Master Levels indicator defines and displays important levels on any MT4 chart. Important levels are widely used in many trading systems as indicators for setting orders, stop losses and take profits. In many cases, the price rolls back after reaching such a level. However, level breakouts may also happen. During the breakout, the price sharply accelerates and goes far beyond the level.
Frequently, the price starts rolling back from the already broken level, and it remains important. With this indicator, you do not have to draw important levels manually. The product displays up to eight important levels on the chart. The thicker the level, the more important it is.
- Importance1 = 50; // Number of bars to draw the first levels (1-2)
- Importance2 = 200; // Number of bars to draw the second levels (3-4)
- Importance3 = 500; // Number of bars to draw the third levels (5-6)
- Importance4 = 1000; // Number of bars to draw the fourth levels (7-8)
The more bars are specified for drawing the levels, the more important are the levels. Specify the bars increasingly from Importance1 to Importance4.