KT Horizontal Lines Indicator
MT4/MT5

Features

• It can plot multiple horizontal lines in a blink of an eye following the pre-configuration in the input settings.
• A vibrant color theme to differentiate between the multiple horizontal lines.
• A must-have tool to track the range of various trading sessions.
• Sends alerts whenever the price touches a horizontal line.
• Ability to insert a gap between each alert to stop too many annoying alerts.
• Fully customizable.

Overview

After installing the indicator, you'll notice multiple horizontal levels representing potential price reversal areas in your chart.

The indicator is very helpful for experts and newbie traders performing daily technical analysis, ensuring you never miss essential market levels.

Explanation

The indicator plot the horizontal lines using the instruction and data from the input settings. Observing how the price reacts at the horizontal lines can identify potential trade opportunities near the critical support/resistance levels.

For example, a bullish pin bar at the horizontal support indicates that the price will likely move to the nearest resistance level.

A bearish candle that closes below the support also indicates that the price has just had a bearish breakout. A false breakout at the horizontal line indicates that the price has failed to break a significant level and intends to reverse.

Some price reversal patterns, such as a pin bar or false break, can be beneficial in detecting trade opportunities at horizontal levels.

Difference between Horizontal Lines and Vertical Lines

In MetaTrader, the vertical lines are used to track the time of the bar and timescale events, while horizontal lines are used to track the price. KT Horizontal Lines indicator can be handy when combined with candlestick and price action patterns.