Institutional Levels Indicator
- Indicators
- Conor Stephenson
- Version: 2.0
- Updated: 22 May 2022
Institutional Levels / Bank levels ... Psychological levels / Quarters theory.
This indicator will automatically draw at levels, "000, 200, 500 and 800", what I know as 'Institutional Levels', OR, can also draw levels "000, 250, 500 and 750", onto the chart.
Depending where you have learnt Institutional Level trading / Quarters theory, you may know them as different names, essentially the core idea is that these levels act as strong support & resistance points in most forex markets.
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Group chat : https://www.mql5.com/en/users/conorstephenson
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Please contact me with any questions or after your purchase for set up / operating advice , thank you!
Key Features
- Conveniently draws rectangles or lines at numbers "000, 200, 500 and 800" or "000, 250, 500 and 750" above and below current price.
- Alert function. - Able to notify when numbers are reached using the MT4 mobile app.
- Customisable line types, colors and sizes.
- Works with forex currency pairs.
- Save time drawing levels onto each chart!
- Quickly switch between Institutional & Quarter Point levels.
- Strong visual support & resistance lines.
Recommendations
- Use along side a solid trend indicator for confirmation of direction. Check multiple timeframes to add further confirmation into your bias. Wait for tests of the lines around current price, lower for buy, upper for sell. Never enter on the first test of a number, allow the number to be fully confirmed before you enter a trade.
- Please reach out to me for advice and guidance.
My products are for sale only on MQL5, if you see this product anywhere else, it is an imitation. Don't be fooled.
Input Definitions
--- [ FULL USER GUIDE HERE ] ---
- Line Mode - 'Institutional' - Lines will be drawn on levels '000, 200, 500, 800', around current price. 'Quarter Points' - Lines will be drawn on levels '000, 250, 500, 750', around current price.
- Line Length - 'FULL' - Lines will be drawn the full length of the screen. 'SHORT' - Lines will be drawn from midnight of the current day to the far right of the screen.
- Show On Chart Comment - True will show what the indicator is considering upper and lower levels for alerts.
- 000 Style - The style of lines drawn at '000' levels.
- 000 Width - Width of lines at '000' levels.
- 000 Color - Color of line at '000' levels.
- 200/250 Style.
- 200/250 Width.
- 200/250 Color.
- 500 Style.
- 500 Width.
- 500 Color.
- 800/750 Style.
- 800/750 Width.
- 800/750 Color.
- Use Pop Up Alerts - True will display an on-screen message when set alert levels are reached.
- Use Push Notification Alerts - True will send a notification to the MT4 mobile app when alert levels are reached.
- Alert At 000 - True will print a log message and send notifications out when price reaches the level.
- Alert At 200/250.
- Alert At 500.
- Alert At 800/750.
Very Useful Tool, Very Impressed.