Time Levels Indicator
MT4Time Levels Indicator For MT4 plots the high and low of the previous daily, weekly or monthly trading range.
Description
The time levels indicator for MT4 is an essential tool for forex traders using range break out trading strategies. Additionally, forex traders can customize the indicator with daily, weekly or monthly price levels. The previous day’s high and low corresponds to an important level in technical analysis. So, this indicator helps range traders identify best support and resistance levels.
However, the indicator does not provide buy or sell forex trading signals. But plots the previous day’s high and low values in the comment area and also plots them as lines on the price chart.
Time Levels Indicator For MT4 Trading Application
The above GBJPY H1 price chart shows the time levels indicator for MT4. The indicator plots horizontal lines on the chart at the high and low. Moreover, forex traders can enable the previous weekly and monthly high and low levels. So, it helps intraday traders, short term and long term traders.
Generally, range trading is an effective trading strategy. Since, these levels act as support and resistance levels most traders look for price rejection and break out of these levels.
Forex traders can trade both break out and rejection using the ranges. However, it is important to confirm the breakout or rejection using price action.
Conclusion
In summary, the time levels indicator for MT4 is a must have tool for forex traders applying various range trading strategies.
1 2 3 4 5