Levels StopTP

LEVELS (extremes, stops, takeprofits)

The indicator visualizes the levels of recent price extremes. Such values are searched for by means of an internal algorithm. It does not redraw. 

It is used to change stop order placement levels (done manually by the user, the indicator only visualizes the level). It can also be used for taking partial profits at opposite levels of the movement.

The indicator will allow you to take most of the strong movements. You don't have to worry about exiting a position prematurely. If you are caught in a strong movement, just watch the supporting levels and exit on a stop when the price has broken this level.

The indicator is not intended to search for entries into the position

Settings:

• Extremum Area - the area where the extremum is initially searched for. In this case 2 candles BEFORE and 2 after.
• Type Levels — responsible for the values of the levels - extremes or closing prices of candles
• Any Break - turning on this parameter provides more sensitivity at the moment of the first level change.
• Restart New Day - for intraday charts on instruments with a potential wide range of the first candle. Otherwise it may happen that the first candle with its tails immediately determines the levels for the whole day.
• Bar's Quantity - the number of candles to the left, on which the indicator is displayed