Indicator of major players x lines. Forex indicator for automatic determination of support and resistance levels X-Lines

The X-Lines indicator (secret lines) is an algorithm with which you can mark horizontal support/resistance levels on the chart in a matter of seconds, as well as evaluate their strength.

This indicator appeared relatively recently; it is noteworthy that it was initially created for the fifth version of MetaTrader, and for the “four” it was rewritten after it had proven its effectiveness. In any case, both versions are almost an exact copy of each other, so I will consider the whole theory using the example of markup in MetaTrader 5, especially since in recent reviews this platform has been touched upon very rarely.

You can download free X-Lines indicator for MetaTrader 4 and MetaTrader 5 here:

Let's start with setting up X-Lines. As I already noted, it denotes several horizontal levels on the chart, which are divided into two main groups.

The second group includes the remaining levels, with the help of which the X-Lines indicator marks prices that are not so interesting for major players, but still capable of having a certain influence on traders’ decisions.

Of course, all markings are constructed using mathematical calculations, since the indicator is not capable of thinking and analyzing the actions of speculators. For this reason, the strength of levels assumption is a common theoretical assumption.

And since I remembered about calculations, I should also mention the key variables responsible for constructing the markup. The author of the X-Lines indicator provided the ability to freely change the values ​​of five parameters.

Power_High_Range – special coefficient, designed to identify strong levels. In the author’s assembly, the value is set to 0.08, but the speculator can optimize this variable himself depending on the goals and objectives set for the system.

I draw attention to an important detail - the greater the value given coefficient, the more often the X-Lines algorithm will mark “bold” levels, but if the parameter is reduced, we will get fewer levels, but their quality and strength will increase by an order of magnitude.

Power_Medium_Range - in its “mathematical” essence, this is exactly the same coefficient as the previous one, only it is responsible for marking weak levels and is equal to 0.15 by default.

This logic seems to be turned upside down, but nothing can be done, you have to remember one simple rule - the value of the first parameter must be less than the second, otherwise the X-Lines indicator will make the important lines thin, and assign thick lines to supports and resistances of medium strength.

The remaining variables (Period of analysis, HighLevel and MediumLevel) are responsible for the duration of the analyzed period and the color of the markup. Of course, the period for calculation should be selected in such a way that the algorithm does not take into account too old prices that no one is focusing on anymore. At the same time, you should not set the value too small, since in this case the markup will be constantly redrawn.

Using the X-Lines indicator when searching for signals

In principle, strategies based on indicator levels are no different from trading using manual markings, so there are two theoretical ways of concluding transactions using the X-Lines program - for a rebound from a level and for a breakout of an important mark.

But theory is theory, and practice has shown that breakouts work best. This is due to the fact that the algorithm uses mathematical formulas to mark levels, so the interest of real trading participants may differ from the indicator’s forecast.

Thus, the level of the X-Lines indicator becomes relevant only if the price has reacted to it, i.e. either stopped growing or slowed down its decline. In other words, a so-called “retest” has occurred, indicating the presence of a limit seller or buyer at the level.

Accordingly, if this “player” is unable to defend his position, the level will be broken and the price will rush to new goals.

It turns out that X-Lines applies rough markings to the chart, i.e. denotes hypothetical levels at which buyers and sellers could enter into a fight. The actual signal must already be looked for in real time, comparing the draft and the price behavior when approaching the level.

Similar difficulties await traders who decide to use “secret lines” as a signal module. On the other hand, if you combine this tool with some other indicator strategy, the resulting lines can be used as indicative levels for setting stop loss and take profit.

Summing up briefly all that has been said, we can formulate the following main advantages characteristic of the X-Lines indicator:

• its markup is elementary, since there are no unnecessary symbols and numbers on the price chart;
• setting up the algorithm is carried out in two steps;
• the indicated levels do not duplicate the markings of other similar indicators;
• the formula works for any currency pair and asset, the main thing is that there are enough candles (bars) in the history of quotes.

From the article you will learn:

Greetings, dear readers and visitors to our site. As part of this article, I would like to consider an interesting indicator of price levels called Lines. Like , only working a little differently.

