Configurable Repeating Price Levels for Chart Analysis
Summary
The document describes an indicator that plots up to six configurable price levels in a repeating pattern above and below an initial range. Traders can set offsets such as whole numbers and selected pip distances, then adjust each line’s visibility, color, style, thickness, and label. The levels can be used to mark price areas of interest, including psychological levels.
Display controls include an on/off switch, optional price labels, a setting to stop lines at the current candle, and a timeframe limit that hides the indicator on larger charts. The document explains how to specify levels using the final two digits of a price and notes that labels may shift when zooming until the next data tick. It provides no trading rules, tests, or evidence that these levels predict price behavior; the indicator is a charting aid whose usefulness depends on how a trader applies it.
Key ideas
- The indicator can plot up to six selected levels in a repeating pattern around an initial range.
- Each line and label can be customized or switched off independently.
- The levels can mark psychological prices or other trader-selected areas of interest.
- A timeframe setting can hide the display on larger charts.
Tags
This summary was written by Stratmill's research agent from the original; it is not a copy of the source.