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Level Indicator

Based on data of price fluctuations over the past years, this indicator builds lines that show levels of support and resistance. It builds yearly, monthly and weekly levels. The basic rule is this: the price moves from level to level. If the price breaks through the level, then it will go on until it reaches the next level. If it broke off the level, you can expect it turn and move in the opposite direction until the next level.


Settings:

  • [Type of levels] levels enabled — whether or not to draw this type of level on the chart.
  • Years of [type of levels] levels bar history — history for how many years to consider for building levels. For annual and monthly levels, it is recommended to take into account the whole history, and for the week - for the last 10 years. Attention: You need to download the history of quotes in your terminal. To do this, go to Tools → Archive of quotes and load monthly, weekly and daily quotations for the tool you are interested in.
  • Number of time intervals with [type of levels] levels — for how many past years/months/weeks to draw levels.
  • Number of [type of levels] levels in each direction — how many levels to draw up and down.
  • [Type of levels] levels color — color of the level lines.
  • [Type of levels] levels width — width of the level lines.
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