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Bank Levels

The Bank Levels MT5 indicator highlights institutional zones of the price. It is a useful tool for traders who want to identify potential support and resistance levels for their trades.

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Description

Bank or Institutional levels are pivotal zones in the financial trading market where significant trades have occurred. Therefore, Forex traders watch out for the institutional zones to find high-probability trading opportunities in the direction of the banks and other big financial institutions.

So, the Bank Levels MT5 indicator is a Forex trading tool that detects the banks/institutional levels on the MetaTrader 5 platform. It is a beginner-friendly indicator that suits scalpers, day, and swing traders in identifying trading opportunities that align with institutional levels.

The Bank Levels MT5 indicator is a valuable tool that assists traders in making objective and informed trading decisions. For instance, Forex traders may avoid buying an asset when the price is close to an institutional level. Conversely, traders may consider buying/selling a financial asset when the price reacts to a highlighted bank level. In addition, traders may also buy/sell when the price breaks above/below the level, depending on the price action.

Features of the Bank Levels MT5 Indicator

The indicator works on multiple timeframes (M1 to H1) of the MT5 chart. It automatically identifies bank levels such as round numbers and daily/weekly or monthly highs and lows of the price, which are potential support and resistance zones for price reversal.

Benefits of Using the Indicator

  • Key Levels identification: The Bank Levels MT5 indicator helps traders identify zones where significant trading activities have occurred, which are support and resistance zones to buy, sell, or exit a trade position.
  • Objective Analysis: By identifying the Bank’s levels, the indicator assists traders in making an objective market analysis and potential direction of price movement.
  • Time-Saving: The indicator automates the identification of key support and resistance zones, enhancing time efficiency and increasing technical analysis.

Indicator Settings Description

The indicator comes with the following customizable settings:

StartHour: Defines the starting hour.

Days_Ago: Determines the number of days back for analysis.

ColorCurrentDay: Determines the color to display the current day.

ColorNextDay: Determines the color to highlight the next day’s data.

LineWidth: Determines the line width to highlight the levels.

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How to Install

How install MT4/5 indicator in the terminal?

To install an MT4/5 indicator in the terminal, follow these steps:

  1. Download the indicator file (.ex4 or .mq4/.ex5 or .mq5) to your computer.

  2. Open the MT4/5 terminal and click on “File” in the top left corner.

  3. Select “Open Data Folder” from the dropdown menu.

  4. In the window that opens, double-click on the “MQL4/5” folder.

  5. Double-click on the “Indicators” folder.

  6. Drag and drop the indicator file from your computer into the “Indicators” folder.

  7. Close the data folder window and restart the MT4/5 terminal.

  8. The indicator should now be available in the “Navigator” window on the left-hand side of the terminal. Simply double-click on the indicator to add it to a chart.

Note: If the indicator is in a .zip file, you will need to extract it first before following the above steps.

And if asks to confirm DLL?

If the indicator you are installing requires access to external Dynamic Link Libraries (DLLs), you may see a pop-up message asking you to confirm the use of DLLs.

DLLs are external libraries that contain code that can be used by other programs. In the case of MT4/5 indicators, they are often used to perform complex calculations or connect to external data sources.

If you trust the source of the indicator and want to use it, click “Yes” to confirm the use of DLLs. If you are not sure or do not trust the source, click “No” to cancel the installation.

It’s worth noting that some indicators may not work properly without access to their required DLLs. If you choose not to allow access to DLLs and the indicator does not work as expected, you may need to reinstall the indicator and confirm the use of DLLs to get it to work properly.

 

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