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"MetaTrader Direction and Levels" indicator

The "MetaTrader Direction and Levels" indicator is extremely dynamic.  It not only can reveal current direction and support/resistance levels for any instrument being traded, on any type of chart but can be used in several ways...

Trend indication is shown by the blue/red trend line.  Support and Resistance levels can be identified by the blue/red dots.

Here are just a few examples of how this powerful indicator might be used:

For entry one can use the trend line by itself or in conjunction with other indicators, or one can use the levels which are indicated by the dotted lines in order to enter a trade just above/below a possible support/resistance level in the direction of the trend.

For exit a protective stop loss can be moved behind the levels (or even behind the trendline in a very strong trend) protecting profits on a winning position, one can measure the distance between the blue and red dotted lines to determine range and calculate a potential profit target, or the trend line might simply be used to determine the possible turning of a trend if placed on a higher time frame when trading with multiple charts.

With an adjustable LENGTH input parameter this indicator can work on ANY SYMBOL / ANY TIME FRAME / ANY CHART-TYPE and can be used on conjunction with other indicators such as our "MetaTrader Trend Strength Identifier", "MetaTrader Trend Reversal Identifier" and more.


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