Draw Forex institutional levels

Category: Indicators By: Etops Created: August 15, 2019, 3:24 PM
August 15, 2019, 3:24 PM
Indicators
5 Comments

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.

// 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
  
 drawhline(ref) coloured(0,0,0)
 if abs(price-(ref+step))<0.0200 then
  drawhline(ref+step) coloured(0,0,0)
 endif
 if abs(price-(ref+2*step))<0.0200 then
  drawhline(ref+2*step) coloured(0,0,0)
 endif
 if abs(price-(ref-step))<0.0200 then
  drawhline(ref-step) coloured(0,0,0)
 endif
 if abs(price-(ref-2*step))<0.0200 then
  drawhline(ref-2*step) coloured(0,0,0)
 endif
else
 //for JPY pairs
 ref = round(close[0])
 step = 1
  
 drawhline(ref) coloured(0,0,0)
 if abs(price-(ref+step))<2 then
  drawhline(ref+step) coloured(0,0,0)
 endif
 if abs(price-(ref+2*step))<2 then
  drawhline(ref+2*step) coloured(0,0,0)
 endif
 if abs(price-(ref-step))<2 then
  drawhline(ref-step) coloured(0,0,0)
 endif
 if abs(price-(ref-2*step))<2 then
  drawhline(ref-2*step) coloured(0,0,0)
 endif
endif

return

Download
Filename: Forex-institutional-levels.itf
Downloads: 230
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