Key Levels Settings
The Key Levels component in the ILPAC indicator provides settings to help traders customize the display and behavior of psychological price levels. These settings allow for tailoring the component to match different trading strategies and timeframes. Below is a detailed overview of the configurable options:
Key Levels
Description: Toggle this option to enable or disable the Key Levels component on the chart. When enabled, the indicator identifies and displays significant psychological levels above and below the current price.
Spread Multiplier
Description: Adjusts the spacing between psychological levels.
Functionality:
Higher Values: Increase the distance between levels, suitable for higher timeframes or markets with larger price ranges.
Lower Values: Decrease the distance, making levels closer together for detailed analysis on lower timeframes or smaller price range markets.
Visible Levels
Description: Specifies the number of psychological levels displayed above and below the current price.
Functionality: A higher number provides a broader market view, while a lower number focuses on nearby levels for short-term trading.
Manual Spread Factor
Description: Allows traders to set a fixed interval for the spacing of psychological levels instead of relying on the automatic calculation.
Functionality: Ideal for markets or instruments where fixed level intervals (e.g., every 500 or 1000 points) are more relevant.
Automatic Levels
Description: Toggles whether the indicator automatically calculates the optimal spread factor based on market conditions.
Functionality:
Enabled: The indicator adjusts level spacing dynamically to match the current market environment.
Disabled: The levels are spaced at fixed intervals based on the Manual Spread Factor.
Psychological Levels Base Color
Description: Sets the color used for the general psychological levels displayed on the chart.
Functionality: Helps differentiate these levels from other chart elements for clear visualization.
Psychological Levels Highlight Color
Description: Defines the color for the nearest or most significant psychological level relative to the current price.
Functionality: Highlights the most relevant levels for traders, ensuring quick identification of key zones of interest.
How These Settings Can Be Used
Adjust Spread for Market Conditions:
Use a higher spread multiplier or manual spread factor for volatile markets or larger price ranges.
Opt for a lower spread for less volatile markets or lower timeframes.
Set the Number of Visible Levels:
For short-term trading, reduce the number of visible levels to avoid distractions from distant zones.
For long-term analysis, increase the visible levels to get a broader perspective of key market zones.
Leverage Automatic Levels for Dynamic Markets:
Enable automatic levels to let the indicator adapt to changing market conditions, ensuring the most relevant levels are displayed.
Highlight Key Levels for Clarity:
Use distinct colors for base and highlighted levels to visually prioritize areas of potential support or resistance.
These settings enable traders to tailor the Key Levels component to their specific trading style and market context. By adjusting level spacing, visibility, and colors, traders can effectively identify and monitor psychological price levels, enhancing their ability to anticipate market behavior and plan trades with precision.
Last updated