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Key Levels

The Key Levels Indicator for MT5 identifies support and resistance levels of the price. The Key Levels Indicator MT5 is a great tool to help traders make more profitable trades and maximize their returns.

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Description

The Key Levels Indicator is a technical analysis tool for the MetaTrader 5 (MT5) designed to highlight round number zones on the chart. These round number zones are otherwise known as psychological levels where the market price tends to reverse.

Essentially, the indicator displays price psychological levels with 00, 20, 50, and 80, which are strong price reversal or continuation zones. Therefore, traders may anticipate buying opportunities near key support zones or selling opportunities at key resistance zones.

Conversely, traders may anticipate potential trend continuation if the price breaks above or below the key levels.

Features of the Key Levels Indicator for MT5

  • Automatically Detects Round Levels: The indicator highlights round level numbers with 00, 20, 50, and 80, enabling traders to identify price psychological zones without hassle.
  • Multi-Timeframe: The indicator analyzes multiple timeframes simultaneously, which makes it a suitable trading tool for multi-time frame technical analysis.
  • Customizable Parameters: The indicator allows users to customize the inbuilt parameters to suit their preferences. Traders can turn on/off the levels or change the colors.

Benefits of Using the Indicator

  • Identify Support and Resistance: The indicator highlights significant levels of the price, which assist traders in identifying potential support and resistance zones for buying/selling opportunities or trade exits.
  • Risk Management: The identified key levels can be used to set stop-loss and take profits.
  • Confluence: The key levels identified by the indicator can be used as confluence with price action or other technical trading tools to confirm the potential direction of the price.

Indicator Settings Description

The indicator comes with the following customizable parameters:

Show_00_50_levels: Enables/Disables 00 and 50 levels.

Show_20_80_Levels: Enables/Disables 20 and 80 levels.

Level_00_Color: Determines color for level 00.

Level_50_Color: Determines color for level 50.

Level_20_Color: Determines color for level 20.

Level_80_Color: Determines color for level 80.

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How to Install

How install MT4/5 indicator in the terminal?

To install an MT4/5 indicator in the terminal, follow these steps:

  1. Download the indicator file (.ex4 or .mq4/.ex5 or .mq5) to your computer.

  2. Open the MT4/5 terminal and click on “File” in the top left corner.

  3. Select “Open Data Folder” from the dropdown menu.

  4. In the window that opens, double-click on the “MQL4/5” folder.

  5. Double-click on the “Indicators” folder.

  6. Drag and drop the indicator file from your computer into the “Indicators” folder.

  7. Close the data folder window and restart the MT4/5 terminal.

  8. The indicator should now be available in the “Navigator” window on the left-hand side of the terminal. Simply double-click on the indicator to add it to a chart.

Note: If the indicator is in a .zip file, you will need to extract it first before following the above steps.

And if asks to confirm DLL?

If the indicator you are installing requires access to external Dynamic Link Libraries (DLLs), you may see a pop-up message asking you to confirm the use of DLLs.

DLLs are external libraries that contain code that can be used by other programs. In the case of MT4/5 indicators, they are often used to perform complex calculations or connect to external data sources.

If you trust the source of the indicator and want to use it, click “Yes” to confirm the use of DLLs. If you are not sure or do not trust the source, click “No” to cancel the installation.

It’s worth noting that some indicators may not work properly without access to their required DLLs. If you choose not to allow access to DLLs and the indicator does not work as expected, you may need to reinstall the indicator and confirm the use of DLLs to get it to work properly.

 

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