Level Indicator
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 Level Indicator
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
When the
trigLv
level specified in the settings is crossed within the
deviation
, the indicator sends a push notification to the mobile device if the input parameter
notification
is enabled, and also plays an alert if the input parameter
alert
is enabled. The trigger level of
trigLv
, as well as the
deviation
limits, are highlighted with horizontal lines, the style, color and thickness of which can also be set in the indicator settings. This design allows you to add several copies of the indicator with different levels to the chart and receive signals as a result of their intersection.
The given trigLv level works only once on one bar. Re-actuation is possible only after the opening of the next bar. Thus, it was possible to eliminate too frequent triggers on each tick.
