Rajandran R Founder of Marketcalls and Co-Founder Algomojo. Full-Time Derivative Trader. Expert in Designing Trading Systems (Amibroker, Ninjatrader, Metatrader, Python, Pinescript). Trading the markets since 2006. Mentoring Traders on Trading System Designing, Market Profile, Orderflow and Trade Automation.

MT4 Level Stop Reverse V2 – Metatrader Indicator

1 min read

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

Rajandran R Founder of Marketcalls and Co-Founder Algomojo. Full-Time Derivative Trader. Expert in Designing Trading Systems (Amibroker, Ninjatrader, Metatrader, Python, Pinescript). Trading the markets since 2006. Mentoring Traders on Trading System Designing, Market Profile, Orderflow and Trade Automation.

Metatrader 4 – Simple Expert Advisor for Algomojo Platform

f writing a simple expert advisor for Metatrader 4 to send automated orders from MT4 to Algomojo - Cloud-Based Trading Platform. This tutorial provides...
Rajandran R
1 min read

Algomojo Button Trading Expert Advisor for Metatrader 4 Platform

Here is a video tutorial and button trading expert advisor code for MetaTrader 4 platform. You can use the expert advisor to send automated...
Rajandran R
3 min read

How to Send Orders from Metatrader 4 Expert Advisor…

This tutorial helps you to convert your Metatrader 4 expert advisor to send automated orders to the Algomojo Platform. Currently, Algomojo supported brokers are...
Rajandran R
1 min read

33 Replies to “MT4 Level Stop Reverse V2 – Metatrader Indicator”

  1. Hi,

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


    1. @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.

  2. Dear Sir,

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

    Thanks & Regards

  3. 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,

    s.vinod kumar, mumbai

  4. 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

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


  6. 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…

    Ni3 S, Mumbai

  7. 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

  8. 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

  9. Level Stop Reverse V2 – Metatrader Indicator for MT5

    kindly provide me for MT5.

    ur Co Operation is must


  10. 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.

  11. 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.

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

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

  14. would you ask anyone whom you have helped to load mt4 for me 5 min 15 min 30 min 1 hr charts.
    i am absolutely new

  15. Sir Have you released the AFL for MT$ Level stop reverse if so pls post the link for the same

    Thanks & regards

  16. Sir, can you update the ATR with best parameters for trading, is it good to use 10-10-3 with 15min time frame ? kindly provide the AFL for the same logic, Thanks in Advance

  17. please
    is there a V3 update for this non-repainted indicator?

    I would like a sound alert because I do not feel that it should work

    we absolutely need an audible alert and a popup

    Can you tell us what parameter to use for strategy in M30 H1 and H4 please

  18. Hi Rajandran,

    Any new version with sound alert yet?
    It is a good indicator but sound alert will make it perfect.

Leave a Reply

Get Notifications, Alerts on Market Updates, Trading Tools, Automation & More