MT4 Level Stop Reverse V2 – Metatrader Indicator

Here is another Trailing stop loss Indicator with Automated Buy and Sell Signals similar to Supertrend and it is again open source and non repainting version.

Nifty 5 min charts

This indicator uses two modes, optimized, and manual. Optimized mode calculates the stop line by using a 14 period EMA smoothed ATR(14) multiplied by a fixed multiplier of 2.824. In manual mode, you set a fixed number of stops you want the stop line to be drawn. In this MT4 version, there are two modes:

1. ATR mode (customizable ATR period, multiplier, and smoothing)
2. Fixed stop mode (customizable fixed stop)

The input parameters are as follows:
UseATRMode – This calculates the stop line based on ATR using customizable period, multiplier and smoothing.
NonATRStopPips – If “UseATRMode” is false, then this value is the number of fixed pips to place the stop line.
ATRPeriod – If “UseATRMode” is true, then this sets the ATR period.
ATRMultiplier – If “UseATRMode” is true, then the ATR value will be multiplied by this value when calculating the stop line.
ATRSmoothing – If “UseATRMode” is true, then this will smooth the selected ATR with an EMA of this smoothing period.
UpArrowColor – The color the Up arrows will display in.
DnArrowColor – The color the Down arrows will display in.
ArrowDistance – This can adjust the distance away from the stop line that the arrows appear. By default, the arrows appear directly above or below the stop line. A positive number here will move the arrows further away from the price. A negative number will move it closer to the price.
AlertSound – If true, this will sound an alert when the reverse condition has been triggered.
AlertMail – If true, will send email to the email address registered with MT4.
ShowComment – This will turn on/off the comment on the chart. Turn off if you have other indicators that put data there and you don’t want it overwritten.

Nifty Hourly Charts

For Auslanco’s 15M strategy, use the following settings:
UseATRMode = true
ATRPeriod = 28
ATRMultiplier = 2
ATRSmoothing = 0

For the default VT-LevelStop-Reverse behavior, set the following:
UseATRMode = true
ATRPeriod = 14
ATRMultiplier = 2.824
ATRSmoothing = 14

Download MT4 Level Stop Reverse V2 – Metatrader Indicator

Steps for installing Supertrend MT4 indicator
1) Download/Copy/Save the MQL4 and EX4 file into your C:Program FilesMetaTrader 4expertsindicators folder .
2) Launch your MetaTrader application
3) On the left hand side, look for the “Navigator” window
4) Under the “Common” tab, look into the “Custom Indicators” directory
5) Locate the indicator which you have just downloaded into the folder stated in Step 1
6) Drag (Click and drag) the indicator onto the chart
7) Bingo… done

Related Readings and Observations

Rajandran R

Rajandran is a trading strategy designer and founder of Marketcalls, a hugely popular trading site since 2007 and one of the most intelligent blog in the world to share knowledge on Technical Analysis, Trading systems & Trading strategies. More From Rajandran R »

23 comments… add one

  • Mani December 9, 2012, 7:33 pm

    Hi,

    Will try this indicator.

    Regards,
    Mani.

    Reply
  • hiren December 9, 2012, 8:46 pm

    Hi Sir,

    Is it possible to convert this into AFL?

    Thanks for the contribution.

    Reply
  • Dhan December 9, 2012, 10:07 pm

    Hi,

    I have installed, could you able to share back test results for nifty or banknifty with time frame.

    regards
    Dhan

    Reply
    • Rajandran R December 10, 2012, 4:13 pm

      @Dhan

      As of now its tough to Backtest results in MT4 platform due to lack of enough backtest data and more over only EA can be
      backtested in MT4 platform not indicators. So once the coding in amibroker is done we can go for a backtest. And my approx estimation is accuracy should be around 42-45% on 5min charts.

