Institutional Levels Indicator
- Indicators
- Conor Stephenson
- Version: 3.0
- Updated: 28 September 2024
Institutional Levels / Bank levels ... Psychological levels / Quarters theory.
This indicator will automatically draw at levels, "000, 200, 500 and 800", what I know as 'Institutional Levels', OR, can also draw levels "000, 250, 500 and 750", onto the chart.
Depending on where you have learnt Institutional Level trading / Quarters theory, you may know them as different names, essentially the core idea is that these levels act as strong support & resistance points in most forex markets.
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Group chat : https://www.mql5.com/en/users/conorstephenson
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Please contact me with any questions or after your purchase for set up / operating advice, thank you!
Key Features
- Draws support & resistance or lines at numbers "000, 200, 500 and 800" or "000, 250, 500 and 750" above and below current price.
- Alert function. - Able to notify when numbers are reached using the MT4 mobile app.
- Customisable line types, colors and sizes.
- Save time drawing levels onto each chart!
- Quickly switch between Institutional & Quarter Point levels.
- Strong visual support & resistance lines.
- Unique function to search for & dynamically size support & resistance points.
- Latest version now includes Suggested Trade Levels within S&R points.
Recommendations
- Use along side a solid trend indicator for confirmation of direction. Check multiple timeframes to add further confirmation into your bias. Wait for tests of the lines around current price, lower for buy, upper for sell. Never enter on the first test of a number, allow the number to be fully confirmed before you enter a trade.
- Please reach out to me for advice and guidance.
My products are for sale only on MQL5, if you see this product anywhere else, it is an imitation. Don't be fooled.
Input Definitions
- Level Mode -
- 'Institutional' - Lines will be drawn on levels '000, 200, 500, 800', around current price.
- 'Quarter Points' - Lines will be drawn on levels '000, 250, 500, 750', around current price.
- Level Type -
- 'FULL_LINE' - Lines will be drawn the full length of the screen.
- 'SHORT_LINE' - Lines will be drawn from midnight of the current day to the far right of the screen.
- 'SUPPORT & RESISTANCE' - The indicator will use a mixture of fractles within levels to determine dynamically sized support & resistance points on chart.
- Levels Per Side - How many lines/levels to draw per side of price.
- Candle LookBack - How many candles the indicator is using for information.
- Suggested Trade Level - Set true the indicator will draw a possible trade level within vaild support & resistance points.
- Show Labels - True will draw level labels on chart.
- Label Size - Size of label text.
- Label Color - Color of label text.
- Suggested Trade Style - Style of the suggest trade level lines.
- Suggested Trade Width - Width of the suggested trade level lines.
- Suggested Trade Color - Color of the suggested trade level lines.
- 000 Style - The style of lines drawn at '000' levels.
- 000 Width - Width of lines at '000' levels.
- 000 Color - Color of line at '000' levels.
- 200/250 Style.
- 200/250 Width.
- 200/250 Color.
- 500 Style.
- 500 Width.
- 500 Color.
- 800/750 Style.
- 800/750 Width.
- 800/750 Color.
- Print Alerts - True will allow alerts.
- Pop Up Alerts - True will display an on-screen message when set alert levels are reached.
- Push Notification Alerts - True will send a notification to the MT4 mobile app when alert levels are reached.
Ineed very nice tool.