TheStrat Levels Indicator
When trading using TheStrat, you are looking at price across multiple timeframes, looking for a good entry as price breaks out of prior highs or lows.
This indicator draws the prior Highs and Lows for multiple timeframes, extending the lines to the current time, or optionally off the chart. this helps you to see all the information on one chart and timeframe, rather than having to flip between charts or timeframes trying to remember price levels.
These are potential entry points, or alternatively potential targets for open positions. I like to use them in both ways. On a lower timeframe, say 5 minutes to get a good entry on a daily or weekly level, and then as a potential target. Very small stops are required giving an excellent risk/reward ratio.
New in Version 2 of the Indicator, available now, is the drawing of potential Take Profit and Stop loss levels together with the potential Risk/Reward value.
Pivot Machine Gun (PMG) scenarios are also identified and shown on each level with that potential.
Levels from Hourly, Four Hourly, Daily, Weekly and Monthly timeframes
Potential Take Profit levels
Potential Stop Loss levels based on the current or higher timeframe
Risk / Reward calculated continuously for each potential target level based on potential stop level
Pivot Machine Gun identification
Labelling for each level so you can identify what there
Comprehensive options to make it look as you wish
Purchase the Indicators for MetaTrader 4 and 5 here
This is a basic USDJPY chart on the M30 timescale showing all the higher timeframe levels, and potential target levels.
What we are looking for is a break of a level in the direction of the timeframe continuity. We can then trade with tight stops looking for the various targets.
The levels, targets and stop, together with the Risk/Reward values update in real time.