Hello fellow traders, for a long time we did not have indicators on the site, today I want to introduce you to one interesting indicator, which is a whole trading strategy for manual trading. Smart Levels Indicator is a complete trading system within the one indicator that includes such popular market analysis tools as Bill Williams’ advanced fractals, Valable ZigZag which builds the correct wave structure of the market, and Fibonacci levels which mark the exact levels of entry into the market and places to take profits.
Attention !!! Please read carefully the rules for installing the advisor, and install it correctly. Before publishing, we check everything and publish only those advisors that work on our accounts !!! At least at the time of this article’s publication.Also, please note that the name of the adviser has been changed, you can find the original name of the adviser in our telegram channel https://t.me/FX_VIP/2057
|Recommended brokers||RoboForex, IC Markets, ALPARI|
Smart Levels trading system is very easy to use, so it is suitable for both professionals and those who are just starting to study the market and choose a trading strategy for themselves. There are no secret formulas and calculation methods hidden to the eye in the strategy and indicator, all strategy indicators are publicly available. Owl Smart Levels allows you to quickly see the signal to enter a trade, highlights the levels for placing an order and sends you a notification about the signal that has appeared.
The advantages are obvious:
- Clearly displays the trend direction on the main and higher timeframes.
- Signals the appearance of a signal for the instrument.
- Marks the levels of order opening, stop setting and profit fixing.
Nothing superfluous, just the necessary plottings!
ZigZag shows the direction of the global trend, and, therefore, the direction of trade. Short lines of market reversal points make it clear at what levels to build the Fibonacci grid. And the levels themselves at which you should open a position and set StopLoss and TakeProfit. That’s all we need to see on the chart!
There are only 4 most important settings you need to know about:
- Candles on the left – determines the number of bars on the left to build a fractal.
- Candles on the right – determines the number of bars on the right to build a fractal.
- Open price level – assigns the Fibonacci level to determine the entry point to the market.
- TakeProfit level – assigns the Fibonacci level for setting TakeProfit.
Smart Levels Indicator is a full-fledged indicator and it includes all the plots based on the
trading system with the same name. The indicator plots levels for opening an order on the chart
as soon as an opening signal appears and at the same moment it sends a notification to the
trader about the appearance of a new signal. That’s why Smart Levels is very easy to use. Only
the necessary plottings are shown:
- the basic levels, in relation to which the value of order opening price, StopLoss and
TakeProfit indexes are calculated, are plotted using the Full Fractals Indicator. Trace
levels on the screen are auxiliary, so you can disable their display in the settings
depending on your preferences;
- the Valable ZigZag Indicator determines the trading direction for the instrument. If the
extreme ZigZag is directed upwards, it means that the trend at the moment is ascending,
and only buy trades are allowed. If ZigZag is directed downwards, deals are only allowed
to sell on a downtrend;
- the line sets the level of placing the order Buy Limit or Sell Limit;
- the line sets the StopLoss level for the order;
- the line sets the TakeProfit level for the order;
- the info panel can be enabled or disabled in the indicator settings for convenience.
Convenient information panel
The trading system Smart Levels is based on the Triple Screen method which is recommended
in trading by the famous trader Alexander Elder. The principle of triple screen consists in
simultaneous observation of charts of different periods. In particular, defining the trading direction
-on the higher timeframe, while entering a trade – on the lower one. For user convenience the info
panel displays data of the Valable ZigZag Indicator:
- the trend direction on the main (intermediate) timeframe;
- the trend direction on the higher timeframe;
- the trend direction on the second higher timeframe;
- signal indicators: red – no signal, yellow – there is a signal for placing Buy Limit or Sell
Limit orders, green – you can enter the market at the current price;
- time before the current candle close;
- the color of the trend reversal levels on higher timeframes.
Recommended settings and tools
Due to the use of fundamental indicators the trading system works equally well in all markets.
You can trade on Forex, Indexes, Stocks, Futures, Commodity, Crypto by slightly adjusting the
There are 5 basic settings in the Smart Levels Indicator:
-Candles on the left – the number of candle to the left of the signal candle, the High of
which should be lower than the High of the signal candle to build a fractal Up;
-Candles on the right – the number of candle to the right of the signal candle, the High of
which must be lower than the High of the signal candle to build a fractal Up;
-Expiration signal – the number of candle during which the signal is active;
-Open price level – Fibonacci level for placing a pending order for Buy Limit or Sell Limit;
-TakeProfit level – Fibonacci level for placing a TakeProfit order.
