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The default value places your trading on the EST time zone, which I find to be most cherished by the market. Considering that this indicator references a set time, if its value is not adjusted correctly, it may trigger a substantial error — in the region of 40 pips or even more.
The L3 and H3 represent bullish and bearish entry levels respectively. Support and resistance levels are depicted on the L3 and H3 levels. Market watchers expect the price to stop and reverse either permanently or briefly at these Camarilla levels. These levels are closely monitored by scalpers, but at the same time, these levels do not necessarily suggest that price will always stop and reverse. This means traders can wait a little longer, in a bid to get a better picture of price reversals i.
During choppy markets, the L3 and H3 Camarilla levels tend to hold price within its range. Traders can take advantage of this when taking short-term gains, and continue in it, until a true trend begins, which is usually heralded by a breakout. The space between the L3 and L4 or H3 and H4 levels is referred to as zones of indecision. Given this, market players expect the price to continue running in the direction of the Camarilla breakouts. Alternatively, traders can deploy trailing stops each time a new Camarilla level is hit.
In other words a reversal from a bearish trend to a bullish trend in that timeframe. Equally, when price is approaching and testing the R3 level above the buffer zone, then a reversal is possible with the bullish price action reversing to bearish. In both cases the next level then denotes the level for the stop loss.
For a reversal off the S3 level higher, the stop loss could be placed at S4 and for a reversal off the R3 level, the stop loss could be placed at the R4 level — assuming these levels fit your risk and money management rules. The potential price targets are then as follows: For an R3 reversal the profit targets are from S1 to S3.
For an S3 reversal the profit targets are from R1 to R3. Breakout Trading For breakout trading the key levels are the R4 above the buffer zone and the S4 below. These are levels at which the price is expected to breakout from the current region and develop a strong move away from the region. So any move to test and break the R4 level is likely to see price continue higher and develop a strong trend.
Equally if the S4 level is tested, then price is likely to continue lower and develop a strong trend. For an S4 breakout the profit targets are S5 to S6 For an R4 breakout the profit targets are R5 to R6 Using the Camarilla levels in this way offers a complete solution to two distinct approaches to trading, and in addition, also provide potential target levels along with suggested stop loss positions, but as always these must meet your risk and money management rules. And it is important to understand the indicator and associated levels can be adopted in two very distinct ways.
First, if you are more suited to mechanical trading where you feel more comfortable with a rule set, then the levels can be considered as your rule set. However, if you are more suited to discretionary trading then the indicator is a perfect complement to other Quantum indicators such as the support and resistance indicator, which again is one based purely on price, and so helps to reinforce levels delivered by the Camarilla protocol.
Other indicators such as the Trend Monitor also work perfectly in association with this indicator. The Camarilla levels indicator works in all timeframes on both standard and custom charts, and in every market, so can be used to trade stocks, commodities, forex or indices on the MT4 platform. To help you when using the indicator we have also included some simple messages to guide you as the various levels are approached and tested. These appear as follows : If the current open price is between R3 and S3 the indicator displays the words — Possible mean reversal trade is on the horizon If the current open price is between S3 and S2 the indicator displays the words — Possible long position now on the horizon If the current open price is between R3 and R2 the indicator displays the words — Possible short position now on the horizon If the current open price is between R3 and R4 the indicator displays the words — Possible breakout now on the horizon for a long position If the current open price is between S3 and S4 the indicator displays the words — Possible breakout now on the horizon for a short position When there is nothing of interest, the indicator displays the message — Analysing the chart… You can of course elect to switch these messages off, and they are only included to alert you to possible set ups occurring.
To start using the indicator, you can click and drag QuantumLiveCamarillaLevels from the Navigator to a chart or you can also double-click QuantumLiveCamarillaLevels which will then be applied to the currently selected chart. Doing either one of these will display the Custom Indicator window where you can configure all the various user settings for your Quantum Live Camarilla Levels These options are grouped and can be accessed by selecting the tabs which will be discussed further in the following sections.
About tab Here you will find basic information about the indicator such as its name, description, and version number. This is required by all Quantum indicators to properly communicate with its accompanying DLL file. Other than this, please leave other options to their default setting.
Inputs tab You can configure the indicator by changing its variables listed in this tab. We explain each configurable input of the Quantum Live Camarilla Levels below. Dependencies tab All the files that the indicator uses to run is listed here. You can leave this tab as it is. Colors tab The Quantum Live Camarilla Levels uses drawing objects instead of plot lines so this tab is empty. Please make sure that you enter your email correctly and exactly without any extra spaces before and after it.
If you made an error, simply fill this field again to update it. Analyze Quantum Live Camarilla Levels constantly analyzes price movement and displays it as a message in a box located at the top left corner of the chart. Show Labels To help you identify which level is which, we have added labels just at the right end of each line. The default thickness is set to 3.
Support Line Style All support lines are Solid by default but you can switch it to either one of 5 line styles such as Dot and Dash.
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