Draw Forex institutional levels

Draw Forex institutional levels

If like me you are trading institutional levels on Forex and want them to always appear automatically around the price, here is a little indicator to do that, easily customizable.

Valid for all pairs and JPY pairs.

It draws a maximum of 4 lines around the price.

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No information on this site is investment advice or a solicitation to buy or sell any financial instrument. Past performance is not indicative of future results. Trading may expose you to risk of loss greater than your deposits and is only suitable for experienced investors who have sufficient financial means to bear such risk.

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  1. Theo • 08/15/2019 #

    Salut, qu’elle est ta définition de niveau institutionnel et comment les trouves tu?

  2. Etops • 08/15/2019 #

    Hello, les niveaux sur lesquels il y a des réactions fortes de la part des banques, les niveaux ronds pour moi vu que je fais du swing H4. Ex EUR/USD : 1.11 , 1.12, 1.09 …
    En intraday sur le forex, les niveaux sont x.20 , x.50, x.80. Ex EUR/USD : 1.1120 , 1.1150, 1.1280 …
    J’aurais donc du préciser que mon indicateur est adapté à mon swing D/H4, pas à de l’intraday.

    • tobytarczy • 08/15/2019 #

      Hi have been trying to modify the code you so kindly shared to reflect to the image you have attached. I am not sure how the lines should be labelled, however I have tried to modify the code. Just so you know I am not a real coder. Here is what I have done so far.

      // Draw Forex Institutionnal levels
      // Etops 13/08/2019
      defparam drawonlastbaronly=true

      price = close[0]
      if price/10 <1 then
      ref = round(close[0]*100)/100
      step = 0.01
      S1M= ref + step
      R1W= ref+2*step
      Piv = ref
      S1W = ref-2*step
      Startfrom = 0
      Offset = 8 * pipsize

      drawhline(ref) coloured(0,0,0) Style(dottedline,1)
      DRAWTEXT("Piv W", barindex + 25, Piv + offset, Dialog,italic,10) coloured(0,0,0)

      if abs(price-(ref+step))<0.0200 then
      drawhline(ref+step) coloured(0,255,0) style(dottedline,1)
      DRAWTEXT("S1 M", barindex + 5, S1M + offset, Dialog,italic,10) coloured(0,255,0)

      if abs(price-(ref+2*step))<0.0200 then
      drawhline(ref+2*step) coloured(255,0,0) style(dottedline,1)
      DRAWTEXT("R1 W", barindex+ 5, R1W+ offset, Dialog,italic,10) coloured(255,0,0)

      if abs(price-(ref-step))<0.0200 then
      drawhline(ref-step) coloured(0,0,0) style(dottedline,1)
      DRAWTEXT("Piv W", barindex+ 5, Piv + offset, Dialog,italic,10) coloured(0,255,255)

      if abs(price-(ref-2*step))<0.0200 then
      drawhline(ref-2*step) coloured(0,255,0) style(dottedline,1)
      DRAWTEXT("S1 W", barindex+ 5, S1W + offset, Dialog,italic,10) coloured(0,255,0)

      What I would like to understand is what is the difference from the first Drahline(ref), and the drawline(ref-step), and what should be the corresponding labels and what they signify/reference, e.g. "R1 W", "S1 M" vs "S1 W".

      many tahnks


  3. Theo • 08/15/2019 #

    D’accord merci

  4. tobytarczy • 08/15/2019 #

    Hi, I have been looking for something like this. I have a f questions about the indicator.
    Does it work on all time frames, for example will I see lines at different levels when I look at the 1HR and Daily? Or are the labels you have shown in the image referring to time frames, e.g. Monthly, Weekly, Daily, 4HR? Also, how do you add the labels to your code.

    I am not very good at coding, can make a few adjustments but that is about it.

    Thank you in Advance.


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