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ArgoLevelTradingMT4

The indicator determines support/resistance levels over a chart area specified in "AllBars" parameter. The line width changes depending on the importance of the level (the number of fractals used to form it - by default 3, 5, 7, 10 - can be changed using the Width2Level parameter). The main purpose of the indicator is to reduce the amount of manual operation to the minimum and facilitate the market analysis. The number of the last bars taken into account is set using the "BarsActuality" parameter. If there are no fractals worth of attention over the specified interval, the line plotting stops. If the price moves in a narrow range for a long time or the indicator is used on a small time frame (M5, M15), this value should be increased.

Furthermore, the indicator allows for plotting of inclined levels, both tilted up and down, with the possibility of setting two differently directed indicators at the same time.

For convenience, a trader can choose between three display options: Shift=0 to fit the screen, "+,-" Shift (distance in bars) to the zero bar and "AutoLevel" mode for those who don't like to have many graphical objects on the screen. The indicator only draws the levels that are at the "Distance" from the price, while leaving out the rest (this should be adjusted according to the volatility of the currency pair). When the market situation changes, some objects disappear and other objects appear, accordingly.

Other settings:

  • LevelColor - color of lines.
  • BarsForFract 0- number of bars in a fractal.
  • AutoDeltaMaxGap - automatic setting of LevelMaxGap and Delta parameters depending on the time frame (subject to the number of digits in the instrument).
  • Style - style of lines (Zero Level - horizontal, Up Level - tilted up, Dn Level - tilted down).
  • LevelMaxGap - distance from the line to the fractals that will be taken into account when forming it (AutoDeltaMaxGap=false).
  • Delta - deviation from the horizontal level for inclined lines (AutoDeltaMaxGap=false).
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