ShortSRLevels
- Indicators
-
Shi Yuan Wang
I write custom indicators, Expert Advisors (EAs), scripts and trading tools
for MetaTrader 4 and MetaTrader 5, and indicators for TradingView (Pine Script).
What I can do for you:
- Convert a clearly described trading rule into a backtestable MQL4/MQL5 EA - Version: 1.1
ShortSRLevels
ShortSRLevels is a chart indicator for MetaTrader 5. It draws a compact map of price levels that have not yet been reached by price, together with a limited number of levels that were reached recently. It can also show the high and low of the previous completed day and the high and low of the previous completed week.
The indicator does not open, close or manage positions. It does not place orders. It is a visual tool for chart analysis.
Levels on the chart
Each level is drawn as a horizontal line. The line starts at the chart bar where the level became available and extends to the right, a little beyond the last bar. A level keeps its original price after it is drawn. When price first reaches or passes the level, the line stops at that bar and the level is moved to the reached group. Reached levels are drawn with a thinner line and a lighter shade.
Optional fine rails add a narrow band around each level. An optional star marks the bar where the reference extreme occurred. Small end marks at the right side of each line help to read the map on a busy chart. The colours are selected from the chart background, so the map stays readable on light and dark chart themes. A tooltip on each line shows the price, the source time, the availability time and the current status. All times are shown in server time.
Two counters are available in the Data Window. They show how many untested upper levels and how many untested lower levels exist on the current bar.
Day and week references are drawn as a separate pair of lines. They are replaced when a new day or a new week is completed.
Alert options
Two optional notifications can be enabled in the inputs: a terminal alert window and a push notification. Both are off by default. A notification is raised when price reaches a retained level on the newest chart bar. Push notifications require the MetaTrader 5 notification settings to be configured by the user.
Supported charts
The indicator is recommended for H4 and lower time frames that divide four hours, for example M1, M3, M5, M15, M20, M30, H1, H2 and H4. On higher time frames the indicator still loads and stays idle. It writes a short note to the Experts log and draws nothing. This behaviour does not add any other limitation to the product.
The indicator needs chart history and higher time frame history from the trade server. If the required history is not loaded yet, some levels or references may be missing until the history becomes available.
Input parameters
Level map
- InpLevelsPerSide: number of untested upper levels and untested lower levels drawn on the chart. Range 1 to 8. Default 3.
- InpSourceLookback: size of the retained history window used to build the map. Range 10 to 240. Default 120.
- InpReachedToShow: number of recently reached levels kept in the display. Range 0 to 12. Default 6. Set to 0 to hide reached levels.
Presentation
- InpFineRails: draws a narrow band around each level. Default true.
- InpOriginStars: shows a star at the origin of each level. Default true.
- InpProjectBars: how far the lines extend beyond the last chart bar, measured in chart bars. Range 4 to 40. Default 12.
Daily / weekly references
- InpDailyRefs: shows the high and low of the previous completed day. Default true.
- InpWeeklyRefs: shows the high and low of the previous completed week. Default true.
Alerts
- InpAlertPopup: shows a terminal alert window when a level is reached. Default false.
- InpAlertPush: sends a push notification when a level is reached. Default false.