Best broker

Unfortunately, many traders simply do not understand this, which is why they like to start. Yes, the level can be good and strong, but this level is unlikely to be able to withstand a strong trend. In general, using levels is a theoretically simple technique, however, all this ephemeral simplicity comes to naught when you try to use levels in practice, and then the fun begins. It will immediately become clear to you that you need significant experience in order to competently, and most importantly, profitably use these levels. However, level trading is an incredibly effective trading method and there is no denying it.

Settings

The indicator can be divided into two parts that are identical in functionality. The operation of the first of them is configured by the variables X1, Y1, as well as L1 and L2 (see the settings instructions). The second part is configured using X2, Y2, L3, L4.

We suggest you use the first block to determine important price levels (support and resistance) for the longer of the two periods, and the second block to find levels for a shorter period.

Periods in in this case are measured in the number of candles of the time frame that is on your price chart. The nominal settings of the first block are:

L1 = Blue

L2 = Red

This means that the blue line on the chart will mark the most important resistance level for the last 30 candles of the current timeframe. The red line shows us the support level for the same period (30 candles). The thickness of these lines on the chart is 3 points.

Second block of settings:

L3 = Turquoise (turquoise)

L4 = Pink

In this case, support and resistance are sought over a shorter period than the previous time. Now they are determined over a period equal to 16 candles of the current timeframe. The thickness of the support (pink) and resistance (turquoise) lines is 2 points.

The periods can be changed by customizing the indicator to suit your own needs. The levels of both periods may be the same or different. The indicator readings help you understand how the levels are changing, which of them are now the most relevant (those displayed in colors), whether they have changed recently (if they do not match) or have been unchanged for a long time (if they match).

for MT-4 is one of the most popular and reliable tools for determining the price level in the Forex market. The levels of this indicator can be used for effective solution a wide range of tasks related to trading, both for screening false signals, obtained from other tools, and as a basic element trading strategies. The X-Lines indicator for mt4 can be downloaded for free on the Internet.

The X-Lines indicator was specifically designed for the MetaTrader 5 platform, but due to the huge popularity of MetaTrader 4, this tool was adapted for it.

During the process of adaptation to MT-4, the main algorithm for calculating the indicator was preserved. The main changes were made to the system that calculates the level force, which had virtually no effect on the quality of the tool.

Basic indicator settings

You can download the X-Lines indicator using the link below.
In the process of creating this indicator, the development team used as a basis the assumption that any price groups can be divided into two types: strong levels, which are of interest mainly to large buyers and sellers, and general level, with the help of which you can work out resistance and local support. To effectively separate the settings levels of the X-Lines indicator, two parameters are used:

1. PPH, which is a filter that allows you to detect strong levels. When installing the indicator, this filter has settings of 0.08, but for more effective trading, you need to select the most suitable value for the timeframe used and currency pair. During the tuning process, you must remember that when you lower the settings, significantly fewer levels will be identified as strong.
2. PPM, which is a filter that identifies levels with an average value. When installing the indicator, this filter will have a setting of 0.15, but when making adjustments for a specific pair, the settings will be in the range of 0.02-0.99.

The process of setting up the indicator should be done so that the PPM is always higher than the PPH. If this condition is not met, the indicator will not work correctly, which will lead to erroneous transactions. In the picture below you can see what the correct settings for the X-Lines indicator look like.

The level color is configured in the Medium Level and High Level characteristics, and the number of bars that will be used in the calculation process is configured in the Period of Analysis characteristic. In standard settings, the value of the Period of Analysis indicator is 0, which makes it possible to analyze the entire available history during the calculation process.

Using X-lines when opening trades

Price levels are a significant element that is used during the technical analysis. It is at the price level that a huge number of stable trading strategies that bring significant profits are based, for this reason X-Lines is widely used when creating orders when the price rebounds from the indicator level, as well as during breakouts.

In the picture above, you can see that the indicator has built its levels with default characteristics. A strong level is indicated in red; it acts as resistance when the price goes down, and when it moves up, it acts as support.

