User guide to the systemic technical analysis indicator LevelForecast
- Indicator setup
- Indicator integration in a chart
- Indicator parameters
- General advice
- Personal key setup
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.
|1. In the main menu panel, select the File and select the option Open data catalogue.|
|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.|
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.
|2. In the Input Parameters tab that has opened, you may check or change the indicator’s parameters.|
|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.|
|1. Inside the Input Parameters tab, you can check and/or replace the parameters of the indicator’s operation.|
Group: «Level Parameters» consisting of the parameters influencing the construction and visualize of Price and Time levels.
- parameter ShowDaysLevel – tells the indicator that the Derivative Price Levels should be projected onto the chart to the scale of (D, H4, H1)
- parameter ShowHoursLevel – tells the indicator that the Derivative Price Levels should be projected onto the chart to the scale of (M30,M15)
- parameter ShowMinutesLevel – tells the indicator that the Derivative Price Levels should be projected onto the chart to the scale of (M05).
Derivative levels are built from the high time frames to the current. Derivative Price Levels may be combined to meet your requirements.
- parameter ShowDaysDateLevel – tells the indicator that the Derivatives Time Levels should be projected onto the chart to the scale of (D, H4, H1)
- parameter BaseColorLineUp – sets the color of the Base Level of the previous Up extremum.
- parameter BaseColorLineDn – sets the color of the Base Level of the previous Dn extremum.
- parameter GaugeColorLine – sets the color of the Derivative Level for both the Price and Time levels.
- parameter BaseLineStyle – sets the style of display of price and time levels.
- Solid - a solid line
- Dash - a dashed line
- Dot - a dotted line
- DashDot - a dash-dot line
- DashDotDot - a dash-dot line with double dots
- parameter BaseLineWidth – sets the density of the display of price and time levels. Available options are from 1 (thin line) to 5 (thick line)
parameter ShowObjectsDescription – sets the display mode of Price and Time level abbreviations on the chart.
Group: «Global Parameters» includes the parameters of the instrument’s updates and identification.
- parameter UpdateRefreshData – sets the minimum time interval that the LevelForecast indicator will try use to space out the calculation of the base levels. The parameter takes on the default value of one hour. For your information: setting a small time interval will lead to the consumption of a greater amount of resources for the calculation of price and time levels.
- parameter UpdateCreatedLevels – tells the indicator that, after the calculation of price and time levels you have to adjust the price and time levels to match the latest computation data. The parameter takes on the default value of “true.” In a turned-off mode (false), the previously built price and time levels will not be rebuilt but rather will be accumulated on the chart.
- parameter UserSymbol – is a name of the instrument. If this field is filled, then inputted data are used for calculations and correct identification of the instrument. If the filled is empty, then the name of the instrument is taken from the chart and automatically identified. By default, the parameter is blank value.
- parameter MarketsName – is a name of the market. This parameter has to take on the value that matches your instrument type. The parameter takes on the default value of FX.
Group: «Network Parameters» includes system and network parameters.
- parameter UserKey – is a personal key, a unique value needed for identification in level calculation.
- parameter ShowDebugInfo – switches on or off the debugging mode. By default, the parameter is turned off (false).
|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.|
|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).|