The Level Trading 123 Forex Indicator for MT4 is a versatile technical forex indicator providing bullish and bearish trading entry signals and market reversal points.

The indicator is based on the forex Fractals and automatically plots trendlines and critical support and resistance levels.

At first it may look a bit complex at first, but it is suitable for advanced and beginner forex traders.

It performs well in all intraday forex timeframes but is also practical in the Daily, Weekly, and Monthly mt4 price charts.

A closer look at the Level Trading 123 Forex Indicator

That forex indicator plots two types of indicator lines on charts.

Short-term upward movement is marked as a blue color trend line. Similarly, short-term downward movement is shown as a red trend line.

Additionally, the end of each trend momentum is marked as a cross sign – red is the end of a bearish trend, and blue is the end of a bullish chart trend. After its placed on the forex chart, one can expect a price reversal.

A very important element of the Level Trading 123 Forex Indicator is support and resistance lines drawn as a grey color dotted and solid horizontal lines. The best entry signals occur when the price reacts at these levels, and a cross mark is placed near them.

Buy Entry Signal

Long trade signal explanation and rules

In the beginning, recognize the chart’s most recent red cross mark. That cross sign is aligned with the support line in the best scenario.

Now, a forex trader can take an opportunity for long trade entry. The direction of the current trend should be considered bullish.

Set stop loss(SL) a few pips below the support level.

Secure the position with a good risk-reward ratio.

Sell Entry Signal

Short trade signal explanation and rules

For a start, find the most recent blue cross mark on the chart. That cross sign is aligned with the resistance line in the best scenario.

Now, a forex trader can take an opportunity for short trade entry. The direction of the current trend should be considered bearish.

Set stop loss(SL) a few pips above the resistance level.

Secure the position with a good risk-reward ratio.

Settings

These are available settings.

Set up the Level Trading 123 forex indicator in MetaTrader (MT4).

Installation Guide

Download the Level Trading 123 Forex Trading Strategy.zip archive at the bottom of this post, unzip it, then copy and paste the level_trading_123.ex4 or level_trading_123.mq4 indicator files into the MQL4 folder of the MetaTrader 4 trading platform.

You can gain access to this folder by clicking the top menu options, which goes as follows:

File > Open Data Folder > MQL4 > Indicators (paste here).

Now go to the left side of your MT4 terminal. In the Navigator, find the gauge name, right-click it, and select Attach to the chart.

Bottom Line

The Level Trading 123 indicator is well worth adding to your trading collection. A good forex indicator will most probably enhance your chance of success.

Nonetheless, remember to have realistic expectations. Like any other technical analysis tool, is not capable of providing accurate signals 100% of the time. Thus, this forex indicator provides false signals occasionally. Its performance will vary significantly depending on market conditions.

Feel free to develop your trading system based on it. Don’t forget that we still have more great free forex MT4 indicators to download and try.

Download Free Forex MT4 Level Trading 123 Indicator

Read More Trendline Trading Forex Strategy