should be at least 50 bars available for the financial instrument. Otherwise it will show an error message suggesting to update the price history data base. 

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