Key Levels
This is a powerful addition to your MetaTrader 5 toolkit designed to optimize market analysis and performance. This technical indicator acts as a specialized analysis tool designed to visualize market data. It helps traders identify emerging trends, momentum shifts, and key support or resistance levels by plotting statistical calculations directly onto price charts.
How to Setup and Use Key Levels
1. Installation: Place your file in the MQL/Indicators folder via "Open Data Folder" and restart your terminal.
2. Loading: Find the indicator in the Navigator, drag it onto your chart, and configure the input parameters in the popup window.
3. Customization: Press Ctrl+I to open the indicator list, select your tool, and click "Properties" to change colors, levels, or visual styles.
4. Updating: Replace the old file in the Indicators folder with the new version and restart the platform to apply changes.
Frequently Asked Questions
Q: Why is my indicator not showing? A: Verify the file is in the MQL/Indicators folder, or try right-clicking the "Indicators" tree in the Navigator and clicking "Refresh."
Q: Do custom indicators slow down the platform? A: Too many complex indicators can impact performance; remove unused ones via the "Indicator List" (Ctrl+I).
Q: Can I use MT4 indicators on MT5? A: No, MQL4 and MQL5 are distinct languages; ensure the indicator is compiled specifically for your platform version.
Description & Settings
Round levels are strong psychological levels with two trailing zeros for 4 digit quotes (2 digit pairs with JPY) or three trailing zeros for 5 digit quotes (3 digit for pairs with JPY). For example, for EURUSD round levels are quotes like 1,3500; 1,3600; 1,3700; 1,3800 etc., and for EURJPY it's 138,00; 139,00; 140,00; 141,00 etc.
Key Levels, an indicator of price levels
Key Levels indicator is good for displaying round levels on a price chart. Its main purpose is to display levels with trailing 00, 20, 50 and 80.
On the currency chart it displays as:
In the indicator settings displayed levels are divided into 2 groups, 00/50 and 20/80. You can turn off any of the 2 groups.
If you need to display only one level from a certain group (e.g. 00 from 00/50 group), then you can change the color of the second level to the background color to make it invisible on the chart.
Key Levels indicator supports MetaTrader 4 and MetaTrader 5 and has following settings:
Show_00_50_Levels - show/hide levels with trailing 00 and 50.
Show_20_80_Levels - show/hide levels with trailing 20 and 80.
Level_00/50/20/80 _Color - choose the color of these levels.
You can also use levels 20, 80 and 50. The main idea is as follows. Level 50 is a half way to the next round level which can also "decelerate" the price.
Levels 20 and 80 are boundary values, breaking through these values may indicate the final breakout or bounce from level 00.
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