      Reply
  • Dev December 9, 2012, 10:12 pm

    Dear Sir,

    i am using Amibroker
    Request you to Please provide same for Amibroker

    Thanks & Regards
    Dev

    Reply
    • Rajandran R December 10, 2012, 4:11 pm

      Hi,

      Iam planning to release the same for amibroker too.

      Reply
  • vinod kumar December 11, 2012, 10:55 pm

    Dear sir, am a new bee, watching your site for study and get little know how before enter into trade,

    ur site is most useful to get knowledge.

    May god bless you in all ways,

    regards,
    s.vinod kumar, mumbai

    Reply
  • BALAJI December 12, 2012, 9:45 am

    in your mcx charts i can view buy levels and sell levels but tgt levels not able to view like nifty charts. Why? pl help

    Reply
  • neeta December 16, 2012, 7:21 pm

    plz mail me super reversal trend mt4 indicator at neeta_choudhary31@yahoo .com if any body have plz send me urgent……. thanks you

    Reply
    • Rajandran R December 16, 2012, 8:50 pm

      @Neeta : you can download from the same page. Its posted already here

      Reply
  • Jerome December 19, 2012, 9:09 pm

    Sir,
    Am your regular follower.Is possible of making sound alerts in MT4 Level Stop Reverse V2..?
    And any Good version for forex..?

    Regards,
    Shelton.

    Reply
    • Rajandran R December 19, 2012, 10:27 pm

      @Jerome : Will do it in next versions

      Reply
  • Nitin December 20, 2012, 5:58 pm

    Hi Rajandran, MT4 Level Stop Reverse V2… indicator works good on indian stock’s, it will be best indicator if you provide sound alert with pop up window in that on changing the trends same as also requested by Jerome.

    i am eagerly waiting for your next version. Thanks a lot once again…

    Regards
    Ni3 S, Mumbai

    Reply
    • Rajandran R December 21, 2012, 12:13 pm

      @Nitin will definitely take this into next feature development.

      Reply
  • Chitty December 20, 2012, 7:46 pm

    Hello Mr Rajandran.

    I am very excited to know about your website and your MT4 indicator system. I will try it out and let you know my result.

    Chitty, Malaysia

    Reply
  • syed quadri February 6, 2013, 3:40 am

    Dear Sir I’m trade in commodities my favorite are crude copper and natural gas, I’m a intraday trader so i prefer 5 minutes chart for deciding the trades .
    I would be oblidge and thankful to you if you suggest me the best setting for using this indicator into my system, so tha i can get good result with less loses.

    Anticipating a positive response from you

    Reply
  • krishna March 13, 2013, 6:18 pm

    Level Stop Reverse V2 – Metatrader Indicator for MT5

    kindly provide me for MT5.

    ur Co Operation is must

    Shyammm

    Reply
  • sanjay June 4, 2013, 11:36 pm

    Dear Sir,

    I used your super trend mt4 indicator, but it can’t shows target. I used 5 or 15 minute chart. Can it is possible that it shows target too. Please help me.

    Reply
  • malay July 29, 2013, 12:29 am

    Hii sir
    I insta;;ed the indicator but not able to load it or add to chart what could be the problem. plz reply asap.

    Reply
  • Daniel Forant September 28, 2013, 7:31 pm

    If the level to level indicator is similar to Supertrend does the advantage go to either one??

    Reply
  • k.lenin February 10, 2014, 2:05 pm

    please sir, gann-gilo-activatar REFER PLEASE

    Reply
  • k.lenin February 12, 2014, 6:07 pm

    sir please gann gilo activator ,level stop reverse V2 ,level stop reverse v5 apply my chart please sir

    Reply
  • k.lenin February 14, 2014, 7:45 pm

    THANK YOU for your help [gann gilo activator ] and again add LEVEL STOP REVERSE V2 INDICATOR

    Reply

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    • Rajandran is a Market Analyst and founder of Marketcalls, one of the most intelligent blog in the world to share knowledge on Technical Analysis, Trading systems & Trading strategies.