Table of recommended settings for each market
Depending on trading activity there are recommended settings for the triple screen system:
Conditions for placing orders:
Buy Limit order should be placed when the following conditions are matched:
- the Valable ZigZag Indicator on all three timeframes shows upward direction (arrows in the
information panel show upward direction);
- there is a new UP fractal (the dotted line on top of the candle);
- IGNORE the signal if the color of the dotted line is blue (the new UP level is lower than the
- there is at least one DOWN fractal on the right side of the chart (dotted line at the bottom
of the candle) before the swing point of the Valable ZigZag Indicator.
If these conditions coincide, the Smart Levels Indicator plots on the chart the levels for
placing a Buy Limit order (OpenPrice – white level, StopLoss – red level, TakeProfit – green
Sell Limit order should be placed when the following conditions are matched:
- the Valable ZigZag Indicator on all three timeframes shows a downward direction (the
arrows in the information panel show the downward direction);
- there is a new DOWN fractal (the dotted line at the bottom of the candle);
- IGNOR the signal if the color of the dotted line is blue (the new level DOWN higher than
the previous one);
- there is at least one UP fractal on the chart on the right (the dotted line at the top of the
candle) before the swing point of the Valable ZigZag Indicator.
If these conditions coincide, the Smart Levels Indicator plots on the chart the levels for
placing a Sell Limit order (OpenPrice – white level, StopLoss – red level, TakeProfit – green
All pending orders should be deleted if they have not been triggered within 24 candle from the
signal one (Expiration Bar). If the price has reached the TakeProfit level without catching the
pending order, this order should be deleted.
– a new trade should not be opened if there is already one position in the market for the current symbol;
– begin trading at 8:00 GMT on Monday; signals received before 8:00 on Monday morning should be ignored;
– finish trading at 16:00 GMT on Friday; the signals received after 16:00 should be ignored;
– ignore signals received during the first 10 candle after the trade was closed;
– if the price is behind the order opening level at the moment the signal appears, or was already there, the signal should be ignored.
Closing a position and deleting a pending order
Open positions should be closed earlier in the following cases:
– if at least once the Valable ZigZag Indicator has changed its direction (one of the arrows on the information panel began to show the opposite direction);
– on Friday, at 16:00 GMT, it is recommended to close all positions at the current price;
– if a new level Down of the Full Fractals Indicator appeared above the opening price level of a trade, in case of a BUY signal, the BUY LIMIT order should be deleted. The same
applies to the SELL LIMIT order: if there is a new level Up of the Full Fractals Indicator below the opening price, the order should be deleted;
– if new levels appear on the chart it is necessary to delete the pending order and set a new one according to the new levels.
When the Fibonacci level reaches 100% (Signal Fractal level) you can move your position to
Breakeven (move the StopLoss level to the order opening level +1 point to compensate of the broker’s commission).
The trading system has a very high profitability factor (TakeProfit / StopLoss = 3.24), so even making 30% of profitable trades you will stay in the profit.
The order volume should be calculated in such a way that the maximum loss does not exceed 1.5% of your deposit.
If there is a loss on the current trading instrument then the risk of the next order should be increased by 0.25%.
Once a trade has been closed with a profit, the next trade should be opened with an initial risk of 1.5%. If you receive a large series of losing trades you should not exceed the risk per one trade of 3%.
If a trade was closed as breakeven, the next trade should be opened with the same risk as the previous one.
You can also see trading reviews on the strategy, the developer of this indicator works out weekly examples and maintains trading statistics. More details can be found at this link – https://bit.ly/3NQtTRn
SETTING THE INDICATOR:
IT IS IMPORTANT!!! THIS ADVISOR WORKS AND HAS BEEN TESTED WITH BUILDING 1370 AND LIBRARY VERSION FILE msimg32 v188.8.131.52-C7D
For the Indicator to work, you need to install the library DLL in the root folder of the terminal, please read the instructions, the installation of this advisor may differ from the standard installation – https://fx-vip.pro/libraries-mt4/
Reminder: As with every trading system, always remember that forex trading can be risky. Don’t trade with money that you can not afford to lose. It is always best to test EA’s first on demo accounts, or live accounts running low lotsize. You can always increase risk later!