The index shows the pivot traces, the low, and close levels of the day, in addition to the low and top of the hour. You just need to install this indicator on the graph to exhibit these important lines, there is no need to configure many human indicators.
High and low of the day: These levels are employed for trading on the daily chart. Very often, if the purchase price becomes lower or higher than the low/high of the previous day, there is an acceleration of buying/selling. This is a breakout of the daily range.
High and low of the previous hour: These levels are used for trading on the hourly chart. The Opening Range breakout strategy (Toby Krabel) uses the hourly range of the previous hourly candle and involves trading on breakouts of the market opening level. Setting a stop loss near the hourly lines can be very effective.
Pivot Points: Pivots were invented by former pit traders who needed a quick and easy way to navigate the market situation. Many traders to this day check on these points. In the process of trading, pivot points, support levels (s1, s2, s3) or resistance levels (r1, r2, r3) lead to a slowdown or even a reversal of the price.
Pivot Point = (high close low)/3 (previous day)
r1 = (2 * pivot) – low
s1 = (2 * pivot) – high
r2 = pivot (r1 – s1)
r3 = high (2* (pivot – low))
s2 = pivot – (r1 – s1)
s3 = low – (2*(high – pivot));
All other lines are taken from the history of MetaTrader 5.
You can customize the colors of the lines and labels.
When I started working with MetaTrader 5 about a year ago, I didn’t find a suitable indicator. Since I used it every day, I thought it might be useful for other traders as well.
The indicator is used in conjunction with my robot Opening Range Breakout, which will be published soon. I plan to make this indicator “talking”. This allows you to “trade by eye and by ear“.
I’ve been using this indicator for about half a year, and overall, it works well.
On Mondays, it may show incorrect values, perhaps it uses data for Saturday.
This product does not give any warranty.
12.7.2018, Terence V. Gronowski “SwissTrader”
Free Download and Review Important Lines from Fxbotreview.com/