LevelForecast - is a systemic technical analysis indicator allowing for building Price Levels and Time Levels.

User guide to the systemic technical analysis indicator LevelForecast

Description

The LevelForecast is a systemic technical analysis indicator allowing for building Price levels and Time levels. At the heart of price level construction is an extremum search algorithm used on (Daily, Weekly) time frames for the duration of the instrument’s history. Based on the results returned, Base Price levels are built, on the chart, they are denoted by the symbol B and built in the form of horizontal lines. The indicator builds Derivative price levels (D,H4,H1,M30,M15,M5) based on the surrounding Base price levels constructed.

At the heart of Time level construction is an algorithm that conducts the search for regularities and cyclicality between extremums on (Daily, Weekly) time frames. Based on the results derived, Base time levels are constructed. Time levels show a potential response of the market in the level range or abnormal movements above the standard ATR. On the chart, they are denoted by the symbol B and constructed in the form of vertical lines. The indicator builds Derivative Time Levels (D, H4, etc.) based on the surrounding Base time levels constructed.

Indicator setup

1. In the main menu panel, select the File and select the option Open data catalogue. 03
2. In the window of the data catalogue that has opened, double click on the Indicators folder and copy the file containing the LevelForecast indicator. Then go back to the MT4 terminal. 03

Indicator integration in a chart

1. From the main menu panel, select the option View, then select Navigator. In the tree-like window that will open, select the option Indicators and in the indicator list find the row containing the LevelForecast indicator. Then drag and drop it on the chart. Alternatively, choose the menu option Attach to chart while staying on the indicator choice box.
Note: if the indicator does not show up on the choice list of the Navigator panel, you have to choose the Update option of the Navigator panel.
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2. In the Input Parameters tab that has opened, you may check or change the indicator’s parameters. 03
3. Important: for the correct of operation of the LevelForecast indicator, you have to check and switch into the right mode the libraries import parameter. To do that, go to the General tab (as indicated on the figure) and check the Allow DLL Import parameter. This option must be active. 03

LevelForecast indicator parameters

1. Inside the Input Parameters tab, you can check and/or replace the parameters of the indicator’s operation. 03

Group: «Level Parameters» consisting of the parameters influencing the construction and visualize of Price and Time levels.

Group: «Global Parameters» includes the parameters of the instrument’s updates and identification.

Group: «Network Parameters» includes system and network parameters.


General advice

To display the abbreviations (names) of the Price and Time levels, we recommend checking and activating the parameter Show object description. To do this, press the F8 key while inside the Chart window or invoke instrument properties with a click of the mouse, go to the General tab and activate the parameter Show object description. 03

Personal key setup

To enter or change the values of your personal key, you have to open the LevelForecast Indicator Properties menu, go to the Input Parameters tab and enter your personal key values in the field on the right-hand side of the UserKey parameter (the Network Parameters group). 03