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RS Levels MT4 Demo

Demo version of RS Levels MT4. Allows estimating the indicator on EURUSD.

The indicator plots horizontal support and resistance levels using grouping of extrema. The levels are displayed as lines whose color depends on how many times the level was a support or resistance line over the specified interval. You can also display counters for support, resistance and age of the level in text format. The age of the level indicates how many bars back the level had the most recent impact on the price (on the chart time frame as specified in the settings). Given the age of the level, one can draw conclusions on its influence on the price at a given point of time. 

In displaying values, the following abbreviations are used:

supp=1    //the level was once a support line over the specified interval
res=2     //the level was a resistance line twice over the specified interval
<-34      //the last influence on the price was 34 bars back

Below is the description of input parameters.

Parameter
 Description
Depth
Scanning depth expressed as the number of bars starting from the bar with index 0 or from the rightmost bar (depends on the "Redraw when scrolling" parameter value).
Time Frame
Chart time frame on which the levels are plotted. It can be equal to or different from the open chart time frame. It is recommended to select a slower time frame value. E.g., if the indicator is running on M15 chart, it is best to select H1 as the time frame value for level identification.
Number of nearest levels
How many level lines will be displayed up and down from the current price.
Level line style
Style of the level line.
Level area
Scope of the level. It is expressed as points. It indicates the spread range of extrema grouped into a level. The greater the value, the more widely spaced the levels will be.
Display level area
Whether or not to display the level areas. If the value is set to true, the areas will be displayed as rectangles.
"Price" label position
Position of the level price value. It can be displayed on the left, on the right, in the middle or not be displayed at all.
"Support" label position Position of the support level counter. It can be displayed on the left, on the right, in the middle or not be displayed at all.
"Resistance" label position Position of the resistance level counter. It can be displayed on the left, on the right, in the middle or not be displayed at all.
"Old" label position Position of the age of the level. It can be displayed on the left, on the right, in the middle or not be displayed at all. Taking into account the meaning of the value displayed, it is recommended to select the "Right" position.
Font
Text font.
Font size
Font size of the text.
Redraw when scrolling
It determines the indicator behavior when scrolling down.
  • If it is set to true, the indicator will be recalculated, being bound to the rightmost bar on the screen;
  • if it is set to false, the indicator will always be bound to the bar with index 0.
Vadim Strelkov
7939
2014.05.06 14:11 
 

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Version 1.22 - 2016.02.02
1. Added automatic calculation of the "Level area" parameter. If the value of the "Auto calc Level area" parameter is set to "true", then the value of the "Level area" will be calculated automatically. Density of the level placement will be considered in this case (the "Density of levels" parameter).
2. Added the ability to switch the type of text labels: classic and modern (label with the level background color).
3. Added the "Extrema radius" parameter.
4. Added the ability to display the extrema (the "Display extrema" parameter), which is useful in the selection of the "Extrema radius" parameter.
5. Added the indication of the level "purity". It is calculated as a percentage ratio of the number of candles, that do not cross the level zone with their body, to the total amount of candles at the level's effective interval.
6. Added the indication of the level "strength". This is an indication of how far the price went after the last extremum was formed. It is displayed in detalization mode as a vector. The vector is plotted until there is a series of candles of the opposite direction, the number of which exceeds the value specified in the "Max counter bars" parameter. The strength of a level is displayed as a percentage. The longest vector is chosen as 100 percents, the values of the others are calculated according to it.
Version 1.10 - 2014.04.18
1 Added the "Usage" parameter that shows the ratio of the level length and the size of the scan area in percentage; where the level length is the distance between two extremes, and the size of the scan area is defined by the "Depth" input parameter.

2. Added four filters:
- by the minimum number of support points;
- by the minimum number of resistance points;
- by the minimum total number of support and resistance points;
- by the minimum value of the "Usage" parameter.
Filters interact on the "AND" principle. To disabling one of the filters set its value to 0. To disable all the filters set the "false" value of the "Filters enable" parameter.

3. Added the possibility to show the sequence of extrema that form a level in chronological order. For example, entry RRSR means "resistance", "resistance", "support", "resistance". It means the following: first the level twice acted as resistance, then once as support, and the last time was resistance again. The maximum length of the sequences is 32 points. If this max value is exceeded, the oldest extremes will not be taken into account.

4. Added detailed level display. When you click on any of the text labels that describe the level, the detailed mode will be enabled for this label. In this mode all extrema that form the level will be shown as arrows. The levels will not be drawn until the detail mode is disabled. To disable the detailed mode click once again on one of the text labels of the level. The availability of this mode is determined by the 'Detail allowed' parameter.

5. Added an alert. The distance to a level in points is determined by the "Alert area" parameter, hysteresis (to avoid chatter at the border) by the "Hysteresis" parameter. Alerts ara available only in the zero bar reference mode (when parameter 'Redraw when scrolling' is false).

6. Added the "Period" label (disabled by default), which displays the value of the timeframe, in which the levels are drawn. This is useful when you run several indicators that draw levels at different timeframes on one chart.

7. Fixed an error that occurred when adding several indicators on one chart.

Notes:
1 To provide correct operation of the indicator, correctly set up parameters "Level area", "Alert area" and "Hysteresis". Their values ​​depend on the currency pair and the number of digits after the decimal point. Default parameters are calculated for the pair EURUSD with 4 decimal places.

2. Mode "Redraw when scrolling" is designed for working on historical data when drawing of levels is bound to the last right bar when you scroll the screen. That's why in this mode alerts are disabled.