Level Trading 123 Indicator
MT4 Market Levels TradingFree DownloadIntroduction to the Level Trading 123 Indicator
The Level Trading 123 Indicator for MT4 is a versatile forex technical indicator providing bullish and bearish trading signals as well as market reversal points. Free download.
The indicator is based on the Fractals and plots trendlines and key support/resistance levels automatically.
At the first glance, it may look a bit complex, but it is suitable for both beginners and advanced forex traders.
It performs well in all intraday timeframes, but in the Daily, Weekly, and Monthly price charts it is effective too.
Closer look at the Level Trading 123 Indicator
That forex indicator plots two types of lines on charts.
Short-term upward movement is marked as a blue-color trend line. Similarly, short-term downward movement is shown as a red-color trend line.
Additionally, the end of each trend-momentum is marked as a cross sign – the red one as the end of a bearish trend and the blue one as the end of a bullish trend. After its placed on the chart, one can expect a price reversal.
A very important element of the Level Trading 123 Indicator are support and resistance lines drawn as a grey dotted and solid horizontal lines. The best signals occur when the price reacts at these levels and a cross mark is placed near them.
Buy Signal
Long trade signal explanation and rules
In the beginning, recognize the most recent red cross mark placed on the chart. In the best scenario that cross sign is aligned with the support line.
Now, a forex trader can take an opportunity for long trade entry. The direction of the current trend should be considered bullish.
Set stop loss a few pips below the support level.
Secure the position with a good risk-reward ratio.
Sell Signal
Short trade signal explanation and rules
For a start, find the most recent blue cross mark placed on the chart. In the best scenario that cross sign is aligned with the resistance line.
Now, a forex trader can take an opportunity for short trade entry. The direction of the current trend should be considered bearish.
Set stop loss a few pips above the resistance level.
Secure the position with a good risk-reward ratio.
Settings
These are available settings.
