Draw My Levels

Forex Trading has evolved over the years with the advent of digital tools and strategies designed to enhance trading performance. One such tool is the “Draw My Levels” script, which is designed to assist traders in the currency market. Unlike an indicator, this script offers a unique way of marking levels on the trading chart by adding two lines (top and bottom) and filling the level in with color.

Ease of Use

The “Draw My Levels” script is designed for simplicity. It can be easily dragged and dropped onto the trading chart, marking levels based on the most recent bar in the zone. The script considers this bar and the three bars preceding it to draw the level. In a situation where the price is exactly where the level is being drawn, the script can be dropped either above or below the bid to ensure the correct type of level is drawn.

Customization and Control

Every time the script is dropped on the chart, a message box pops up. Here, traders can choose to draw a new level, redo the level drawings, or remove all levels from the chart. This feature gives traders control over their trading charts and allows for customization. Moreover, it’s worth noting that the infill color of the drawn level will not update automatically – this is intentionally designed to indicate when the level was drawn.

Trading Strategies

For traders who often switch between timeframes, the “Draw My Levels” script offers flexibility. If a level seems too broad on the daily chart, traders can switch to a lower timeframe such as 4 hours and draw the level. The script takes into account the candle on which it is dropped and the three preceding candles, allowing traders to select the timeframe that best suits their trading strategies.

Adjusting the Levels

Another beneficial feature of the “Draw My Levels” script is the ability to adjust the upper and lower lines of the levels. These lines are actually the Fibonacci tool, which can be selected by clicking on the top left of the object and moved as desired. This feature adds to the script’s versatility, enabling traders to adjust levels according to their trading strategies.

FAQ

What is the “Draw My Levels” script?

The “Draw My Levels” script is a unique tool designed for Forex Trading. Unlike an indicator, this script allows traders to mark levels on their trading charts by adding two lines (top and bottom) and filling the level in with color.

How does the “Draw My Levels” script work?

The script can be dragged and dropped onto the trading chart. It considers the most recent bar in the zone and the three bars preceding it to draw the level. A message box pops up every time the script is dropped on the chart, giving traders the options to draw a new level, redo the level drawings, or remove all levels from the chart.

How can the “Draw My Levels” script benefit Forex traders?

The “Draw My Levels” script offers flexibility and control to traders. It allows for customization of trading charts and provides options to adjust the upper and lower lines of the levels. The script also caters to traders who switch between different timeframes, allowing them to choose the timeframe that best suits their trading strategies.

Independent testing of the “Draw My Levels” script is available on the forexroboteasy.com website. Users are encouraged to share their experiences using this product. Please note, this is an independent product review and does not endorse or promote the product.