The Key Level Indicator For MT4
The Key Level Indicator For MT4 is a unique, simple and powerful multi-time frame indicator that automatically identifies only the most important trading areas in terms of support and resistance and visually alerts the trader to the support and resistance area. The Key Level Indicator For MT4 is an indispensable tool once a trader starts to use it.
Advantages and Disadvantages of using the Key Level Indicator For MT4
Unlike 98% of the support and resistance or level indicators in the indicator market, the Key Level Indicator For MT4 keeps the trader's chart completely clutter free and uses very tiny lines that are super easy to concentrate on while the trader does their analysis.
The Key Level Indicator For MT4 is a multi-timeframe indicator which means that whatever signal it gives the trader cuts across all the timeframes of that particular currency pair or trading commodity. That way, if the trader goes to the 5m timeframe, the same signals on the 1D timeframe will still show up. That way, the trader is sure that the indicator completely analyses the markets from all the timeframes before giving out signals.
The Key Level Indicator For MT4 is a very powerful indicator because of how reliable the signals it produces are. In trading, each trader has a style unique to him and particular to his personality type and hence, any type of trader can find that they can use the signals produced by the Key Level Indicator For MT4 to trade in whatsoever way they want to or according to their own trading styles.
Over 90% of the indicators for Meta Trader 4 are known to lag behind price. This adds to the uniqueness of the Key Level Indicator For MT4 since it is a leading indicator and as such, tells the traders the most important point(s) in price where the market has the highest probability of reacting. The reaction may be a re-test, a bounce, a strong break or a reversal.
The Key Level Indicator For MT4 can be used to build a very successful trading strategy since it only focuses on one of the most important elements of trading which most traders do not focus on - Price action itself! This lends a hand to why most traders are not successful at trading and get frustrated after a while.
The Key Level Indicator For MT4 spots support levels and resistance levels in price. A support level is a point or area that price has come down to and stopped at, before going back up while a resistance level is a point or area where price has come up to and stopped at, before continuing back on its way downwards. The Key Level Indicator For MT4 looks for these levels automatically and helps the traders see and identify them.
Identifying these Support and Resistance levels are very important because price tends to react in these areas most of the time. There are several types of support and resistance levels. The different types of support and resistance levels are the diagonal support and resistance and horizontal support and resistance. The Key Level Indicator For MT4 helps the trader to identify the horizontal types of support and resistance areas.
The Key Level Indicator For MT4 offers the trader a simplified way to observe the markets by automatically doing the bulk of the analysis and leaving the trader with the most important areas to apply their trading styles. Whatever the style, the trader can then adapt their trades to these areas.
A key pattern to look out for when using this indicator is called the support and resistance flip. This pattern occurs when the price comes to a place that has been identified on the charts previously as support, breaks that level downwards and then moves back up to retest the level before continuing downwards or when price comes to a level that was previously resistance, breaks it upwards, then comes back down to that same level to retest it before continuing upwards. This is one of the most common price behaviors in the market and usually presents an opportunity for most types of traders to profit from.
The Key Level Indicator For MT4 doesn't plot all support and resistance areas it spots. It rather calculates these support and resistance points from all the time frames and only shows the trader the key ones that are visible on all the timeframes. This is very important because since all the traders on all the timeframes can spot the level, the reaction from the price at that particular level is most likely to create a big move.
Some of the ways the Key Level Indicator For MT4 works is by looking out for levels price has bounced from multiple times and also levels where the price reacted sharply to by bouncing off sharply. Another way to spot important levels is to observe for levels that have enough spaces between the individual times' price comes back to touch the level.
The Key Level Indicator For MT4 considers all these criteria at the same time and uses them to visually point out only the most important levels in the market to the trader.
The Key Level Indicator For MT4 helps the trader spot new opportunities to trade price pullbacks or price retracements. This then allows the trader to plan the kind of trades or entries he wants to take or execute at the levels this indicator creates. The Key Level Indicator For MT4 can also be used to trade multiple currency pairs at the same time because of the simplicity of the patterns it discovers in price action.
The Key Level Indicator For MT4 can also be very useful to both scalpers, swing and position traders as they all need to know where the most important levels in the markets are so that they can adjust their trading styles to fit accordingly.
The trader can use the Key Level Indicator For MT4 to scan through all the currency pair that he or she likes every morning before trading commences, spot the ones where the indicator has discovered important trading levels, then watch only such currency pairs or trading assets throughout the day for price bounces against such levels, especially support and resistance flips.