The color of the price levels can be set to whatever you prefer by
changing this parameter.
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.
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).
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.
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.
These two parameters control the colors of the price levels that
indicate BUY or SELL levels.
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
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\ .
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.
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.
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.
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.