Monthly and Weekly Levels Indicator
Info
The Monthly and Weekly Levels Indicator is a Script for MetaTrader 5 that this script provides a clear visualization of monthly and weekly levels on the chart. Parameters:- Number of Days: Set the number of days for calculation.
Usage
This tool is typically used for enhancing chart analysis and decision making.
Platform
This Script works exclusively on MetaTrader 5 (both build 600+ and newer versions).
Setup
Place the downloaded file in MQL5/Scripts folder via File ? Open Data Folder in MetaTrader 5.
How to Install and Use Monthly and Weekly Levels Indicator
1. Installation: Move your script file into the MQL/Scripts directory and restart the platform.
2. Execution: Drag the script onto a chart; it will perform a one-time action, such as closing all open orders or clearing chart objects.
3. Editing: Use MetaEditor (F4) to modify code, click "Compile," and verify no errors appear in the terminal before running.
4. Removing: Scripts stop automatically, but you can remove them manually by right-clicking the chart and choosing "Remove Script."
Frequently Asked Questions
Q: How are scripts different from EAs? A: Scripts execute a single action and then stop; EAs monitor the market and trade continuously.
Q: Can I assign a hotkey to a script? A: Yes, right-click the script in the Navigator, select "Set Hotkey," and define your preferred keyboard shortcut.
Q: Why did my script stop? A: Scripts are designed to stop immediately after finishing their programmed command; this is normal behavior.
What this tool does
This script provides a clear visualization of monthly and weekly levels on the chart.
Typical Use Case
This Script excels in automated trading and technical analysis on MetaTrader 5.
Compatible Platform & Setup
This Script works on MetaTrader 5. Place the file in the MQL5/Scripts folder and restart the terminal.
Description & Settings
Related: bulk information 1. 0 - another powerful script for MetaTrader 5 traders.
This script provides a clear visualization of monthly and weekly levels on the chart.Parameters:
- Number of Days: Set the number of days for calculation.
Also recommended: Lot Line Indicator - similar script with strong performance on MetaTrader 5.
- W1 Color: Choose the color for weekly lines.
- W1 Line Width: Adjust the width of weekly lines.
- W1 Line Style: Select the style for weekly lines.
- MN1 Color: Define the color for monthly lines.
- MN1 Line Width: Set the width of monthly lines.
- MN1 Line Style: Choose the style for monthly lines.
- Line Type: Display lines as either trend lines or horizontal lines.
Note: This indicator is designed to enhance your trading analysis and should be used in conjunction with other tools for comprehensive market insights.
You may also like: mql5 self-generating script - excellent alternative for script users on MetaTrader 5.
Source Code
#property copyright "robotfx"
#property link "https://robotfx.org"
#property version "1.00"
#property description "this code is educational. feel free to use, modify and upgrade as you wish. visit robotfx.org for professional trading tools"
#property script_show_inputs
#property strict
input int days=200; //number of days
extern string comm0=""; //- - -- ---- weeks ---- -- - -
extern color w1_color=limegreen; //w1 color of lines
input int w1_width=3; //w1 line width.......
⚠ Limitations & Risk Warning
- This tool is provided for educational and testing purposes only.
- Past performance does not guarantee future results.
- Trading involves substantial risk of loss. Use on a demo account first.
- Results may vary depending on market conditions, broker, and settings.
- We recommend thorough backtesting and forward testing before using with real funds.