The Gold Level MT4 Indicator is a trading tool designed specifically for trading the Gold (XAU/USD) pair. This powerful indicator offers traders a unique way to identify key price levels for trading breakouts, as well as pivot points, buy and sell levels, and multiple target levels for taking profit. In this article, we will take an in-depth look at the Gold Level MT4 Indicator, its features, and how traders can use it to enhance their gold trading strategies.
Indicator Description
The Gold Level MT4 Indicator was created with the primary goal of making it easier for traders to identify key price levels for trading breakouts in the gold market. The indicator achieves this by displaying pivot points, buy and sell points, and multiple target levels on the chart:
- Pivot Points: the indicator calculates and displays the daily pivot point on the chart. They serve as a central reference point for determining price direction and potential turning points in the market. Pivot points are commonly used by traders to identify potential support and resistance levels and gauge market sentiment.
- Buy and Sell Points: the Gold Level MT4 Indicator identifies buy and sell points based on price action and technical analysis. When the price reaches the buy point, the indicator suggests opening a long position. And when the price reaches the sell point, the indicator suggests entering a short position. These points can help traders identify potential breakout opportunities and benefit from significant price movements in the gold market.
- Multiple Target Levels: The indicator provides six buy targets (BT1, BT2, BT3, etc.) and six sell targets (ST1, ST2, ST3, etc.) for each trading signal. These target levels serve as potential take profit points, allowing traders to manage their trades effectively and lock in profits as the market moves in their favor.
The Gold Level MT4 Indicator Installation
1. Unzip the file you’ve downloaded.
2. Find the file that is called “GOLD-LEVEL.ex4″ and copy it.
3. Open your MT4.
4. Go to “File – Open Data Folder – MQL4”.
5. Paste the file into the “Indicators” folder in MQL4.
6. Restart your MT4.
Trading Tips with the Indicator
The Gold Level MT4 Indicator is a versatile tool that can be incorporated into a variety of gold trading strategies. Here are some tips on how to use the indicator effectively:
- Trade in the direction of the overall trend. To increase the probability of successful trades, it is advisable to trade in the direction of the overall trend. Use the Gold Level MT4 Indicator in conjunction with other trend-following indicators, such as moving averages or the ADX (Average Directional Index). This can help you filter out false signals and increase your chances of success.
- Manage your risk. As with any trading strategy, it is essential to manage your risk effectively when using the Gold Level MT4 Indicator. Use appropriate position sizing, stop-loss orders, and risk-reward ratios to protect your trading capital and ensure long-term success.
- Practice and refine your strategy. Before using the Gold Level MT4 Indicator in a live trading environment, it is recommended to practice and refine your strategy using a demo account. This will allow you to become familiar with the indicator’s signals and learn how to use it effectively in your trading.
Examples of the trades
My conclusion on the Indicator
The Gold Level MT4 Indicator is an invaluable tool for gold traders looking to benefit from breakout opportunities and maximize their profits. By displaying pivot points, buy and sell points, and multiple target levels, the indicator provides traders with a comprehensive view of the market. What is more, it enables them to make right trading decisions. By incorporating the Gold Level MT4 Indicator into your gold trading strategy and combining it with other technical analysis tools, you can increase your chances to become a successful Gold trader.
P.S. Have problems with installation? Email me at olivermurphy@altraforex.com or support@altraforex.com
I would love to help!
P.S.S. Check out software by Altra Forex Group here
which is the best time frame to trade for Gold level indicator ?
I suppose the higher the timeframe, the more accurate is the indicator
which is the best time-frame to trade for this indicator ?
I tested this Gold Level MT4 Indicator. No doubt it marked the Pivot, Buy Entry with T1, T2 & T3 and Sell Entry with ST1, ST2 & ST3.
Somehow even it triggers the entry point, Gold is very violatile, it still can go opposite direction. U still will lose.
Conclusion: this indicator does not help in Gold trading.
Of course, you cannot rely solely on this indicator while trading Gold, but it can be a good additional tool.
Thanks