The Klines MTF Price Levels Forex indicator for MT4 plots bar high & lows on the chart for multiple time frames, such as M15, M30, H1, and H4.
The indicator appears in the main MT4 chart window.
- The price levels can be used for both stop loss placement and take profit.
- The indicator works on pure price action and does not lag.
The indicator works equally well on all currency pairs (majors, minors, and exotic) and shows promising results if used correctly.
Free Download
Download the “KLines.mq4” indicator for MT4
Indicator Chart (EUR/USD M15)
The example chart below displays the Klines MTF Price Levels 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 Klines MTF Price Levels Forex 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: Trend analysis
Does the indicator repaint? No.
MT4 Scalping Strategy: Klines MTF Price Levels + Free Forex Scalping Indicator
This MT4 scalping strategy combines the Klines MTF Price Levels Forex Indicator with the Free Forex Scalping Indicator.
The strategy is designed for traders looking to capture quick, high-probability trades on lower timeframes such as M1, M5, and M15.
By combining multi-timeframe support and resistance levels with precise buy and sell signals, it minimizes false entries and maximizes potential profits.
Buy Entry Rules
- Ensure the price is above the highest close line (green) of the Klines MTF Price Levels, indicating a bullish trend.
- Confirm a buy signal from the Free Forex Scalping Indicator (green histogram above 0).
- Enter a buy trade at the close of the candle, confirming the green histogram.
- Place the stop loss just below the most recent swing low or the lowest close line (red) of the Klines MTF Price Levels.
- Set the take profit at 1.5–2 times the stop loss distance or near the next significant resistance level.
Sell Entry Rules
- Ensure the price is below the lowest close line (red) of the Klines MTF Price Levels, indicating a bearish trend.
- Confirm a sell signal from the Free Forex Scalping Indicator (red histogram below 0).
- Enter a sell trade at the close of the candle confirming the red histogram.
- Place the stop loss just above the most recent swing high or the highest close line (green) of the Klines MTF Price Levels.
- Set the take profit at 1.5–2 times the stop loss distance or near the next significant support level.
Advantages
- Multi-timeframe analysis identifies strong support and resistance zones.
- Clear entry signals reduce indecision and increase confidence.
- Defined stop loss and take profit levels support disciplined risk management.
- Works well for quick trades on low timeframes.
- It can be applied to multiple currency pairs, especially majors.
Drawbacks
- Late signals may occur during fast price movements.
- Sideways or low-volatility markets may produce false signals.
- Scalping requires constant monitoring, which may not suit all traders.
- Broker spreads and execution speed can affect trade outcomes.
- Multiple horizontal levels on the chart may be visually cluttered for some traders.
Case Study 1: EUR/USD M5 Scalping Trade
The price was above the green line of the Klines MTF Price Levels, signaling a bullish trend.
The Free Forex Scalping Indicator showed a green histogram at 1.1050.
A buy trade was entered at 1.1050, with a stop loss at 1.1045 and a take profit at 1.1065.
The trade closed within 10 minutes, netting a 15-pip profit.
Case Study 2: GBP/USD M15 Scalping Trade
The price was below the red line of the Klines MTF Price Levels, signaling a bearish trend.
The Free Forex Scalping Indicator showed a red histogram at 1.3050.
A sell trade was entered at 1.3050, with a stop loss at 1.3060 and take profit at 1.3030.
The trade closed within 15 minutes, netting a 20-pip profit.
Strategy Tips
- Use M1, M5, or M15 timeframes for quick scalping opportunities.
- Focus on major currency pairs with high liquidity to minimize spreads and slippage.
- Always risk only a small percentage of your trading capital per trade.
