Color Levels Pro Indicator
Highlight key price action patterns using the best charting tool for MT4. Draw support/resistance levels, trend lines, triangles, and rectangles on price charts.
Description
The Color Levels Pro is a multifunctional price charting tool for MT4. This indicator allows you to apply all types of shapes and lines to highlight potential price action patterns. Drawing trend lines, support/resistance levels, and pattern shapes is a regular task for technical traders. It helps them track key price changes and anticipate precise buy/sell positions accordingly.
The MetaTrader 4 platform already comes with a few built-in price chart tools. However, they are not easily accessible and unsuitable for frequent use. Since the software needs space to arrange other menus and options, it is impossible to place all the drawing tools on the main window. The indicator comes with innovative and user-friendly chart analysis features. It places all the essential drawing tools on the main price chart. So, you get instant access to your desired charting options only with a few mouse clicks.
In this guide, you’ll learn how to track buy-sell opportunities using the Color Levels Pro MT4 indicator.
How to perform price level analysis using the Color Levels Pro indicator in MT4
The Color Levels Pro for MT4 has all the necessary tools to speed up and diversify on-chart technical analysis tasks. It displays seven drawing tool icons on the top left of the chart. This panel includes rectangles, triangles, trendlines, and horizontal lines in different colors. Double-click on the object to unlock it. Once unlocked, right-click on it to access the object settings menu, then customize the styles and colors of the objects. You can also hold and drag your mouse pointer around the edge of the triangle and rectangular boxes to change their sizes and shapes.
Connect the market highs and lows using Indicator trend line. It outlines the possible price retracement zones. Also, it helps you anticipate support/resistance and critical price breakout levels. Furthermore, the Color Levels Pro includes a trade alert service. Once you activate the feature, the indicator will send alerts whenever the price interacts with any of your drawing objects.
Please note that the Color Levels Pro is not a buy-sell signal indicator. This indicator is a simple MT4 price chart highlighter that helps you anticipate profitable trading opportunities.
Conclusion
The Color Levels Pro indicator offers an excellent privilege for technical analysts in exploring key price patterns. It also helps traders to monitor changes in price actions and market trends. Once you install the indicator on MT4, you have all the tools on your chart for drawing shapes, support/resistance, and trend lines simultaneously.