This indicator draws the prior Highs and Lows for multiple timeframes, and can display potential Take Profit and Stop Loss levels.
In Rob Smith's #TheStrat terms, these are potential entry points, or alternatively potential targets for open positions. I like to use them in both ways. On a lower timeframe, say 5 minutes to get a good entry on a daily or weekly level, and then as a potential target. Very small stops required giving an excellent risk/reward ratio.
Please watch the DEMO video for more details as the pictures do not do the indicator justice.
This is the MT4 version of the indicator. Please go here for the MT5 version: https://www.mql5.com/en/market/product/67133
There are a number of settings, repeated for each timeframe.
When true, the levels are drawn for this timeframe. The lines are drawn from the last period start to the current time. Once a new period is started, the lines will be redrawn to the new levels.
You can set the line colour to any value from the standard colour selection.
The line style can vary from the simple solid line, dots, dashes or dots and dashes.
If the line style is solid, the line width can be any value from the selection available, 1 to 5.
When set to True, the lines drawn are split into the historic part drawn using the line styles, width and colours above, and the projected part using a modified style based on the following settings.
If you wish you can set the line style so it is clearly visibly different to the historic part of the line. If you set it to STYLE_SOLID, then the projected line will retain the width set above.
You can modify the colour of the projected line by giving it a tint. That is a reduction in intensity of the main colour selected for the historic line set above. The default value here is 0.5 which means halve the intensity of the colour.
Stop and Target Levels
When true, potential target levels are shown for each timeframe enabled using the ShowLevels settings.
When true, if a target level has been hit it will stay on the chart until the timeframe has expired. Otherwise, once hit, potential target levels are removed.
Controls how far back in the history the system should look for target levels. Default is 50 bars.
This allows you to choose how many potential target levels you want to see per timeframe. Default is 3.
Having targets too close together is not very helpful, so this setting allows you to define how many points should be between one target and the next. Calculated per timeframe.
Allows you to choose the timeframe stop loss levels should be calculated from. By default it uses the current timeframe, giving a very tight stop loss.
When true, descriptive labels are drawn for every level shown.
When true, puts the price value of the level in the description.
When true, adds the risk / reward value in the description.
Choose how big the descriptive labels should be.
When true, the labels for stop levels are drawn to the right of the stop level. Set to false, the description will be drawn to the left of the level.
When true, the labels for target levels are drawn to the right of the stop level. Set to false, the description will be drawn to the left of the level.
Allows you to choose how far from the current time the stop and target labels should be drawn. Only relevant if you use StopLabelsToRight or TargetLabelsToRight.
By default, this is false. When True, the lines are extended off to the right hand side of the chart.