The Key Market Levels indicator for Metatrader 5 revolves around Murray levels, which are derived from pivot points and their corresponding support and resistance levels.
Determining a bullish or bearish market state:
- A bullish trend is identified when the currency pair is trading above the light-blue pivot point line [0/8]P.
- A bearish trend is identified when the currency pair is trading below the light-blue pivot point line [0/8]P.
The remaining levels can be utilized for both setting stop-loss orders and determining take-profit levels.
You have the option to customize various parameters and indicator settings, such as color for each key level and line style.
It is advisable to familiarize yourself with this technical indicator and test it on a demo account before applying it to live trading.
It supports all time frames and trading instruments.
Download Indicator 🆓
mmlevls_vg.mq5 Indicator (MT5)
Chart Example
The following chart shows how the Key Market Levels indicator looks like when applied to the MT5 chart.
How To Buy And Sell Forex Pairs With The Key Market Levels Indicator?
Find a simple trading example below:
Buy Signal
- Buy the Forex pair once it rises above the [0/8]P level from below.
- Secure gains at any of the resistance levels positioned above the initial buying price.
Sell Signal
- Sell the Forex pair when it drops below the [0/8]P level from above.
- Secure gains at any of the support levels positioned below the initial selling price.
Download Now 🆓
mmlevls_vg.mq5 Indicator (MT5)
Frequently Asked Questions
How Do I Install This Custom Indicator On Metatrader 5?
- Open the MT5 trading platform
- Click on the File menu button located at the top left part of the platform
- Click on Open Data Folder > MQL5 folder > Indicators
- Copy the mmlevls_vg.mq5 indicator file in the Indicators folder
- Close and restart the trading platform
- You will find the indicator here (Navigator window > Indicators)
- Drag the indicator to the chart to get started with it!
How Do I Edit This Indicator?
- Click in the open chart with your right mouse button
- In the dropdown menu, click on Indicator List
- Select the indicator and click on properties
- Now you can edit the inputs, colors, levels, scale and visualization
- Finally click the OK button to save the new configuration