Bank Levels Indicator Guide for MT4/MT5
The Bank Level Indicator in Metatrader is a technical indicator that can help Forex traders identify potential support and resistance zones. The indicator is based on the concept that banks are the largest participants in the forex market, and their orders can have a significant impact on price movements. However, it is important to note that the indicator is not perfect and should not be used in isolation. In this guide, I will explain how to use the bank level indicator for both MT4 and MT5!
Bank Level Indicator FAQ
What is the bank level indicator ?
The MT4 bank level indicator is an indicator used by the bank. In fact, it corresponds to the levels by which banks can set their large orders. In addition, this tradingview indicator helps Forex traders to make short terms trading. Moreover, it helps to follow the direction (entry and exit) and to make reversal trading, so to better trade.
How to use it ?
The bank level Strategy is similar to the concept of “support and resistance”. S&R is one of the most important pillars in trading among all the aspects of technical analysis in mt5. They allow Forex traders to understand, investigate and act on the technical configurations described on the financial market in Tradingview as an example. Also, they are very simple concepts used by traders to analyze an mt5 chart quickly and allow them to determine the direction of the market, timing to enter the market, and fixing points to exit the market at either profit or loss. Support represents a downer level achieved over time due to an increase in buy orders. While resistance represents an upper level achieved over time due to an increase in sell orders.
What is the notion of forex bank levels?
I can say that the forex bank-level indicator helps traders predict price breakouts and future currency price moves. Hence, it presents two dynamic signal lines on the chart, like in the screenshot below. The first line refers to the current day, generally in green, and the second one refers to the next day and is colored lime.
Download Bank levels indicator for MT4
The bank-level MT4 indicator draws bank levels from a minimum of three days to a maximum of ten days. This MT4 indicator is best to use for trades, either the breakout or the pullback, and to know the change in the price levels, whether it breaks the highest or the lowest level. Above all, by using this indicator on the MetaTrader 4 platform, you can then adjust your personalized parameters. Like the period (from three to ten days), and the color (for upper and lower levels). Moreover, this Metatrader 4 indicator gives better results when you add other technical indicators, such as Round level indicator, Grid round number indicator, etc.
You can download the bank-level indicator for MetaTrader 4 via the Finansya app.
Download Bank levels indicator for MT5
The MT5 Bank levels indicator has a perfect forex indicator that adds to your MetaTrader 5 chart the major psychological levels; consequently, you can know easily if there are breakout or reversal trades. Moreover, you draw bank levels in the chart like support and resistance levels. The graph below presents the BL on the MT5 platform.
You can download the Bank level indicator for MetaTrader 5 via the Finansya app.
Conclusion
This MT4 indicator displays levels for short-term trading. In fact, these levels are used to improve trading in Metatrader, and Tradingview platforms, by controlling entries and exits. it can be used with any forex trading system.
Key Takeaways
- Identify potential support and resistance zones.
- Identify entry and exit points for trades.
- Gain an edge over the retail market.
- Improve your trading results
- Not always accurate.
- Should not be used in isolation