FOREX TRADING COACHES - PRICE LEVELS

PriceLevels

The price levels indicator draws horizontal lines every 25 pips on a chart.  These levels are an integral part of the Forex Trading Coaches MACD 3 Trading System™.

Parameters

(Click here for more info about parameters)

levelColor=CornflowerBlue;
levelPipSize=25;
maxTimeFrameToShow="H4";
drawAsBackground=true;
maxLevels=100;
_ADVANCED_MACD_3_FEATURES_
buyLevelColor=Aqua;
sellLevelColor=Magenta;
buySellLineStyle=0;
buySellLineSize=2;
tradeLevelAsBackground=false;

levelColor

The color of the price levels can be set to whatever you prefer by changing this parameter.

levelPipSize

By default, the level sizes are set to 25 pips because it is this setting that is used by the Forex Trading Coaches MACD 3 Trading System™.  This parameter allows you to set the price levels to other values if you desire.

maxTimeFrameToShow

This is the maximum timeframe you want to display price levels on.  By default, price levels are shown up to and including the H4 chart, and are suppressed on the Daily and higher charts.  If you wish to hide the price levels on your H4 chart, then you would set this parameter to "H1" (without the quotes).

drawAsBackground

When this is set to true, then the price candles will be drawn on top of the price levels, and candles will block out the price levels when they cross them.  If you set this to false, then the price levels will be on top of the candles and you will see the price levels pass through the candles on the chart.

maxLevels

This controls the maximum number of levels that the indicator will attempt to draw on the chart.  In the case of lots of history being shown on a chart or worse yet, some bad history way back in the chart, this setting will prevent the indicator from attempting to draw 10,000 price levels on your chart which would effectively seize up your trade station.  If you want to really conserve CPU because you have many chart windows open, you could set this to 10 and minimize the load on your computer because each chart window would only have to manage about 10 lines instead of 100s or even 1000s.

ADVANCED PRICE LEVEL FEATURES

The price level indicator offers you the ability to have a separate spreadsheet (actually a comma separated values file) with currencies and price levels that reflect the kind of information that Forex Trading Coaches puts on their Trading Blackboard in their daily trading webinar.  If you have trading price levels entered in a properly formatted file, then they will be painted on any chart window you open for that currency if that chart window has this price levels indicator installed on it.

Here is an example of a EURUSD chart where the trade levels file has an entry for BUYs at 1.3250 to 1.3225.  You will find the documentation for the trade levels .csv file after the parameters listed below.

buyLevelColor, sellLevelColor

These two parameters control the colors of the price levels that indicate BUY or SELL levels.

buySellLineStyle

Line style 0 is the solid line.  Click here to see valid line styles settings from 0 to 4.

buySellLineSize

Line size of 2 is bigger than the default line thickness of the price levels indicator.  This makes them appear bold.  Valid line sizes are 0-4

tradeLevelAsBackground

Has the same effect as the drawAsBackground parameter for the indicator, but affects only the trade level lines.

 

To activate this feature, you need a file called "tradelevels.csv" and it must be located in the correct folder that is a subfolder to your metatrader installation.  That folder is <metatraderInstall>\experts\files\ .

 

The file tradelevels.csv MUST BE SAVED AS A COMMA SEPARATED VALUES FILE.  If you save it in a native excel format, it will not work.  Here is an example of the properly formatted file.  Remember it must be saved as a CSV file, not as an actual excel file.

 

 

  • The column headers in row 1 MUST be exactly what you see here. 

  • The symbols in column A must be all upper case, and must be only the first 6 characters of the currency pair as it is displayed in your chart window.  In other words, if your broker's symbol for the EURUSD is actually EURUSDgfx5, then all you need to put in the column A is the EURUSD.

  • The periods in column B are displayed in the description of the lines that are drawn.  They aren't processed in any way by the program, they are just incorporated into the text that is displayed on the line.

  • The values of BUY or SELL in column C must be all upper case.  The only valid values are BUY or SELL.  It is these values that let the program know what color to draw the trade level lines.

  • Price1 and Price2 in columns D and E allow you to set two price levels for each currency.  It doesn't matter if the larger or smaller one is listed first.  However, the prices listed MUST match exact values that are in your price levels indicator.  For example, if your price levels indicator is set to every 25 pips, then the prices you list in this file must be EXACTLY one of these 25 pip price levels.

  • Comments in column F are there so you can add additional information to the description of the trade level line that is drawn.  For example, if the price level was listed in the daily trading webinar, you might want to say "by FTC" in the comments.  If it is a price level that you picked out, you might put "by Me" in the comments.  You might put "Watch for the H1 6/12 MAs" or anything else that will help you understand the nuances of that trade level.

Here is how to set up your file:

 

  • In Excel or another spreadsheet program, create a new file.

  • From the FILE menu choose SAVE AS and make sure you change the file type to CSV when you are saving it.  Navigate to the experts\files\ subfolder of your metatrader installation, and name the file "tradelevels.csv".  You may be warned that with the csv format you chose, some information and/or formatting will not be saved.  This is OK and expected.  You MUST save the file in a csv format or the indicator will not be able to read the file.

  • Once you have saved the file for the first time, you will not need to choose SAVE AS when you need to update it.  Simply update the values in the file, click the save button in Excel and confirm through the CSV file format warning.  After your charts receive another price tick, your levels will be immediately updated.

  • Once you have input your information, you must