As the name suggests, the Levels for Options Traders indicator for Metatrader 4 displays interesting price levels that can be used by options traders.
The indicator appears in the main MT4 chart window and draws the options levels on the chart for ease of use.
Free Download
Download the “levels for options.mq4” indicator for MT4
Indicator Chart (EUR/USD Daily)
The example chart below displays the Levels for Options Traders mt4 indicator in action on the trading chart.
Trading Tips:
Feel free to use your own favorite trade entry, stop loss and take profit method to trade with the Levels for Options Traders indicator.
As always, trade in agreement with the overall trend and practice on a demo account first until you fully understand this indicator.
Please note that even the best trading indicator cannot yield a 100% win rate over long periods.
Indicator Specifications & Inputs:
Trading Platform: Developed for Metatrader 4 (MT4)
Currency pairs: Works for any pair
Time frames: Works for any time frame
Trade Style: Works for scalping, day trading and swing trading
Input Parameters: Variable (inputs tab), color settings & style
Indicator type: Options
Does the indicator repaint? No.
Levels for Options Traders + Super Trend Multi-MTF MT4 Intraday Strategy
This intraday MT4 strategy combines the Levels for Options Traders Indicator and the Super Trend Multi-MTF Indicator.
It is designed to help options traders identify breakout opportunities with clear trend confirmation.
The Levels for Options Traders indicator draws key horizontal support and resistance lines, while the Super Trend Multi-MTF indicator shows the overall trend direction across multiple timeframes.
This strategy works best on M15 and M30 charts and is suitable for traders who prefer precise entry points and controlled risk during active market sessions.
The logic behind this strategy is simple. The Levels indicator provides clear reference points where price is likely to react.
The Super Trend Multi-MTF confirms the strength of the trend, allowing traders to enter trades in the direction of momentum.
Combining these two indicators filters out false breakouts and increases the probability of capturing profitable moves.
Buy Entry Rules
- Price is approaching or trading near the green horizontal support line on the Levels for Options Traders indicator.
- The Super Trend Multi-MTF indicator shows a green line on the current timeframe and at least one higher timeframe.
- Enter a buy trade when the price breaks above the nearest red resistance line.
- Set a stop loss just below the green support line or the most recent swing low.
- Set a take profit at a 1:2 risk-to-reward ratio or use a trailing stop to lock in profits.
Sell Entry Rules
- Price is approaching or trading near the red resistance line on the Levels for Options Traders indicator.
- The Super Trend Multi-MTF indicator shows an orange line on the current timeframe and at least one higher timeframe.
- Enter a sell trade when the price breaks below the nearest green support line.
- Place a stop loss just above the red resistance line or the most recent swing high.
- Set a take profit at a 1:2 risk-to-reward ratio or trail the stop to secure profits as the price moves in your favor.
Advantages
- Helps identify high-probability breakout trades with trend confirmation.
- Visual setup makes it easy to spot entry and exit levels quickly.
- Works well on multiple timeframes and currency pairs.
- Reduces false entries by combining trend and level confirmation.
- Defined stop loss and take profit levels improve risk management.
- Suitable for intraday options trading where precise timing is important.
Drawbacks
- Breakouts can occasionally fail, requiring careful monitoring.
- Strategy requires patience to wait for confirmation from both indicators.
- Price may oscillate near support or resistance lines, leading to small stop-outs.
- Effectiveness may vary depending on the currency pair and session activity.
Case Study 1 – GBP/JPY M15 Chart
During the European session, GBP/JPY approached the green support line at 192.50.
The Super Trend Multi-MTF indicator showed a green line on both the M15 and H1 charts.
When the price broke above the red resistance line at 192.80, a buy trade was entered at 192.82 with a stop loss at 192.50 and a take profit at 193.40.
The trade reached the target within three hours, delivering a 58-pip gain before a potential trend reversal occurred.
Case Study 2 – EUR/USD M30 Chart
EUR/USD traded near the red resistance line at 1.0920 during the London session.
The Super Trend Multi-MTF indicator displayed an orange line on both the M30 and H1 charts.
Price broke below the green support line at 1.0895, triggering a sell trade at 1.0893.
The stop loss was set at 1.0925 and the take profit at 1.0835.
The pair moved steadily lower and reached the target within four hours for a 58-pip profit.
Strategy Tips
- Trade during the London and New York sessions for stronger momentum.
- Confirm that both current and higher timeframes agree on the trend direction before entering a trade.
- Use a trailing stop after capturing half of the target profit to secure gains.
- Avoid trading around major economic news that can cause erratic price spikes.
- Focus on volatile pairs such as GBP/JPY, EUR/USD, and AUD/NZD for better breakout opportunities.
This MT4 intraday strategy provides options traders with a structured and reliable approach.
By combining support and resistance levels with multi-timeframe trend confirmation, traders can identify high-probability entries, manage risk effectively, and capture consistent intraday profits.
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Download the “levels for options.mq4” indicator for Metatrader 4
