About the Simple Signal Levels indicator
The Simple Signal Levels indicator is an automated breakout tool for MetaTrader 5 that identifies price boundaries.
It specializes in plotting the best possible buy and sell breakout lines by analyzing historical price peaks and troughs.
The indicator uses a sophisticated zigzag-based logic to determine where the market is likely to find friction or accelerate.
The tool identifies a blue resistance line and a red support line, often referred to as Vibrix lines.
When the price breaks and closes beyond these levels, it signals that the current momentum is strong enough to establish a new trend.
It is particularly effective for catching explosive moves that occur during the transition from consolidation to a trending market.
Free Download
simplezzlevels.mq5 Indicator (MT5)
Key Features
- Automates the plotting of support and resistance levels using objective price data.
- Uses a color-coded system with blue for resistance and red for support.
- Provides definitive breakout signals based on candle closing prices.
- Eliminates the subjectivity involved in manual trendline and level drawing.
Indicator Chart
The Simple Signal Levels indicator chart displays horizontal or slightly angled lines that act as a ceiling and floor for the price action.
The blue resistance line marks the threshold for bullish breakouts, while the red support line marks the trigger for bearish moves.
Trading signals are confirmed only when a candle successfully closes outside of this defined range.
Guide to Trade with the Simple Signal Levels indicator
Buy Rules
- Monitor the price action as it approaches the blue resistance line.
- Wait for a candle to close completely above the blue colored Vibrix line.
- Initiate a buy transaction at the opening of the very next candle.
Sell Rules
- Observe the price movement as it nears the red support level.
- A sell signal is generated when a candle closes below the red colored line.
- Open a sell position immediately after the breakout candle is finalized.
Stop Loss
- For buy trades, place your stop loss below the most recent swing low zone.
- For sell trades, position your stop loss above the most recent swing high area.
- Adjust the placement if the breakout candle is unusually large.
Take Profits
- Exit the trade when a risk/reward ratio of at least 1.5 is achieved.
- Consider aiming for a 2.0 ratio or higher during strong trending markets.
- Secure partial profits if the price reaches a major psychological level.
Download Now
simplezzlevels.mq5 Indicator (MT5)
FAQ
Is this indicator better for range trading or breakouts?
This indicator is specifically designed for breakout trading.
While the lines act as support and resistance, the primary signal is the “break and close” beyond the lines.
It is meant to capture the momentum that follows a successful breach of a price ceiling or floor.
How do I avoid false breakouts?
False breakouts are common during low-liquidity sessions.
To increase accuracy, only trade breakouts that occur during the London or New York sessions.
Additionally, waiting for a strong, “decisive” candle close that is significantly beyond the line can help filter out noise.
Summary
The Simple Signal Levels indicator for Metatrader 5 specializes in plotting the best possible buy and sell price breakout lines on the price chart.
The simplicity of buying on a blue line breach and selling on a red line breach makes it an excellent choice for those who prefer objective entry rules.
While the system is straightforward, its power lies in its ability to adapt to various market conditions through its customizable inputs.
Familiarizing yourself with how different price types react to these levels on a demo account will significantly improve your execution in live markets.
