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Level Trading 123

The Level Trading 123 MT4 Indicator plots higher high, higher low, lower low, and lower high during a forex trend. Helps traders to identify trend reversal based on the break of price structure to provide early trend reversal signal.

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Description

The Level Trading 123 MT4 indicator uses the fractals to identify the bullish and bearish trend levels of the forex price chart. So, forex traders can identify the higher high – HH, higher low – HL, lower low – LL and lower high – LH during a trend. Moreover, it helps traders to identify trend reversal once price breaks the current trend level.

Features of Level Trading 123 MT4 Indicator

The indicator plots a blue line in an uptrend and a red line during a downtrend. Additionally, it plots a blue X to identify the bullish exit signal and red X to identify bearish exit signal. The level lines are plotted in gray line.

This indicator uses the fractals to identify the beginning and end of an up and downward price movement. In case of a valid forex bullish market trend the price moves in waves making HH, HL similarly in a bearish market price makes LL, and LH. Any break of this structure signals a trend reversal. Moreover, these peaks and troughs act as support and resistance levels which are the best stop loss and take profit levels.

Benefits of Level Trading 123 MT4 Indicator

Forex technical traders can use the higher high, higher low, lower low and lower high to visually identify the trend direction using this indicator. So, this indicator is very beneficial for new and advanced forex trend traders.

Since the break of the highs or lows indicates a potential price reversal, traders can use this indicator to spot early reversals.

Indicator Settings Description

IndicatorNumber: Identifier.

TrendUpColor:, TrendDownColor:, LevelColor: Color settings.

Width2LevelConfirmation to Width5LevelConfirmation: A higher value provides long-term trading signals.

SnapExtremumsToLevelOnChar: Snaps the extreme values to fit the chart.

FractalBarsOnEachSide: Minimum threshold for a valid fractal signal.

ProceedMaxHistoryBars: Number of maximum history bars for indicator calculation.

LevelActuality: Shows levels for next number of bars.

RestDefaultTimeframeValues: Enables resetting of current values.

ExtremumToLevelMaxGap: Minimum gap settings.

PriceDeltaFor1Bar: Delta value for the first bar.

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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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