Bank Levels Indicator for MT5

In the forex market, all financial institutions and market makers trade and place their orders strategically. These organizations place the largest volume or lot size, which greatly influences the price movement in the forex market. The largest forces among these financial institutions are banks such, Deutsche Bank, Bank of America, HSBC and Barclays Bank. Their others are located at key psychological levels, also called banking levels. Thus, these levels are always watched by traders who love to trade with these big players in the forex market. These levels can be monitored using the Bank Levels indicator. Main Bank Levels indicator The Bank Levels Indicator For MT5 draws key levels on the MT5 chart. These levels can be all-time highs or lows, round numbers, or places where the price stops frequently. Traders keep a close eye on when the market price reaches these levels to see if the price will reverse or continue. The chart below shows how the Bank Levels indicator is displayed on an MT5 chart. The AUD/USD H1 chart above shows the different banking levels displayed by this indicator. These levels contain the levels of the current day and the levels of the next day. The current daily levels are displayed by the Bank Levels indicator in green. therefore, the next day's Bank Levels are green. Bank Levels drawn by the Bank Levels Indicator can serve support and resistance areas, pivot points, and even dynamic support and resistance lines. Thus, these levels are good for trend following and reversal trading strategies. This indicator is especially useful for short term trading. Intraday traders and scalpers will find this indicator valuable while trading. To trade this indicator, traders need to keep track of when the price is exactly at these levels. When the price reaches these levels and stops, it is a signal that a reversal is imminent. When price stops at these levels, traders should look for reversal patterns such, hammer, spin top pin bar, etc. confirmation entry (buy or sell) signal. After that, when the price reaches this level and the candle strongly breaks this level, traders should beware of breakout trading. It looks like traders should wait for the price to retest this level and wait for a confirmation candle before placing orders. It should be noted that the indicator does not work on timeframes higher than H1 The Bank Levels indicator for MT5 can only be used; however, traders may also include other technical indicators to get the best result. Other indicators that can be included are the grid round number indicator, round level indicator, Fibonacci retracement and pivot point. Conclusion The Bank Levels Indicator For MT5 draws key Bank Levels on the MT5 chart. This indicator is more suitable for short-term trading. The Bank Levels indicator can be used on its own, but will give the best results when used with other technical indicators such Grid Round Number indicator, Round Level indicator, Fibonacci retracement, and pivot point.