Price Action Levels
The Expert Advisor defines the levels, at which the price has reversed. It displays only the levels fitting the width and the ones, after which the price has moved a significant distance. The width is defined by the candle forming the level's base. If the price has entered the level boundaries, then the level is displayed in a darker color.
The EA helps with price chart analysis of any symbol. It allows you to define the levels from any period without switching timeframes. You can always see when the price is near the historical High or Low and make the right trading decision.
The levels are very useful in defining market entry and Stop Loss levels. Take Profit can be located in the opposite level.
- number of points above and below the price - boundaries for searching the levels. The amount of points above or below the current price is set.
- ratio of the width of the level to move after him - the ratio of the level width and the distance the price has passed after the level. This is a level filter. Suppose that 5 is set in the settings. Then, only the levels, from which the price has passed the distance 5 times greater than the level width, are displayed. Thus, risk/profit ratio is theoretically equal to 1:5.
- the minimum width of the level - minimum level width in points. This is also a filter preventing display of too narrow levels.
- This parameter is followed by level and panel button color settings.