AlgoFox Levels For MT4
The AlgoFox Levels is a very convenient indicator for identifying price rollbacks from the last significant trading support and resistance levels. It finds the points where the price tests the area of the nearest extremums and displays them on the chart. Traders can use this indicator to obtain favorable points to open/close a position.
Description of the indicator
The indicator finds the "peaks" (High/Low) on the period specified by the PeakPeriod parameter and marks them with a green circle. After that it checks the values of the current candles on the period specified by the MaxSearchPeriod parameter. If the difference between the High of the current candle and High of the peak MaxSearchPeriod candles ago is not greater than the LagSize parameter, it will be marked with a blue circle. If the Low of the current candle differs from the Low of the peak by no more than the LagSize parameter, it will be marked with a red circle.
The indicator searches for peaks (marked by green circles) starting from the PeakPeriod candle until the last one. The detected level testing points (blue and red circles) are displayed starting from the last candle.
- The level testing points are displayed only during the specified period;
- The indicator does not redraw (green circles are determined on the past period and are not signals!);
- Works on any pair and timeframe;
- The following sequence signals about a breakout of the price levels and change of the support/resistance level: blue circles (rebound from level) are replaced by red circles (rebound from mirror level).
- PeakPeriod – the number of candle to search for the «peak» (High or Low);
- LagSize – the allowed difference between the extremums of the detected peak and the current candle;
- MaxSearchPeriod - the number of candles to display the identified signals (blue and red circles).
- The size and color of the signals can be configured in the indicator properties on the "Colors" tab.