Level Trading 123 Indicator MT4

Level Trading 123 Indicator for MT4

Introduction 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.

Level Trading 123 Indicator MT4 Example Chart with Explanation

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.

Level Trading 123 Indicator Long Trade Example Chart

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.

Level Trading 123 Indicator Short Trade Example Chart

Settings

These are available settings.

Level Trading 123 Indicator Settings

How to set up the Level Trading 123 indicator in MetaTrader (MT4)?

Installation Guide

Download the level-trading-123-indicator.rar archive at the bottom of this post, unpack it, then copy and paste the level_trading_123.ex4 or level_trading_123.mq4 indicator files into the MQL4 folder of the Metatrader 4 trading platform.

You can gain access to this folder by clicking the top menu options, which goes as follows:

File > Open Data Folder > MQL4 > Indicators (paste here).

Now go to the left side of your MT4 terminal. In the Navigator find the gauge name, right-click it and select Attach to the chart.

Bottom Line

The Level Trading 123 indicator is well worth adding to your trading collection. A good forex indicator will most probably enhance your chance of success.

Nonetheless, remember about having realistic expectations. Just like any other technical analysis tool, is not capable of providing accurate signals 100% of the time. Thus, this forex indicator provides false signals occasionally. Its performance will vary significantly depending on market conditions.

Feel free to develop your own trading system based around it. Don’t forget that we still have more great free forex MT4 indicators to download and try.

Level Trading 123 Indicator in MT4 Trading Platform Navigator

Download Free Forex MT4 Level Trading 123 Indicator

To download the Level Trading 123 Indicator for Metatrader 4 (MT4) for free just click the button below:

Level Trading 123 Indicator Free Download

Tags: , , ,