Practice shows that X-Lines, a super accurate indicator, works much better when breaking through the red level than when rebounding from it. Most often, the price significantly slows down its movement, and in some cases it can create several rebounds, but despite this, the level is broken through and the price moves to the next targets. In the figure below you can see an example of such a situation.

The reason for this price behavior is the calculation algorithm used by the indicator. With any currency pair, price will behave this way before a breakout occurs.

Using the indicator as one of the tools

Strong levels are optimal for confirming the optimal point of entry into the market, and medium levels help determine the optimal location of Stop Loss and Take Profit.

Practice shows that this indicator is perfect for use as additional confirmation of the readings of such instruments as the moving average, which quite often lags. The use of X-Lines allows you to perform an analysis of possible risks in advance.

Advantages of the X-Lines indicator

Among the huge number of advantages of this indicator, it is easy to set up and use. It will only take you a few minutes to download and configure the X-Lines indicator. When using it, a trader will immediately be able to see medium and strong levels without cluttering the chart or making any complex settings. When carrying out calculations, we do not use information about past minimum and maximum price levels, which quite often create false rebounds and breakouts, but our own algorithm, which makes significantly fewer errors.

The X-Lines indicator for MT-4 does not have a breakdown of levels into different types, because there is positive experience in using them as equivalent.

With a huge number of advantages, this indicator has virtually no significant disadvantages. Thanks to this feature, it can compete on equal terms with such a popular tool as Pivot levels. The main disadvantage is that when including the entire history on small timeframes, there is an excessively large number of levels.

You can download the x lines indicator for free from a specialized website, after which you can use it to check the signals of other trading instruments you use, and thereby significantly reduce the level of risks when opening orders.

Static barriers are important price levels that have a direct impact on trade in foreign exchange market. It is difficult to overestimate their importance for entering the market, or for determining the moment to close a position. Static support and resistance levels often act as turning points and therefore are present on the charts of the vast majority of successful traders.

When determining static levels, a trader needs to conduct an independent analysis of the selected trading instrument in the future, in other words, evaluate the historical areas of support and resistance and identify those that are combined with each other.

If a trader has a large number of active instruments, such a simple task becomes a labor-intensive, time-consuming process. Why not optimize such a mechanical task? The X Lines indicator offers a solution for automatically determining static price levels.

Indicator characteristics

• Platform: MT4, MT5.
• Trading instrument: any.
• Timeframe: any.
• Trading time: relevant regardless of the duration of transactions.

How does the indicator work?

The X Lines indicator analyzes historical quotes of a trading instrument and independently generates important static price levels. The analysis is performed based on the selected number of bars, so the trader can independently limit the analysis period.

Another parameter, Positional Power, determines the elasticity of the indicator: a high value of the variable will reflect a larger number of potential static levels on the chart, and a low value will highlight the most significant barriers. The standard value of the parameter is 0.114.

Let's look at how the indicator works using the USD/CHF currency pair as an example.

Daily timeframe, Positional Power 0.114*, full history.

Daily timeframe, Positional Power 0.114, 1000 bars.

Daily timeframe, Positional Power 0.8, full history.

Daily timeframe, Positional Power 0.8, 1000 bars.

Hourly timeframe, Positional Power 0.114, full history.

Hourly timeframe, Positional Power 0.114, 1000 bars.

Hourly timeframe, Positional Power 0.8, the whole story.

Hourly timeframe, Positional Power 0.8, 1000 bars.

*Indicator results at a minimum value (for example, 0.01) differ minimally from the standard parameter 0.114.

How to use it in trading?

The X Lines indicator cannot offer an independent setup for entering the market, but it is effective tool V comprehensive analysis tool that is offered, for example, by the system "Elder's Three Screens".

Using the described example of the USD/CHF currency pair, the X Lines indicator potentially confirmed a sale from the static resistance of 0.9790 (a combination of upper levels) with a target of 0.9528, determined by the previous daily low of September 18.

Conclusion

The key advantage of the X Lines indicator is the automatic detection of important price levels on the chart. The disadvantages of the tool include the need to recalculate the indicator when the timeframe changes.